308 E 233rd St · Cleveland, MO 64734

$280,000

2 bd · 2.0 ba · 2,046 sqft · SingleFamily public records · 1836 Days on market

Built 1989 3.00 ac lot $137/sqft · 48% below area Est $370k · 24% under

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +3.8/30.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Very unique earth contact home nested on gorgeous 3-acres land just off SE of Lone Wolf Ranch arena. 7yr old metal roof, HVAC, water heater. Home has been updated when bought with tiled flooring from entry hall all the way to 2nd full bath; carpeting on all bedrooms & family room, all stainless steel appliances in kitchen. Open and light, all room sizes are extra large. 51x21 party patio for entertainment. Wonderful 50' x 30' huge 2-car detached garage/workshop with electricity. Just move in and enjoy.

Key facts

• 3 acre lot
• 2 garage spots
• Built 1989

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Parking: Detached 2-car garage
• Utilities: City/public water (verify); Septic tank sewer; Metro Free telecom
• Home design: Single-family residence; Attached property; Ranch / earth-contact floor plan; One-story (main/first level living)
• Construction: Board & batten siding and concrete construction; Metal roof; Slab foundation; Home built approximately 31–40 years ago
• Exterior features: Covered patio; Patio; Acreage lot (approximately 3 acres); Other structures: Garage(s)

Interior

• Kitchen: Built-in features; Ceramic tile; Dishwasher; Microwave; Refrigerator; Built-in oven; Stainless steel appliances
• Bedrooms: 3 bedrooms (all on the main/first level)
• Flooring: Carpet (in living areas/rooms as noted); Ceramic tile in kitchen, baths, dining and laundry
• Bathrooms: 2 full bathrooms; Main bath with ceramic tile, double vanity, and shower-over-tub; Second bath with ceramic tile and shower
• Heating & cooling: Electric heating; Electric cooling (central air)
• Interior features: Walk-in closets; Window coverings; Entry; Family room; Main floor bedroom; Workshop; Kitchen/dining combo
• Laundry & utility: Main-level laundry located off the kitchen; Washer; Dryer; Exhaust fan

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-814 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (51.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (57.5% below list).
• Recommended offer: $119k (57.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#431 in MO) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living A; Watch: amenities F, commute F, health & safety F.
• Midway R-I (rural): math 27% / reading 40% proficiency, ranked #201 of 324 in MO (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midway Elem. (math 32% / reading 42%, grade F, #611 of 1,115 statewide, top 59%, 243 students, 35% FRL); Midway High (math 22% / reading 37%, grade F, #382 of 521 statewide, top 78%, 206 students, 31% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 30 active listings in the ZIP; 588 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Cass County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 1836 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,050 (57.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 1836 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.43% ✗
• Cap rate: 2.80%
• Cash-on-cash: -12.47%
• DSCR: 0.45
• GRM: 19.6

CMA / ARV

• ARV (median comp): $370,000
• List price: $280,000
• Delta: -24.32%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 2.28×
• Total profit: $100,532
• Equity at exit: $252,246

10-year hold

• IRR: 15.1%
• Equity multiple: 5.29×
• Total profit: $336,658
• Equity at exit: $543,978

Cash invested: $78,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 64734

• Home prices YoY: 3.5%
• Active inventory: 30
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $1,190 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$170 /mo · $2,039/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $-814

Break-even live

Break-even rent $2,221

Max offer price $136,131

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $280,000 Active 1836 DOM
2. 2026-06-17
   days on market $280,000 Active 1835 DOM
3. 2026-06-16
   days on market $280,000 Active 1834 DOM
4. 2026-06-15
   days on market $280,000 Active 1833 DOM
5. 2026-06-13
   days on market $280,000 Active 1831 DOM
6. 2026-06-13
   days on market $280,000 Active 1830 DOM
7. 2026-06-09
   days on market $280,000 Active 1827 DOM
8. 2026-06-08
   days on market $280,000 Active 1826 DOM
9. 2026-06-07
   days on market $280,000 Active 1825 DOM
10. 2026-06-03
    days on market $280,000 Active 1821 DOM
11. 2026-06-02
    days on market $280,000 Active 1820 DOM
12. 2026-06-01
    days on market $280,000 Active 1819 DOM
13. 2026-05-31
    days on market $280,000 Active 1818 DOM
14. 2022-02-25
    status Active
15. 2022-02-08
    historical
16. 2021-10-15
    price $280,000
17. 2021-06-08
    listed $300,000 Active
18. 2019-06-14
    soldstatus
19. 2016-01-05
    soldstatus 513-char remark

    Show marketing remark (513 chars)

    Very unique earth contact home nested on gorgeous 3-acres land just off SE of Lone Wolf Ranch arena. 7yr old metal roof, HVAC, water heater. Home has been updated when bought with tiled flooring from entry hall all the way to 2nd full bath; carpeting on all bedrooms & family room, all stainless steel appliances in kitchen. Open and light, all room sizes are extra large. 51x21 party patio for entertainment. Wonderful 50' x 30' huge 2-car detached garage/workshop with electricity. Just move in and enjoy.

