1206-1208 W White Oak St

Independence, MO 64050

$479,000C-

30 bd · 25.0 ba · — sqft · Built 1925 · MultiFamily · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,969/mo
• Mortgage (P&I): −$2,512
• Tax + insurance: −$798
• HOA: −$0
• Vac / Maint / Mgmt: −$1,043
• Net cashflow: $615/mo
• Annual: $7,383/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• 1% rule: 1.04%
• Cash to close: $134,120

Investor read

• This is a 4×1bd/1ba + 1×2bd/1ba units multifamily listed at $479k. Condition is rated fair.
• At list price, monthly cash flow is $615 ($7k/yr) — positive. Per door: $123/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $479k).
• It's been on market 133 days — a 12% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $422k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bryant Elem. (math 47% / reading 47%, grade D-, #347 of 1,115 statewide, top 35%, 235 students, 69% FRL); Bingham Middle (math 19% / reading 33%, grade F, #316 of 391 statewide, top 81%, 774 students, 69% FRL); William Chrisman High (math 21% / reading 45%, grade F, #351 of 521 statewide, top 68%, 1,406 students, 66% FRL).
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.8%/yr); 127 active listings in the ZIP; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y 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.
• Cap rate 7.8% vs local median 5.0% in Independence — 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.
• At $4,969/mo this rent would consume 122% of the median local household income ($49k/yr) (locally 972% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1925 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint
• Major: kitchen appliances — Old and outdated
• Major: bathroom fixtures — Old and outdated
• Major: landscaping — Overgrown vegetation