0 Rohrer St

Bourbon, MO 65441

$490,000B-

None bd · None ba · — sqft · Built 1950 · MultiFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,200/mo
• Mortgage (P&I): −$2,570
• Tax + insurance: −$817
• HOA: −$0
• Vac / Maint / Mgmt: −$2,352
• Net cashflow: $5,462/mo
• Annual: $65,541/yr
• Cap rate: 19.67%
• Cash-on-cash: 47.77%
• DSCR: 3.13
• 1% rule: 2.29%
• Cash to close: $137,200

Investor read

• This is a multifamily listed at $490k. Condition is rated poor.
• At list price, monthly cash flow is $5k ($66k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $490k).
• It's been on market 109 days — a 9% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $446k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#70 in MO, #4,719 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D-, amenities F.
• Crawford County R-I (town): math 34% / reading 48% proficiency, ranked #143 of 324 in MO (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 23 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $137k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant damage
• Major: roof — Missing shingles
• Major: flooring — Worn-out carpet
• Major: interior walls — Paint peeling