206 Washington St

Shelbyville, MO 63469

$69,000B+

3 bd · 1.0 ba · 960 sqft · Built 1980 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,162/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$44
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $512/mo
• Annual: $6,141/yr
• Cap rate: 15.19%
• Cash-on-cash: 31.79%
• DSCR: 2.41
• 1% rule: 1.68%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($477 loan paydown + $5k appreciation (7.7% local appreciation)).
• Location reads 60/100 on livability (#500 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment D+, crime F, amenities F.
• North Shelby (rural): math 65% / reading 60% proficiency, ranked #31 of 535 in MO (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Shelby Elem. (math 57% / reading 62%, grade B-, #124 of 1,115 statewide, top 13%, 178 students, 29% FRL); North Shelby High (math 72% / reading 77%, grade B+, #5 of 521 statewide, top 1%, 141 students, 34% FRL).
• Market conditions: 2 active listings in the ZIP; 4 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• Shelby County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.