2201 S 14th St

St. Joseph, MO 64503

$160,000F

4 bd · 2.0 ba · 1,068 sqft · Built 1917 · SingleFamily · Pending · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,145/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$240
• Net cashflow: $-41/mo
• Annual: $-486/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• 1% rule: 0.72%
• Cash to close: $44,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $-41 ($-486/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (28.5% below list).
• It's been on market 152 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (28.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• St. Joseph (urban): math 28% / reading 38% proficiency, ranked #241 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 89 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).
• Buchanan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.0% vs local median 4.7% in St. Joseph — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1917 — 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.
• 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.