2313 & 2315 SW 6th St

Blue Springs, MO 64014

$410,000D

4 bd · 2.0 ba · 2,694 sqft · Built 1983 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,755/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$514
• HOA: −$0
• Vac / Maint / Mgmt: −$789
• Net cashflow: $303/mo
• Annual: $3,630/yr
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• 1% rule: 0.92%
• Cash to close: $114,800

Investor read

• This is a 2 × 3-bed/2-bath units multifamily listed at $410k.
• At list price, monthly cash flow is $303 ($4k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $376k (8.4% below list).
• It's been on market 58 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $376k (8.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#11 in MO, #1,297 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Blue Springs R-IV (suburban): math 55% / reading 60% proficiency, ranked #17 of 324 in MO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Daniel Young Elem. (math 52% / reading 57%, grade C, #190 of 1,115 statewide, top 19%, 358 students, 34% FRL); Moreland Ridge Middle (math 51% / reading 55%, grade C+, #51 of 391 statewide, top 13%, 1,071 students, 31% FRL); Blue Springs South High (math 43% / reading 72%, grade C, #49 of 521 statewide, top 9%, 2,261 students, 22% FRL).
• Market conditions: Rents rising fast (+5.1%/yr); 243 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 17y 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 7.2% vs local median 3.4% in Blue Springs — 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 $3,755/mo this rent would consume 50% of the median local household income ($90k/yr) (locally 888% 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 58 days. Have you received any prior offers? Is the seller open to a 8% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.