412 S Court St

Seymour, MO 65746

$515,000D-

12 bd · 0.0 ba · 4,150 sqft · Built 2023 · MultiFamily · Pending · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,622/mo
• Mortgage (P&I): −$2,701
• Tax + insurance: −$858
• HOA: −$0
• Vac / Maint / Mgmt: −$761
• Net cashflow: $-698/mo
• Annual: $-8,372/yr
• Cap rate: 4.67%
• Cash-on-cash: -5.81%
• DSCR: 0.74
• 1% rule: 0.70%
• Cash to close: $144,200

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $515k.
• At list price, monthly cash flow is $-698 ($-8k/yr) — negative. Per door: $-174/mo.
• To cash-flow at today's rent, offer at most $414k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $362k (29.7% below list).
• It's been on market 337 days — a 12% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $362k (29.7% below list) — sets the bar for 1% rule.
• In year one you build about $53k of equity ($4k loan paydown + $49k appreciation (9.5% local appreciation)).
• Location reads 62/100 on livability (#374 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Seymour R-II (rural): math 28% / reading 43% proficiency, ranked #218 of 324 in MO (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Seymour Elem. (math 22% / reading 47%, grade F, #676 of 1,115 statewide, top 66%, 309 students, 40% FRL); Seymour Middle (math 22% / reading 42%, grade F, #272 of 391 statewide, top 70%, 166 students, 35% FRL); Seymour High (math 57% / reading 34%, grade D-, #174 of 521 statewide, top 33%, 240 students, 38% FRL) — zoned schools average 37% FRL vs 58% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 59 active listings in the ZIP; 168 units permitted in Webster County in 2024 (24 in 5+ unit buildings).
• Webster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $35k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$85k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.7% vs local median 2.0% in Seymour — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 337 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?