20. 2015-12-30
    soldstatus
21. 2015-10-03
    listed $174,888 513-char remark

    Show marketing remark (513 chars)

    Very unique earth contact home nested on gorgeous 3-acres land just off SE of Lone Wolf Ranch arena. 7yr old metal roof, HVAC, water heater. Home has been updated when bought with tiled flooring from entry hall all the way to 2nd full bath; carpeting on all bedrooms & family room, all stainless steel appliances in kitchen. Open and light, all room sizes are extra large. 51x21 party patio for entertainment. Wonderful 50' x 30' huge 2-car detached garage/workshop with electricity. Just move in and enjoy.

22. 2014-11-06
    soldstatus
23. 2014-11-05
    soldstatus 378-char remark

    Show marketing remark (378 chars)

    You must see this home! This earth contact home is nestled on 3 acres with a view of the gorgeous trees. Relax on the HUGE patio. This home has been updated and is move-in ready, updated kitchen and appliances, newer flooring throughout. Don't miss the HUGE garage/workshop with cement floor and electricity. Home sits South East of riding arena. No road frontage with property.

24. 2014-04-15
    listed $145,000 378-char remark

    Show marketing remark (378 chars)

    You must see this home! This earth contact home is nestled on 3 acres with a view of the gorgeous trees. Relax on the HUGE patio. This home has been updated and is move-in ready, updated kitchen and appliances, newer flooring throughout. Don't miss the HUGE garage/workshop with cement floor and electricity. Home sits South East of riding arena. No road frontage with property.

25. 2010-10-07
    listed $59,900
26. 2010-09-20
    soldstatus
27. 2007-12-03
    soldstatus
28. 2005-05-18
    listed $85,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $2,039 · $170/mo
• Projected year-2 tax: $2,716 · $226/mo
• Expected delta: +$677/yr (+$56/mo · 33.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,286
• − Mortgage interest: −$15,684
• − Property taxes: −$2,039
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$8,145
• Taxable loss: −$15,268
• Est. tax savings @ 24.0%: +$3,664
• After-tax cash flow: $-6,109/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Midway R-I
• NCES district ID: 2931800
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 40% ▼ -8.00%
• Median HH income: $66,225
• Composite: 30.61/100
• National rank: #6193
• State rank: #201 of 324 in MO

Livability — Cleveland

• Score: 61/100
• State rank: #431
• US rank: #17836

Category grades

Amenities F Commute F Cost of living A Crime B Employment A Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,065

Population outlook (Cass County) Hauer SSP2

• Today (2025): 105,292 people
• By 2030: 106,109 · +0.8%
• By 2040: 105,786 · +0.5%
• By 2050: 102,062 · -3.1%
• By 2075: 88,569 · -15.9%
• By 2100: 68,293 · -35.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 7% Two or more races 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 5% Italian 4% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+32.1) · D 33.3% · R 65.4% · Other 1.3%
• 2008→2024 swing: -12.5pp toward R · 2008: -19.6pp · 2024: -32.1pp
• All cycles: 2024: R+32.1 2020: R+31.6 2016: R+35.9 2012: R+28.4 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.19%
• Current HPI: 305.4
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

+229.4% since first listed

17 events — show timeline

• 2022-02-25 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-02-08 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2021-10-15 Price Changed $280,000 Heartland MLS as Distributed by MLS Grid
• 2021-06-08 Listed $300,000 Heartland MLS as Distributed by MLS Grid
• 2019-06-14 Sold (Public Records) — Public Records
• 2016-01-05 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2015-12-30 Sold (Public Records) — Public Records
• 2015-10-03 Listed $174,888 Heartland MLS as Distributed by MLS Grid
• 2014-11-06 Sold (Public Records) — Public Records
• 2014-11-05 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2014-04-15 Listed $145,000 Heartland MLS as Distributed by MLS Grid
• 2011-04-01 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2010-10-07 Listed $59,900 Heartland MLS as Distributed by MLS Grid
• 2010-09-20 Sold (Public Records) — Public Records
• 2007-12-03 Sold (Public Records) — Public Records
• 2005-06-24 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2005-05-18 Listed $85,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2025): $2,039 · +7.1% YoY. Source: county tax records.