1208 N 10th St

St. Joseph, MO 64501

$70,000B+

4 bd · 2.0 ba · 1,386 sqft · Built 1902 · SingleFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,123/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $434/mo
• Annual: $5,213/yr
• Cap rate: 13.74%
• Cash-on-cash: 26.60%
• DSCR: 2.18
• 1% rule: 1.60%
• Cash to close: $19,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 35 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Joseph (urban): math 28% / reading 38% proficiency, ranked #241 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).
• Buchanan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $15k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.7% vs local median 4.7% in St. Joseph — 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.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.