304 Terry St

Anniston, MO 63820

$90,000C+

3 bd · 1.0 ba · 832 sqft · Built 1970 · Other · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $899/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $171/mo
• Annual: $2,054/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• 1% rule: 1.00%
• Cash to close: $25,200

Investor read

• This is a 3-bed/1.0-bath other listed at $90k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (0.1% below list).
• It's been on market 149 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#783 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Charleston R-I (town): math 11% / reading 23% proficiency, ranked #310 of 324 in MO (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Warren E. Hearnes Elem. (math 8% / reading 17%, grade F, #1,007 of 1,115 statewide, top 91%, 262 students, 98% FRL); Charleston Upper Elementary (math 12% / reading 17%, grade F, #362 of 391 statewide, top 93%, 179 students, 92% FRL); Charleston High (math 15% / reading 37%, grade F, #430 of 521 statewide, top 83%, 331 students, 97% FRL) — zoned schools average 96% FRL vs 78% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 7 units permitted in Mississippi County in 2024 (0 in 5+ unit buildings).
• Mississippi County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.