387 Main St

Olean, MO 65064

$47,500B+

1 bd · 1.0 ba · 1,428 sqft · Built 1920 · Other · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $992/mo
• Mortgage (P&I): −$249
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $499/mo
• Annual: $5,988/yr
• Cap rate: 18.90%
• Cash-on-cash: 45.02%
• DSCR: 3.00
• 1% rule: 2.09%
• Cash to close: $13,300

Investor read

• This is a 1-bed/1.0-bath other listed at $48k.
• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($992 rent vs $48k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($328 loan paydown + $2k appreciation (3.7% local appreciation)).
• Location reads 61/100 on livability (#439 in MO) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, crime A; Watch: schools D+, amenities F, commute F.
• Eldon R-I (town): math 46% / reading 54% proficiency, ranked #52 of 324 in MO (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 88 units permitted in Miller County in 2024 (31 in 5+ unit buildings).
• Miller County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — 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 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.
• 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.