3877 E Highway 32 · Salem, MO 65560

$117,500

3 bd · 2.0 ba · 1,280 sqft · SingleFamily · 43 Days on market

Built 1998 0.72 ac lot Est $180k · 35% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +8.2/30.0
• Appreciation +7.8/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Listing remarks MLS

Discover the charm of rural living in this 3 bedroom, 2 bathroom manufactured home nestled on .72 acres m/l. Just outside of scenic Salem, Missouri...only minutes away from state parks, the Current River, and Mark Twain National Forest, this location is a nature lovers paradise! Welcoming you inside from the large front deck is the spacious living room that flows into the eat-in kitchen featuring a breakfast bar and ample cabinetry for your storage needs. Just beyond the kitchen is the laundry area which is conveniently located off of the master bedroom suite with a full bath boasting a double vanity, garden tub, and separate shower. Down the hall from the living room are 2 additional bedrooms and a guest bathroom. The covered back deck provides a private outdoor space to relax or entertain. Enjoy modern comforts in a tranquil setting, where spacious interiors meet the beauty of nature. Your perfect home awaits! Schedule your private showing soon!

Key facts

• Double vanity
• Eat-in kitchen
• Separate shower

Tags

• LARGE FRONT DECK
• EAT-IN KITCHEN
• PRIVATE BATHROOM
• DOUBLE VANITY
• GARDEN TUB
• SEPARATE SHOWER

Property features AI

Exterior

• Utilities: Public water; Septic tank; Electricity (220 volts) connected; Propane (leased)
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding
• Exterior features: Covered patio/porch; Deck; Porch details: see remarks; Back yard fencing; Shed(s); Level lot with some trees

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (propane); Central electric air conditioning
• Interior features: Breakfast bar; Double vanity; Eat-in kitchen; Kitchen/dining room combo; Open floorplan; Walk-in closet(s)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (24.2% below list).
• Recommended offer: $89k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.7% in Salem — 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 69/100 on livability (#157 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: amenities C-, commute F, employment F.
• Salem R-80 (town): math 25% / reading 41% proficiency, ranked #253 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wm. H. Lynch Elem. (247 students, 50% FRL); Salem Sr. High (math 8% / reading 47%, grade F, #417 of 521 statewide, top 80%, 616 students, 46% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 169 active listings in the ZIP; 3 units permitted in Dent County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($812 loan paydown + $7k appreciation (5.7% local appreciation)).
• Dent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,041 (24.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.96%
• DSCR: 0.82
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $180,480
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 County Road 4235	0.36mi	3/2.0	1,336 (+4%)	15mo	$167,900	$126	63
3128 E Highway 32	0.67mi	3/2.0	1,344 (+5%)	19mo	$189,900	$141	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.75×
• Total profit: $24,635
• Equity at exit: $71,326

10-year hold

• IRR: 12.3%
• Equity multiple: 3.39×
• Total profit: $78,584
• Equity at exit: $127,208

Cash invested: $32,900 (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 65560

• Home prices YoY: 2.4%
• Active inventory: 169
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $890 medium
• Mortgage (P&I): −$616
• Tax est. 1.5%: −$147 /mo · $1,762/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $-109

Break-even live

Break-even rent $1,028

Max offer price $101,787

Occupancy floor —

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-28
   status Pending
2. 2026-04-15
   price $117,500
3. 2026-03-16
   listed $120,000 Active
4. 2024-04-26
   soldstatus Closed 966-char remark

   Show marketing remark (966 chars)

   Discover the charm of rural living in this 3 bedroom, 2 bathroom manufactured home nestled on .72 acres m/l. Just outside of scenic Salem, Missouri...only minutes away from state parks, the Current River, and Mark Twain National Forest, this location is a nature lovers paradise! Welcoming you inside from the large front deck is the spacious living room that flows into the eat-in kitchen featuring a breakfast bar and ample cabinetry for your storage needs. Just beyond the kitchen is the laundry area which is conveniently located off of the master bedroom suite with a full bath boasting a double vanity, garden tub, and separate shower. Down the hall from the living room are 2 additional bedrooms and a guest bathroom. The covered back deck provides a private outdoor space to relax or entertain. Enjoy modern comforts in a tranquil setting, where spacious interiors meet the beauty of nature. Your perfect home awaits! Schedule your private showing soon!

5. 2024-02-26
   status Pending 966-char remark

   Show marketing remark (966 chars)

   Discover the charm of rural living in this 3 bedroom, 2 bathroom manufactured home nestled on .72 acres m/l. Just outside of scenic Salem, Missouri...only minutes away from state parks, the Current River, and Mark Twain National Forest, this location is a nature lovers paradise! Welcoming you inside from the large front deck is the spacious living room that flows into the eat-in kitchen featuring a breakfast bar and ample cabinetry for your storage needs. Just beyond the kitchen is the laundry area which is conveniently located off of the master bedroom suite with a full bath boasting a double vanity, garden tub, and separate shower. Down the hall from the living room are 2 additional bedrooms and a guest bathroom. The covered back deck provides a private outdoor space to relax or entertain. Enjoy modern comforts in a tranquil setting, where spacious interiors meet the beauty of nature. Your perfect home awaits! Schedule your private showing soon!

