401 Broadway St

Fairfax, MO 64446

$12,000C-

1 bd · 1.0 ba · 1,172 sqft · Built 1884 · Other · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $964/mo
• Mortgage (P&I): −$63
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $644/mo
• Annual: $7,732/yr
• Cap rate: 70.73%
• Cash-on-cash: 230.11%
• DSCR: 11.24
• 1% rule: 8.03%
• Cash to close: $3,360

Investor read

• This is a 1-bed/1.0-bath other listed at $12k.
• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($964 rent vs $12k).
• It's been on market 58 days — a 3% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (3.0% below list) — sets the bar for market timing.
• In year one you build about $443 of equity ($83 loan paydown + $360 appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#276 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: crime F, amenities F, commute F.
• Fairfax R-III (rural): math 50% / reading 55% proficiency, ranked #85 of 535 in MO (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairfax Elem. (math 44% / reading 54%, grade D, #284 of 1,115 statewide, top 30%, 75 students, 40% FRL); Fairfax High (math 44% / reading 64%, grade C-, #69 of 521 statewide, top 15%, 69 students, 41% FRL).
• Watch-outs: property tax is 4.9% of price; built in 1884 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP.
• Atchison County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.