1026-1028 Commercial · Springfield, MO 65803

$200,000

2 bd · 1.0 ba · 1,498 sqft · MultiFamily public records · 38 Days on market

Built 1886 7,405 sqft lot $134/sqft · 9% above area Est $184k · 9% over

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• ARV discount +3.5/15.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Triplex generating $2,185 in monthly rent. The package features: (3) units with 1 bed/ 1 bathroom.

Key facts

• 7,405 sq ft lot
• Built 1886
• Listed 38 days

Property features AI

Finance

• Other: Listing broker: Keller Williams; Listing agent: Adam Graddy
• Financial info: Annual tax amount provided

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property — duplex
• Exterior features: 0.17-acre lot; Zoned INC

Interior

• Heating & cooling: Central Air; Heating present (other type)
• Interior features: Central air conditioning; Has heating (type listed as Other)

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $778 ($9k/yr) — positive. Per door: $259/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.6% in Springfield — 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.

Location & tenants

• Location reads 75/100 on livability (#57 in MO, #4,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Springfield R-XII (urban): math 32% / reading 46% proficiency, ranked #174 of 324 in MO (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central High (math 42% / reading 62%, grade D+, #92 of 521 statewide, top 20%, 1,464 students, 51% FRL) — zoned schools at 51% FRL track the district average.
• Zoned-school proficiency averages 52% at this address vs 39% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Springfield R-XII average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.2%/yr); 394 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,302 units permitted in Greene County in 2024 (250 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Greene County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.96%
• Cash-on-cash: 16.68%
• DSCR: 1.74
• GRM: 6.5

CMA / ARV

• ARV (median comp): $183,647
• List price: $200,000
• Delta: 8.90%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.36×
• Total profit: $20,334
• Equity at exit: $29,821

10-year hold

• IRR: 19.2%
• Equity multiple: 2.69×
• Total profit: $94,906
• Equity at exit: $17,292

Cash invested: $56,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 65803

• Home prices YoY: -29.8%
• Rents YoY: 4.2%
• Active inventory: 394
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $2,554 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$107 /mo · $1,287/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $778

Break-even live

Break-even rent $1,569

Max offer price $200,000

Occupancy floor 65%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,553
Total (3 units)			$2,554

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1636 N National Ave Springfield, MO	3.0	1.5	1000	$995	$0.99	44d	1	0.25mi
716 E Locust St Unit A Springfield, MO	2.0	1.0	915	$850	$0.93	23d	1	0.30mi
805 E Garfield St Springfield, MO	2.0	1.0	950	$950	$1.00	14d	1	0.33mi
1442 N Texas Ave Springfield, MO	3.0	2.0	1626	$1,400	$0.86	44d	1	0.34mi
1339 E Division St Springfield, MO	3.0	2.0	1186	$1,350	$1.14	23d	1	0.47mi
2153 N National Ave Springfield, MO	3.0	1.0	1163	$1,195	$1.03	14d	1	0.51mi
1306 N Frisco Ave Apt A Springfield, MO	2.0	1.5–2.0	970	$995	$1.03	14d	19	0.52mi
2054 N Rogers Ave Springfield, MO	2.0	1.0	888	$925	$1.04	14d	1	0.54mi
2234 N Travis Ave Springfield, MO	1.0	1.0	890	$750	$0.84	44d	1	0.55mi
317 E Chase St Springfield, MO	2.0	2.0	915	$1,100	$1.20	44d	1	0.61mi
1501 E Blaine St Springfield, MO	2.0	1.0	958	$695	$0.73	23d	1	0.62mi
1530 N Robberson Ave Springfield, MO	3.0	2.0	1122	$1,425	$1.27	44d	1	0.66mi
203 W Commercial St Unit 2F Springfield, MO	2.0	1.0	1000	$1,150	$1.15	21d	1	0.74mi
2337 N Ramsey Ave Springfield, MO	2.0	1.0	882	$875	$0.99	14d	1	0.74mi
2313 N Rogers Ave Unit 1 Springfield, MO	2.0	2.0	882	$950	$1.08	14d	1	0.76mi
2221 N Weller Ave Springfield, MO	3.0	2.0	1215	$1,395	$1.15	14d	1	0.80mi
1447 E Oakwood Ln Springfield, MO	2.0	2.0	982	$1,395	$1.42	44d	1	0.83mi
1710 E Commercial St Unit B Springfield, MO	2.0	1.0	950	$775	$0.82	44d	1	0.90mi
2337 N Delaware Ave Springfield, MO	2.0	1.0	876	$1,195	$1.36	44d	1	0.93mi
2230 N Campbell Ave Springfield, MO	2.0	1.0	1084	$1,095	$1.01	44d	1	0.94mi
616 W Webster St Springfield, MO	2.0	1.5	1178	$1,050	$0.89	14d	1	1.17mi
647 W Central St Springfield, MO	3.0	1.0	882	$1,050	$1.19	23d	1	1.35mi
STE Springfield, MO	3.0	2.0	1477	$1,600	$1.08	14d	2	1.43mi
2940 N East Ave Springfield, MO	2.0	2.0	915	$700	$0.77	14d	1	1.44mi
2120 N Johnston Ave Springfield, MO	2.0	1.0	880	$925	$1.05	44d	1	1.49mi

