1300 County Road 113

Alton, MO 65606

$349,900D

6 bd · 3.0 ba · 3,264 sqft · Built 1973 · MultiFamily · Active · 623 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,819/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$592
• Net cashflow: $-191/mo
• Annual: $-2,293/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $97,972

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $350k.
• At list price, monthly cash flow is $-191 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $322k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (19.4% below list).
• It's been on market 623 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (19.4% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($2k loan paydown + $16k appreciation (4.6% local appreciation)).
• Location reads 61/100 on livability (#441 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D, schools F, crime F.
• Alton R-IV (rural): math 18% / reading 37% proficiency, ranked #283 of 324 in MO (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 59 active listings in the ZIP; 5 units permitted in Oregon County in 2024 (0 in 5+ unit buildings).
• Oregon County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $50k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 4.2% in Alton — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 623 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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.
• Schools are F-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?
• 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?