605 N Spanish · Cape Girardeau, MO 63701

$89,000

4 bd · 2.0 ba · 1,664 sqft · SingleFamily public records · 117 Days on market

Built 1925 0.46 ac lot $53/sqft · 36% below area Est $139k · 36% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Jackpot! This diamond in the rough sits on nearly half an acre in a prime location near the casino! This duplex needs some TLC, but with the right vision, it could be a cash-flowing machine. No HVAC or furnace. Bring your toolbox and turn this fixer-upper into a winner. Whether you renovate, rent, or redevelop, the potential is off the charts! Don't roll the dice and miss out on this opportunity. This is for both lots with the parcel numbers 16-719-00-27-013.00-0000 and 16-719-00-27-014.00-0000 .

Key facts

• Half an acre
• Fixer-upper
• 0.46 acre lot

Tags

• HALF AN ACRE
• FIXER-UPPER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $81k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.9% in Cape Girardeau — 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.

Location & tenants

• Location reads 64/100 on livability (#297 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D+, crime F.
• Cape Girardeau 63 (urban): math 33% / reading 42% proficiency, ranked #188 of 324 in MO (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.3%/yr); 326 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 81 units permitted in Cape Girardeau County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Cape Girardeau County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $80,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 12.87%
• Cash-on-cash: 23.47%
• DSCR: 2.04
• GRM: 5.8

CMA / ARV

• ARV (median comp): $139,173
• List price: $89,000
• Delta: -36.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 N Spanish	0.00mi	4/2.0	1,664 (0%)	1mo	$89,000	$53	99
933 N Lorimier St	0.30mi	4/2.0	1,699 (+2%)	22mo	$124,900	$74	64
733 Watkins Dr	0.46mi	3/1.0 (-1)	1,670 (+0%)	8mo	$169,900	$102	63
456 Marie St	0.36mi	4/2.0	1,870 (+12%)	4mo	$219,900	$118	60
923 N Fountain St	0.32mi	5/2.0 (+1)	1,817 (+9%)	11mo	$149,900	$82	56
1441 N Main St	0.75mi	4/2.0	1,512 (-9%)	5mo	$119,900	$79	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.27% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $16,935
• Equity at exit: $13,270

10-year hold

• IRR: 25.5%
• Equity multiple: 3.25×
• Total profit: $56,010
• Equity at exit: $7,695

Cash invested: $24,920 (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 63701

• Rents YoY: 3.3%
• Active inventory: 326
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,279 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$19 /mo · $231/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $487

Break-even live

Break-even rent $662

Max offer price $89,000

Occupancy floor 57%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Cape Girardeau Cape Girardeau, MO	1.0–3.0	1.0–2.0	931	$1,000	$1.07	43d	7	0.36mi
1710 N Sprigg St Cape Girardeau, MO	2.0–4.0	2.0–4.0	1208	$698	$0.58	43d	1	1.16mi

Listing history 19 events

1. 2026-05-05
   status Pending 501-char remark

   Show marketing remark (501 chars)

   Jackpot! This diamond in the rough sits on nearly half an acre in a prime location near the casino! This duplex needs some TLC, but with the right vision, it could be a cash-flowing machine. No HVAC or furnace. Bring your toolbox and turn this fixer-upper into a winner. Whether you renovate, rent, or redevelop, the potential is off the charts! Don't roll the dice and miss out on this opportunity. This is for both lots with the parcel numbers 16-719-00-27-013.00-0000 and 16-719-00-27-014.00-0000 .

2. 2026-04-03
   price $89,000 501-char remark

   Show marketing remark (501 chars)

   Jackpot! This diamond in the rough sits on nearly half an acre in a prime location near the casino! This duplex needs some TLC, but with the right vision, it could be a cash-flowing machine. No HVAC or furnace. Bring your toolbox and turn this fixer-upper into a winner. Whether you renovate, rent, or redevelop, the potential is off the charts! Don't roll the dice and miss out on this opportunity. This is for both lots with the parcel numbers 16-719-00-27-013.00-0000 and 16-719-00-27-014.00-0000 .

3. 2026-01-08
   listed $93,000 Active 501-char remark

   Show marketing remark (501 chars)

   Jackpot! This diamond in the rough sits on nearly half an acre in a prime location near the casino! This duplex needs some TLC, but with the right vision, it could be a cash-flowing machine. No HVAC or furnace. Bring your toolbox and turn this fixer-upper into a winner. Whether you renovate, rent, or redevelop, the potential is off the charts! Don't roll the dice and miss out on this opportunity. This is for both lots with the parcel numbers 16-719-00-27-013.00-0000 and 16-719-00-27-014.00-0000 .

