10106 NW Mirror Lake Dr

Parkville, MO 64152

$390,000C-

5 bd · 1.5 ba · 2,076 sqft · Built 1975 · SingleFamily · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,550/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$452
• HOA: −$38
• Vac / Maint / Mgmt: −$536
• Net cashflow: $-520/mo
• Annual: $-6,240/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.71%
• DSCR: 0.75
• 1% rule: 0.65%
• Cash to close: $109,200

Investor read

• This is a 5-bed/1.5-bath single-family listed at $390k.
• At list price, monthly cash flow is $-520 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (23.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (34.6% below list).
• It's been on market 96 days — a 9% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (34.6% below list) — sets the bar for 1% rule.
• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#51 in MO, #3,695 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Park Hill (urban): math 47% / reading 54% proficiency, ranked #26 of 324 in MO (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.0%/yr); 264 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 234 units permitted in Platte County in 2024 (0 in 5+ unit buildings).
• Platte County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.7% vs local median 1.7% in Parkville — 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 96 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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.