191 N Burns St

Fillmore, MO 64449

$80,000B-

2 bd · 1.0 ba · 624 sqft · Built 1942 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $811/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $167/mo
• Annual: $2,007/yr
• Cap rate: 8.80%
• Cash-on-cash: 8.96%
• DSCR: 1.40
• 1% rule: 1.01%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($811 rent vs $80k).
• It's been on market 40 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($553 loan paydown + $6k appreciation (7.3% local appreciation)).
• Location reads 54/100 on livability (#805 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• North Andrew County R-VI (rural): math 35% / reading 50% proficiency, ranked #236 of 535 in MO (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Andrew Elem. (math 67% / reading 57%, grade B, #98 of 1,115 statewide, top 10%, 115 students, 29% FRL); North Andrew Middle (math 27% / reading 42%, grade F, #243 of 391 statewide, top 65%, 72 students, 29% FRL); North Andrew High (math 44% / reading 34%, grade F, #247 of 521 statewide, top 55%, 113 students, 24% FRL) — zoned schools at 27% FRL track the district average.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 4 units permitted in Andrew County in 2024 (0 in 5+ unit buildings).
• Andrew County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.