203 Snoddy St

Armstrong, MO 65230

$29,500B

2 bd · 1.5 ba · 1,666 sqft · Built 1880 · Other · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,027/mo
• Mortgage (P&I): −$155
• Tax + insurance: −$38
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $619/mo
• Annual: $7,427/yr
• Cap rate: 31.47%
• Cash-on-cash: 89.92%
• DSCR: 5.00
• 1% rule: 3.48%
• Cash to close: $8,260

Investor read

• This is a 2-bed/1.5-bath other listed at $30k.
• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($204 loan paydown + $885 appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#798 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Fayette R-III (town): math 27% / reading 40% proficiency, ranked #238 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fayette High (math 5% / reading 44%, grade F, #436 of 521 statewide, top 85%, 189 students, 39% FRL) — zoned schools at 39% FRL track the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 9 units permitted in Howard County in 2024 (5 in 5+ unit buildings).
• Howard County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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 (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1880 — 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?
• 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.