22765 County Road 203 · Wheatland, MO 65779

$69,900

3 bd · 1.0 ba · 648 sqft · Manufactured public records · 190 Days on market

Built 1975 0.51 ac lot $108/sqft · 26% below area Est $99k · 30% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Appreciation +5.0/10.0
• Schools +3.3/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Wonderful Opportunity for the Lakeview Buyer. This 2 bedroom, 1 bath home is a great opportunity to build equity. It's unique features includes log siding, LAKEVIEW, & outbuilding. Priced to sell, this home has strong upside potential. Come check it out now!

Key facts

• 0.51 acre lot
• Built 1975
• Listed 190 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($906 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.3% in Wheatland — 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.

Location & tenants

• Location reads 53/100 on livability (#810 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: schools F, crime F, amenities F.
• Wheatland R-II (rural): math 35% / reading 40% proficiency, ranked #367 of 535 in MO (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 41 active listings in the ZIP.

Forward outlook

• In year one you build about $3k of equity ($483 loan paydown + $2k appreciation (3.0% local appreciation)).
• Hickory County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $26k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 11.50%
• Cash-on-cash: 18.58%
• DSCR: 1.83
• GRM: 6.4

CMA / ARV

• ARV (median comp): $99,195
• List price: $69,900
• Delta: -29.53%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.41×
• Total profit: $27,691
• Equity at exit: $31,430

10-year hold

• IRR: 25.7%
• Equity multiple: 4.65×
• Total profit: $71,499
• Equity at exit: $48,437

Cash invested: $19,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 65779

• Active inventory: 41
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $906 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$17 /mo · $205/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $303

Break-even live

Break-even rent $522

Max offer price $69,900

Occupancy floor 62%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $69,900 Active 190 DOM
2. 2026-06-17
   days on market $69,900 Active 189 DOM
3. 2026-06-16
   days on market $69,900 Active 188 DOM
4. 2026-06-15
   days on market $69,900 Active 187 DOM
5. 2026-06-14
   pricedays on market $69,900 Active 185 DOM
6. 2026-06-10
   days on market $90,000 Active 182 DOM
7. 2026-06-09
   days on market $90,000 Active 181 DOM
8. 2026-06-08
   days on market $90,000 Active 180 DOM
9. 2026-06-07
   days on market $90,000 Active 179 DOM
10. 2026-06-05
    days on market $90,000 Active 176 DOM
11. 2026-06-03
    days on market $90,000 Active 175 DOM
12. 2026-06-02
    days on market $90,000 Active 174 DOM
13. 2026-06-01
    days on market $90,000 Active 173 DOM
14. 2026-05-31
    days on market $90,000 Active 172 DOM
15. 2026-05-30
    days on market $90,000 Active 171 DOM
16. 2025-12-23
    price $90,000 263-char remark

    Show marketing remark (263 chars)

    Wonderful Opportunity for the Lakeview Buyer. This 2 bedroom, 1 bath home is a great opportunity to build equity. It's unique features includes log siding, LAKEVIEW, & outbuilding. Priced to sell, this home has strong upside potential. Come check it out now!

17. 2025-12-10
    listed $95,900 Active 263-char remark

    Show marketing remark (263 chars)

    Wonderful Opportunity for the Lakeview Buyer. This 2 bedroom, 1 bath home is a great opportunity to build equity. It's unique features includes log siding, LAKEVIEW, & outbuilding. Priced to sell, this home has strong upside potential. Come check it out now!

18. 2022-11-04
    soldstatus
19. 2021-06-10
    soldstatus 1992-char remark

    Show marketing remark (1992 chars)

    Beautifully restored, one of a kind property! Just south of Wheatland sits the charming ''Old Gerber Place'', built in 1880, This property is an amazingly well maintained and cared for home! The current owners have taken meticulous care in restoring and preserving the beauty of this home's rich 140 year+ history. The home sits at the end of a gated drive on unrestricted land, with huge breathtaking willow trees many extra buildings on the property. The two story home has wood floors throughout with the 3 bedrooms upstairs along with a large master bath with clawfoot tub with shower attachments. On the main level, you will find a large kitchen with pantry, butcherblock counter tops, and many stunning pieces like the bean cabinet island and wood burning, cast iron cook stove that is still functional and can run on wood or pellets with steel lined chimney. Just off the kitchen, you'll find the family room/den with soap stone constructed wood stove (set up for wood or pellets with steel lined chimney) and many built ins. Also on the main level is a library/study, a laundry room and enclosed porch, a library/hobby room, and another full bath with clawfoot tub with shower attachments. The home has 2 HVAC heatpump central heat and air units. One was new in 2018 and the other 2019. Just out the back door of the home, sits the 13' x 15' summer kitchen, complete with sink, electric stove, and refrigerator. The property also has two log cabins. One of the cabins, built in 2004, is 11' x 30' and has a full bath and two loft areas at either end. It has central HVAC, a large covered front porch, a metal roof, and is constructed of native cedar logs on a raised foundation. The second of the cabins was built in 2002 from native cedar logs, and also sits on a raised foundation and has a metal roof. It's 11' x 13'. This cabin does not have electricity of plumbing, but has a chimney to receive a wood stove, one loft area, and nice covered front porch. One other amazingpiece of

