903 E Grant St

Princeton, MO 64673

$29,900B+

3 bd · 1.0 ba · 920 sqft · Built 1922 · Other · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $953/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$37
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $559/mo
• Annual: $6,707/yr
• Cap rate: 28.72%
• Cash-on-cash: 80.11%
• DSCR: 4.56
• 1% rule: 3.19%
• Cash to close: $8,372

Investor read

• This is a 3-bed/1.0-bath other listed at $30k.
• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($953 rent vs $30k).
• It's been on market 55 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• In year one you build about $382 of equity ($207 loan paydown + $175 appreciation (0.6% local appreciation)).
• Location reads 63/100 on livability (#355 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, housing B+; Watch: employment D+, amenities F, commute F.
• Princeton R-V (rural): math 50% / reading 45% proficiency, ranked #158 of 535 in MO (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton R-V Elem. (math 57% / reading 47%, grade C-, #231 of 1,115 statewide, top 24%, 184 students, 43% FRL); Princeton R-V Jr.-Sr. High (math 27% / reading 42%, grade F, #321 of 521 statewide, top 67%, 180 students, 39% FRL).
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP.
• Mercer County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 6y ago 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 (0.6% appreciation + 3.0% rent growth), your $8k 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

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1922 — 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.
• 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.