1809A Historic 66

Waynesville, MO 65583

$879,900B

64 bd · 512.0 ba · 5,000 sqft · Built 1998 · MultiFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,312/mo
• Mortgage (P&I): −$4,614
• Tax + insurance: −$1,099
• HOA: −$0
• Vac / Maint / Mgmt: −$2,376
• Net cashflow: $3,223/mo
• Annual: $38,681/yr
• Cap rate: 11.27%
• Cash-on-cash: 17.78%
• DSCR: 1.79
• 1% rule: 1.29%
• Cash to close: $246,372

Investor read

• This is a 8 × 8-bed/64.0-bath units multifamily listed at $880k. Condition is rated good.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $880k).
• It's been on market 90 days — a 6% lower offer ($827k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $827k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#322 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Waynesville R-VI (town): math 46% / reading 53% proficiency, ranked #41 of 324 in MO (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waynesville East Elem. (math 51% / reading 53%, grade C-, #231 of 1,115 statewide, top 24%, 929 students, 44% FRL); Waynesville Sr. High (math 37% / reading 53%, grade D-, #176 of 521 statewide, top 34%, 1,704 students, 39% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+10.3%/yr); 156 active listings in the ZIP; solid renter incomes; 62 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $246k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.3% vs local median 4.0% in Waynesville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $11,312/mo this rent would consume 177% of the median local household income ($77k/yr) (locally 185% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.