623 Fawn Ct

Bourbon, MO 65441

$90,000B+

3 bd · 2.0 ba · 1,200 sqft · Built 2004 · Other · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,294/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $454/mo
• Annual: $5,447/yr
• Cap rate: 12.34%
• Cash-on-cash: 21.61%
• DSCR: 1.96
• 1% rule: 1.44%
• Cash to close: $25,200

Investor read

• This is a 3-bed/2.0-bath other listed at $90k.
• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 36 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#70 in MO, #4,719 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Crawford County R-I (town): math 34% / reading 48% proficiency, ranked #143 of 324 in MO (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bourbon Elementary School (math 37% / reading 42%, grade F, #537 of 1,115 statewide, top 53%, 344 students, 57% FRL); Bourbon High School (math 32% / reading 54%, grade F, #209 of 521 statewide, top 40%, 271 students, 51% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: 26 active listings in the ZIP; 23 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.