200 W 1st St

Mill Spring, MO 63952

$20,000D+

2 bd · 1.0 ba · 928 sqft · Built 1946 · Other · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $870/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$19
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $563/mo
• Annual: $6,757/yr
• Cap rate: 40.08%
• Cash-on-cash: 120.66%
• DSCR: 6.37
• 1% rule: 4.35%
• Cash to close: $5,600

Investor read

• This is a 2-bed/1.0-bath other listed at $20k.
• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($870 rent vs $20k).
• It's been on market 23 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.
• In year one you build about $738 of equity ($138 loan paydown + $600 appreciation (3.0% local appreciation)).
• Location reads 50/100 on livability (#903 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, schools F, crime F.
• Clearwater R-I (rural): math 33% / reading 33% proficiency, ranked #255 of 324 in MO (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP.
• Wayne County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1946 — 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 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?
• 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.