509 Harris Ave

Braymer, MO 64624

$129,500C+

2 bd · 1.0 ba · 1,946 sqft · Built 1905 · Other · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,051/mo
• Mortgage (P&I): −$679
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $72/mo
• Annual: $858/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• 1% rule: 0.81%
• Cash to close: $36,260

Investor read

• This is a 2-bed/1.0-bath other listed at $130k.
• At list price, monthly cash flow is $72 ($858/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (18.8% below list).
• It's been on market 188 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (18.8% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($895 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#692 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment C-, crime F, amenities F.
• Braymer C-4 (rural): math 55% / reading 55% proficiency, ranked #71 of 535 in MO (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 53 units permitted in Caldwell County in 2024 (0 in 5+ unit buildings).
• Caldwell County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 188 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1905 — 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.
• 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?
• 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.