24732 Melody Rd

Versailles, MO 65084

$35,000B-

2 bd · 1.5 ba · 840 sqft · Built — · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $860/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$270
• Vac / Maint / Mgmt: −$181
• Net cashflow: $167/mo
• Annual: $2,006/yr
• Cap rate: 12.02%
• Cash-on-cash: 20.47%
• DSCR: 1.91
• 1% rule: 2.46%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($860 rent vs $35k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#489 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D, amenities F.
• Morgan County R-II (rural): math 27% / reading 41% proficiency, ranked #240 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 31% of rent.
• Market conditions: 54 active listings in the ZIP; 14 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected at -22% 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 $10k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Appliances — Old and worn, need replacement.
• Moderate: Bathtub and sink — Dated appearance, need replacement or renovation.
• Minor: Exterior siding — Paint is faded, could benefit from touch-up paint.
• Minor: Interior walls — Paint is chipped and faded, could benefit from fresh paint.
• Minor: Landscaping — Basic landscaping, could benefit from some updates and plants.
• Minor: Windows — Could use cleaning and possibly replacement if old or damaged.