606 N First St

Creighton, MO 64739

$48,900B+

1 bd · 3.0 ba · 1,316 sqft · Built 1984 · Manufactured · Active · 324 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $984/mo
• Mortgage (P&I): −$256
• Tax + insurance: −$43
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $479/mo
• Annual: $5,745/yr
• Cap rate: 18.04%
• Cash-on-cash: 41.96%
• DSCR: 2.87
• 1% rule: 2.01%
• Cash to close: $13,692

Investor read

• This is a 1-bed/3.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($984 rent vs $49k).
• It's been on market 324 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($338 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 54/100 on livability (#795 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D-, crime F, amenities F.
• Sherwood Cass R-VIII (rural): math 38% / reading 43% proficiency, ranked #138 of 324 in MO (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 588 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 3y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 324 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.