4. 2025-08-07
   listed $95,000 Active
5. 2025-08-06
   status Active
6. 2025-06-21
   status Pending
7. 2025-04-24
   price $135,000
8. 2025-03-12
   listed $165,000 Active
9. 2025-02-19
   historical
10. 2025-01-10
    listed $220,000 Active
11. 2024-11-15
    historical
12. 2024-09-25
    price $220,000
13. 2024-06-11
    price $280,000
14. 2024-05-01
    listed $300,000 Active
15. 2024-04-20
    historical
16. 2023-09-01
    historical
17. 2023-04-06
    price $399,900
18. 2022-08-19
    price $475,000
19. 2022-05-06
    listed $599,900 Active

ⓘ 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: $231 · $19/mo
• Projected year-2 tax: $863 · $72/mo
• Expected delta: +$632/yr (+$53/mo · 274.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,349
• − Mortgage interest: −$4,985
• − Property taxes: −$231
• − Insurance: −$445
• − Repairs & maintenance: −$1,228
• − Management: −$1,228
• − Depreciation: −$2,589
• Taxable income: $4,643
• Est. tax owed @ 24.0%: −$1,114
• After-tax cash flow: $4,735/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: Cape Girardeau 63
• NCES district ID: 2907120
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $40,543
• Composite: 31.49/100
• National rank: #5974
• State rank: #188 of 324 in MO

Livability — Cape Girardeau

• Score: 64/100
• State rank: #297
• US rank: #13759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cape Girardeau, MO
• County: Cape Girardeau County · 75,175 people
• City population: 47,546
• Metro: Cape Girardeau, MO-IL
• Population (ZIP): 39,345
• Household income: $66,654
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 1300.0

Population outlook (Cape Girardeau County) Hauer SSP2

• Today (2025): 84,807 people
• By 2030: 88,016 · +3.8%
• By 2040: 93,914 · +10.7%
• By 2050: 99,541 · +17.4%
• By 2075: 114,527 · +35.0%
• By 2100: 121,718 · +43.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 12% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Cape Girardeau

• 2024 margin: Solid R (+46.5) · D 26.2% · R 72.7% · Other 1.1%
• 2008→2024 swing: -12.9pp toward R · 2008: -33.6pp · 2024: -46.5pp
• All cycles: 2024: R+46.5 2020: R+45.0 2016: R+50.1 2012: R+43.8 2008: R+33.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -177.04%
• Current HPI: 156.0433
• Rent YoY: ▲ 3.27%
• Metro: Cape Girardeau, MO-IL
• 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

-85.2% since first listed

19 events — show timeline

• 2026-05-05 Pending — MARIS as Distributed by MLS Grid
• 2026-04-03 Price Changed $89,000 MARIS as Distributed by MLS Grid
• 2026-01-08 Listed $93,000 MARIS as Distributed by MLS Grid
• 2025-08-07 Listed $95,000 MARIS as Distributed by MLS Grid
• 2025-08-06 Relisted — MARIS as Distributed by MLS Grid
• 2025-06-21 Pending — MARIS as Distributed by MLS Grid
• 2025-04-24 Price Changed $135,000 MARIS as Distributed by MLS Grid
• 2025-03-12 Listed $165,000 MARIS as Distributed by MLS Grid
• 2025-02-19 Delisted — MARIS as Distributed by MLS Grid
• 2025-01-10 Listed $220,000 MARIS as Distributed by MLS Grid
• 2024-11-15 Delisted — MARIS as Distributed by MLS Grid
• 2024-09-25 Price Changed $220,000 MARIS as Distributed by MLS Grid
• 2024-06-11 Price Changed $280,000 MARIS as Distributed by MLS Grid
• 2024-05-01 Listed $300,000 MARIS as Distributed by MLS Grid
• 2024-04-20 Coming Soon — MARIS as Distributed by MLS Grid
• 2023-09-01 Delisted — MARIS as Distributed by MLS Grid
• 2023-04-06 Price Changed $399,900 MARIS as Distributed by MLS Grid
• 2022-08-19 Price Changed $475,000 MARIS as Distributed by MLS Grid
• 2022-05-06 Listed $599,900 MARIS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2025): $231 · +5.6% YoY. Source: county tax records.