20. 2021-01-19
    listed $465,000 1992-char remark

    Show marketing remark (1992 chars)

    Beautifully restored, one of a kind property! Just south of Wheatland sits the charming ''Old Gerber Place'', built in 1880, This property is an amazingly well maintained and cared for home! The current owners have taken meticulous care in restoring and preserving the beauty of this home's rich 140 year+ history. The home sits at the end of a gated drive on unrestricted land, with huge breathtaking willow trees many extra buildings on the property. The two story home has wood floors throughout with the 3 bedrooms upstairs along with a large master bath with clawfoot tub with shower attachments. On the main level, you will find a large kitchen with pantry, butcherblock counter tops, and many stunning pieces like the bean cabinet island and wood burning, cast iron cook stove that is still functional and can run on wood or pellets with steel lined chimney. Just off the kitchen, you'll find the family room/den with soap stone constructed wood stove (set up for wood or pellets with steel lined chimney) and many built ins. Also on the main level is a library/study, a laundry room and enclosed porch, a library/hobby room, and another full bath with clawfoot tub with shower attachments. The home has 2 HVAC heatpump central heat and air units. One was new in 2018 and the other 2019. Just out the back door of the home, sits the 13' x 15' summer kitchen, complete with sink, electric stove, and refrigerator. The property also has two log cabins. One of the cabins, built in 2004, is 11' x 30' and has a full bath and two loft areas at either end. It has central HVAC, a large covered front porch, a metal roof, and is constructed of native cedar logs on a raised foundation. The second of the cabins was built in 2002 from native cedar logs, and also sits on a raised foundation and has a metal roof. It's 11' x 13'. This cabin does not have electricity of plumbing, but has a chimney to receive a wood stove, one loft area, and nice covered front porch. One other amazingpiece of

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $205 · $17/mo
• Projected year-2 tax: $678 · $57/mo
• Expected delta: +$474/yr (+$39/mo · 231.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,872
• − Mortgage interest: −$3,915
• − Property taxes: −$205
• − Insurance: −$350
• − Repairs & maintenance: −$870
• − Management: −$870
• − Depreciation: −$2,033
• Taxable income: $2,630
• Est. tax owed @ 24.0%: −$631
• After-tax cash flow: $3,005/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wheatland R-II
• NCES district ID: 2931920
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $33,689
• Composite: 33.38/100
• National rank: #10558
• State rank: #367 of 535 in MO

Livability — Wheatland

• Score: 53/100
• State rank: #810
• US rank: #24271

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,132

Population outlook (Hickory County) Hauer SSP2

• Today (2025): 8,206 people
• By 2030: 7,690 · -6.3%
• By 2040: 6,780 · -17.4%
• By 2050: 6,076 · -26.0%
• By 2075: 5,088 · -38.0%
• By 2100: 4,489 · -45.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Asian 1%
• Common ancestry: Lithuanian 7% Italian 4% Slovak 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Hickory

• 2024 margin: Solid R (+61.1) · D 19.1% · R 80.2%
• 2008→2024 swing: -47.9pp toward R · 2008: -13.3pp · 2024: -61.1pp
• All cycles: 2024: R+61.1 2020: R+57.3 2016: R+53.5 2012: R+23.6 2008: R+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

-80.6% since first listed

5 events — show timeline

• 2025-12-23 Price Changed $90,000 SOMO
• 2025-12-10 Listed $95,900 SOMO
• 2022-11-04 Sold (Public Records) — Public Records
• 2021-06-10 Sold (MLS) — SOMO
• 2021-01-19 Listed $465,000 SOMO

Property tax history

+1.2%/yr

Latest (2025): $205 · +2.3% YoY. Source: county tax records.