Listing history 21 events

1. 2026-06-18
   days on market $200,000 Active 38 DOM
2. 2026-06-17
   days on market $200,000 Active 37 DOM
3. 2026-06-16
   days on market $200,000 Active 36 DOM
4. 2026-06-15
   days on market $200,000 Active 35 DOM
5. 2026-06-14
   days on market $200,000 Active 33 DOM
6. 2026-06-10
   days on market $200,000 Active 30 DOM
7. 2026-06-09
   days on market $200,000 Active 29 DOM
8. 2026-06-08
   days on market $200,000 Active 28 DOM
9. 2026-06-07
   days on market $200,000 Active 27 DOM
10. 2026-06-03
    days on market $200,000 Active 23 DOM
11. 2026-06-02
    days on market $200,000 Active 22 DOM
12. 2026-06-01
    days on market $200,000 Active 21 DOM
13. 2026-05-31
    days on market $200,000 Active 20 DOM
14. 2026-05-30
    days on market $200,000 Active 19 DOM
15. 2026-05-11
    listed $200,000 Active 98-char remark
16. 2026-01-07
    listed $200,000 Active
17. 2025-03-24
    listed $200,000 Active
18. 2024-03-14
    historical $695
19. 2023-12-07
    price $695
20. 2023-10-26
    listed $750
21. 2022-07-01
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $1,287 · $107/mo
• Projected year-2 tax: $1,940 · $162/mo
• Expected delta: +$653/yr (+$54/mo · 50.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,648
• − Mortgage interest: −$11,203
• − Property taxes: −$1,287
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,452
• − Management: −$2,452
• − Depreciation: −$5,818
• Taxable income: $6,436
• Est. tax owed @ 24.0%: −$1,545
• After-tax cash flow: $7,794/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Springfield R-XII
• NCES district ID: 2928860
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $37,886
• Composite: 32.45/100
• National rank: #5717
• State rank: #174 of 324 in MO

Livability — Springfield

• Score: 75/100
• State rank: #57
• US rank: #4121

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MO
• County: Greene County · 244,327 people
• City population: 223,044
• Metro: Springfield, MO
• Population (ZIP): 42,882
• Household income: $50,572
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1305.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 319,054 people
• By 2030: 335,135 · +5.0%
• By 2040: 366,186 · +14.8%
• By 2050: 397,431 · +24.6%
• By 2075: 477,035 · +49.5%
• By 2100: 520,828 · +63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Greene

• 2024 margin: Strong R (+20.8) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -5.0pp toward R · 2008: -15.8pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+20.1 2016: R+27.4 2012: R+24.4 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.08%
• Current HPI: 205.0439
• Rent YoY: ▲ 4.24%
• Metro: Springfield, MO
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

+0.0% since first listed

7 events — show timeline

• 2026-05-11 Listed $200,000 SOMO
• 2026-01-07 Listed $200,000 SOMO
• 2025-03-24 Listed $200,000 SOMO
• 2024-03-14 Rental Removed $695 APPFOLIO
• 2023-12-07 Price Changed $695 APPFOLIO
• 2023-10-26 Listed for Rent $750 APPFOLIO
• 2022-07-01 Sold (Public Records) — Public Records

Property tax history

+8.6%/yr

Latest (2025): $1,287 · +11.1% YoY. Source: county tax records.