1501 N Main St

Kirksville, MO 63501

$139,900F

2 bd · 2.0 ba · 1,112 sqft · Built 1930 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $938/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $-82/mo
• Annual: $-978/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.50%
• DSCR: 0.89
• 1% rule: 0.67%
• Cash to close: $39,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-82 ($-978/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (33.0% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $94k (33.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#211 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: crime D, amenities F, commute F.
• Kirksville R-III (town): math 31% / reading 45% proficiency, ranked #194 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kirksville Primary (703 students, 49% FRL); William Matthew Middle School (math 27% / reading 39%, grade F, #265 of 391 statewide, top 69%, 493 students, 44% FRL); Kirksville Sr. High (math 27% / reading 57%, grade F, #218 of 521 statewide, top 45%, 808 students, 34% FRL) — zoned schools at 42% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 236 active listings in the ZIP; 18 units permitted in Adair County in 2024 (0 in 5+ unit buildings).

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?
• Built in 1930 — 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.
• 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?
• 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.
• 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.