6. 2024-02-19
   price $84,900 966-char remark

   Show marketing remark (966 chars)

   Discover the charm of rural living in this 3 bedroom, 2 bathroom manufactured home nestled on .72 acres m/l. Just outside of scenic Salem, Missouri...only minutes away from state parks, the Current River, and Mark Twain National Forest, this location is a nature lovers paradise! Welcoming you inside from the large front deck is the spacious living room that flows into the eat-in kitchen featuring a breakfast bar and ample cabinetry for your storage needs. Just beyond the kitchen is the laundry area which is conveniently located off of the master bedroom suite with a full bath boasting a double vanity, garden tub, and separate shower. Down the hall from the living room are 2 additional bedrooms and a guest bathroom. The covered back deck provides a private outdoor space to relax or entertain. Enjoy modern comforts in a tranquil setting, where spacious interiors meet the beauty of nature. Your perfect home awaits! Schedule your private showing soon!

7. 2024-02-02
   listed $89,900 Active 966-char remark

   Show marketing remark (966 chars)

   Discover the charm of rural living in this 3 bedroom, 2 bathroom manufactured home nestled on .72 acres m/l. Just outside of scenic Salem, Missouri...only minutes away from state parks, the Current River, and Mark Twain National Forest, this location is a nature lovers paradise! Welcoming you inside from the large front deck is the spacious living room that flows into the eat-in kitchen featuring a breakfast bar and ample cabinetry for your storage needs. Just beyond the kitchen is the laundry area which is conveniently located off of the master bedroom suite with a full bath boasting a double vanity, garden tub, and separate shower. Down the hall from the living room are 2 additional bedrooms and a guest bathroom. The covered back deck provides a private outdoor space to relax or entertain. Enjoy modern comforts in a tranquil setting, where spacious interiors meet the beauty of nature. Your perfect home awaits! Schedule your private showing soon!

8. 2022-12-07
   soldstatus Closed 556-char remark

   Show marketing remark (556 chars)

   Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

9. 2022-11-18
   status Pending 556-char remark

   Show marketing remark (556 chars)

   Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

10. 2022-11-03
    historical Active Under Contract 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

11. 2022-10-27
    status Active 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

12. 2022-10-27
    historical Active Under Contract 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

13. 2022-09-09
    status Active 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

14. 2022-09-09
    price $89,900 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

15. 2022-09-02
    status Pending 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

16. 2022-08-29
    listed $93,900 Active 556-char remark

    Show marketing remark (556 chars)

    Back on the makret to NO FAULT of the sellers. Property is move in ready and being sold as is. Very clean. Conveniently located just outside of Salem, Missouri. Close to recreational areas; 3 state parks, Mark Twain National Forest, fishing, canoeing, hunting. 29 miles from Echo Bluff State Park, 27 miles to Current River State Park. 42 miles to Sutton Bluff Campground and ATV trails. 24 miles to Montauk State Park. Peaceful location with Hwy 32 access. 2 outbuildings for storage. Rock fire pit for gatherings. 0.72 acres with room for more amenities.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,685
• − Mortgage interest: −$6,582
• − Property taxes: −$1,762
• − Insurance: −$588
• − Repairs & maintenance: −$855
• − Management: −$855
• − Depreciation: −$3,418
• Taxable loss: −$3,375
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $-493/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: Salem R-80
• NCES district ID: 2927090
• Math proficiency: 25% ▼ -6.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $32,306
• Composite: 26.94/100
• National rank: #7082
• State rank: #253 of 324 in MO

Livability — Salem

• Score: 69/100
• State rank: #157
• US rank: #8725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,634

Population outlook (Dent County) Hauer SSP2

• Today (2025): 15,149 people
• By 2030: 14,734 · -2.7%
• By 2040: 13,862 · -8.5%
• By 2050: 12,959 · -14.5%
• By 2075: 11,217 · -26.0%
• By 2100: 9,399 · -38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · China

Political lean MEDSL · Dent

• 2024 margin: Solid R (+70.2) · D 14.4% · R 84.7%
• 2008→2024 swing: -32.4pp toward R · 2008: -37.8pp · 2024: -70.2pp
• All cycles: 2024: R+70.2 2020: R+69.0 2016: R+68.2 2012: R+49.6 2008: R+37.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.66%
• Current HPI: 238.9175
• 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

+25.1% since first listed

16 events — show timeline

• 2026-04-28 Pending — MARIS as Distributed by MLS Grid
• 2026-04-15 Price Changed $117,500 MARIS as Distributed by MLS Grid
• 2026-03-16 Listed $120,000 MARIS as Distributed by MLS Grid
• 2024-04-26 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2024-02-26 Pending — MARIS as Distributed by MLS Grid
• 2024-02-19 Price Changed $84,900 MARIS as Distributed by MLS Grid
• 2024-02-02 Listed $89,900 MARIS as Distributed by MLS Grid
• 2022-12-07 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2022-11-18 Pending — MARIS as Distributed by MLS Grid
• 2022-11-03 Contingent — MARIS as Distributed by MLS Grid
• 2022-10-27 Relisted — MARIS as Distributed by MLS Grid
• 2022-10-27 Contingent — MARIS as Distributed by MLS Grid
• 2022-09-09 Relisted — MARIS as Distributed by MLS Grid
• 2022-09-09 Price Changed $89,900 MARIS as Distributed by MLS Grid
• 2022-09-02 Pending — MARIS as Distributed by MLS Grid
• 2022-08-29 Listed $93,900 MARIS as Distributed by MLS Grid