None

Lebanon, MO 65536

$60,000B-

2 bd · 2.0 ba · 980 sqft · Built 1970 · Manufactured · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $912/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$192
• Net cashflow: $306/mo
• Annual: $3,672/yr
• Cap rate: 12.41%
• Cash-on-cash: 21.86%
• DSCR: 1.97
• 1% rule: 1.52%
• Cash to close: $16,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($912 rent vs $60k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#308 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D, amenities F, commute F.
• Laclede County C-5 (rural): math 22% / reading 29% proficiency, ranked #282 of 324 in MO (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Joel E. Barber Elem. (math 22% / reading 29%, grade F, #876 of 1,115 statewide, top 79%, 500 students, 26% FRL) — zoned schools average 26% FRL vs 49% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 256 active listings in the ZIP; 61 units permitted in Laclede County in 2024 (0 in 5+ unit buildings).
• Laclede County population projected at -13% 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 $17k 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.
• Cap rate 12.4% vs local median 3.7% in Lebanon — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Visible leaks and damage
• Major: exterior siding — Weathered and damaged
• Major: flooring — Worn-out and in need of replacement
• Major: interior walls/paint — Peeling paint and outdated decor
• Major: bathrooms — Worn-out fixtures and outdated design
• Major: kitchen — Outdated cabinets and appliances