501 S Water St · Gallatin, MO 64640

$94,000

2 bd · 3.0 ba · 982 sqft · Other public records · 30 Days on market

Built 1925 0.30 ac lot

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Why this score? — see what drove the C+ 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).

• Cash flow +21.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.5/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Built in 1925, this home offers a blend of simple farmhouse character and thoughtful updates where it counts. From the outside, you’ll notice its classic gables and inviting front porch detail—a quiet nod to its early craftsmanship. Step inside, and the feel shifts to clean, refreshed living with a nicely updated kitchen featuring modern cabinetry, ample counter space, and an adjoining dining area that makes everyday use easy and comfortable. The home includes two bedrooms, including one generously sized, with a shared Jack-and-Jill style bathroom positioned between them—creating a more private, connected layout. A large living room anchors the main space, while an additional bonus room off the back of the home provides flexibility for an office, hobby space, or potential third sleeping area (non-conforming, no closet), along with a convenient laundry area. Situated on a double corner lot totaling approximately 0.30 acres, the property offers plenty of outdoor space with a relaxed, small-town setting that feels just a little like the country. There is also a detached one-car garage. This is a home that’s been cared for and improved over time—offering solid functionality today with room for someone to continue shaping it into their own.

Key facts

• Laundry area
• Bonus room
• Large living room

Tags

• UPDATED KITCHEN
• ADJOINING DINING AREA
• JACK-AND-JILL STYLE BATHROOM
• LARGE LIVING ROOM
• BONUS ROOM
• LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath other listed at $94k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (5.4% below list).
• Recommended offer: $89k (5.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#426 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Gallatin R-V (rural): math 47% / reading 48% proficiency, ranked #66 of 324 in MO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 125 active listings in the ZIP.

Forward outlook

• In year one you build about $10k of equity ($650 loan paydown + $9k appreciation (10.0% local appreciation)).
• Daviess County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,880 (5.4% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 8.09%
• Cash-on-cash: 6.41%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.9%
• Equity multiple: 3.28×
• Total profit: $60,111
• Equity at exit: $84,683

10-year hold

• IRR: 25.1%
• Equity multiple: 7.45×
• Total profit: $169,893
• Equity at exit: $182,621

Cash invested: $26,320 (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 64640

• Home prices YoY: 11.1%
• Active inventory: 125
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $889 medium
• Mortgage (P&I): −$493
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $141

Break-even live

Break-even rent $711

Max offer price $94,000

Occupancy floor 79%

Sensitivity live

Price	-10% $194	-5% $167	+0% $141	+5% $114	+10% $87
Rent	-10% $70	-5% $106	+0% $141	+5% $176	+10% $211
Rate	-1.0pp $188	-0.5pp $165	base $141	+0.5pp $116	+1.0pp $91

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-02
   status Pending 1285-char remark

   Show marketing remark (1285 chars)

   Built in 1925, this home offers a blend of simple farmhouse character and thoughtful updates where it counts. From the outside, you’ll notice its classic gables and inviting front porch detail—a quiet nod to its early craftsmanship. Step inside, and the feel shifts to clean, refreshed living with a nicely updated kitchen featuring modern cabinetry, ample counter space, and an adjoining dining area that makes everyday use easy and comfortable. The home includes two bedrooms, including one generously sized, with a shared Jack-and-Jill style bathroom positioned between them—creating a more private, connected layout. A large living room anchors the main space, while an additional bonus room off the back of the home provides flexibility for an office, hobby space, or potential third sleeping area (non-conforming, no closet), along with a convenient laundry area. Situated on a double corner lot totaling approximately 0.30 acres, the property offers plenty of outdoor space with a relaxed, small-town setting that feels just a little like the country. There is also a detached one-car garage. This is a home that’s been cared for and improved over time—offering solid functionality today with room for someone to continue shaping it into their own.

2. 2026-04-02
   listed $94,000 Active 1285-char remark

   Show marketing remark (1285 chars)

   Built in 1925, this home offers a blend of simple farmhouse character and thoughtful updates where it counts. From the outside, you’ll notice its classic gables and inviting front porch detail—a quiet nod to its early craftsmanship. Step inside, and the feel shifts to clean, refreshed living with a nicely updated kitchen featuring modern cabinetry, ample counter space, and an adjoining dining area that makes everyday use easy and comfortable. The home includes two bedrooms, including one generously sized, with a shared Jack-and-Jill style bathroom positioned between them—creating a more private, connected layout. A large living room anchors the main space, while an additional bonus room off the back of the home provides flexibility for an office, hobby space, or potential third sleeping area (non-conforming, no closet), along with a convenient laundry area. Situated on a double corner lot totaling approximately 0.30 acres, the property offers plenty of outdoor space with a relaxed, small-town setting that feels just a little like the country. There is also a detached one-car garage. This is a home that’s been cared for and improved over time—offering solid functionality today with room for someone to continue shaping it into their own.

3. 2012-08-14
   soldstatus
4. 2003-05-30
   soldstatus 57-char remark

   Show marketing remark (57 chars)

   Corporate Owned Selling As-Is. Call office for addendums.

5. 2002-11-19
   listed $20,000 57-char remark

   Show marketing remark (57 chars)

   Corporate Owned Selling As-Is. Call office for addendums.

ⓘ 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: $353 · $29/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$559/yr (+$47/mo · 158.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,666
• − Mortgage interest: −$5,265
• − Property taxes: −$353
• − Insurance: −$470
• − Repairs & maintenance: −$853
• − Management: −$853
• − Depreciation: −$2,735
• Taxable income: $136
• Est. tax owed @ 24.0%: −$33
• After-tax cash flow: $1,655/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: Gallatin R-V
• NCES district ID: 2912660
• Math proficiency: 47% ▲ 10.00%
• Reading proficiency: 48% ▲ 6.00%
• Median HH income: $42,284
• Composite: 39.98/100
• National rank: #3832
• State rank: #66 of 324 in MO

Livability — Gallatin

• Score: 61/100
• State rank: #426
• US rank: #17634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gallatin, MO
• Population (ZIP): 3,183

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 7,695 people
• By 2030: 7,386 · -4.0%
• By 2040: 6,860 · -10.9%
• By 2050: 6,375 · -17.2%
• By 2075: 5,084 · -33.9%
• By 2100: 3,583 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+63.3) · D 17.9% · R 81.2%
• 2008→2024 swing: -40.5pp toward R · 2008: -22.8pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+60.2 2016: R+55.1 2012: R+33.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.00%
• Current HPI: 290.2333
• 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

+370.0% since first listed

5 events — show timeline

• 2026-05-02 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-02 Listed $94,000 Heartland MLS as Distributed by MLS Grid
• 2012-08-14 Sold (Public Records) — Public Records
• 2003-05-30 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2002-11-19 Listed $20,000 Heartland MLS as Distributed by MLS Grid

Property tax history

-0.3%/yr

Latest (2025): $353 · +8.8% YoY. Source: county tax records.