309 E Carnes St

Wheaton, MO 64874

$79,900B+

4 bd · 1.0 ba · 1,071 sqft · Built 1915 · SingleFamily · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $233/mo
• Annual: $2,796/yr
• Cap rate: 9.79%
• Cash-on-cash: 12.50%
• DSCR: 1.56
• 1% rule: 1.24%
• Cash to close: $22,372

Investor read

• This is a 4-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $80k).
• It's been on market 100 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($552 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#296 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, amenities F, commute F.
• Wheaton R-III (rural): math 26% / reading 36% proficiency, ranked #271 of 324 in MO (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wheaton Elem. (math 32% / reading 37%, grade F, #676 of 1,115 statewide, top 66%, 250 students, 58% FRL); Wheaton High (math 17% / reading 37%, grade F, #420 of 521 statewide, top 82%, 181 students, 57% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 57 units permitted in Barry County in 2024 (0 in 5+ unit buildings).
• Barry County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y 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 (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-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.