829 N West St

Nevada, MO 64772

$1F

3 bd · 1.0 ba · 1,056 sqft · Built 1935 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $951/mo
• Mortgage (P&I): −$731
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $-212/mo
• Annual: $-2,547/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• 1% rule: 0.68%
• Cash to close: $39,030

Investor read

• This is a 3-bed/1.0-bath single-family listed at $1.
• At list price, monthly cash flow is $-212 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($951 rent vs $1).
• It's been on market 26 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#519 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Nevada R-V (town): math 33% / reading 44% proficiency, ranked #180 of 324 in MO (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Truman Elem. (math 25% / reading 41%, grade F, #744 of 1,115 statewide, top 67%, 500 students, 58% FRL); Nevada Middle (math 38% / reading 43%, grade F, #180 of 391 statewide, top 47%, 529 students, 54% FRL); Nevada High (math 38% / reading 52%, grade D-, #176 of 521 statewide, top 34%, 786 students, 48% FRL).
• Watch-outs: property tax is 209088.0% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 57 units permitted in Vernon County in 2024 (38 in 5+ unit buildings).
• Vernon County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.