3679 Two Rivers Rd

Highlandville, MO 65669

$149,900D+

2 bd · 1.0 ba · 1,280 sqft · Built 1996 · Manufactured · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,121/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $-8/mo
• Annual: $-94/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• 1% rule: 0.75%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $-8 ($-94/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (25.2% below list).
• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (25.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.2%/yr); year-one equity from $1k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#578 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Spokane R-VII (rural): math 37% / reading 43% proficiency, ranked #133 of 324 in MO (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Highlandville Elem. (math 37% / reading 47%, grade F, #481 of 1,115 statewide, top 46%, 360 students, 44% FRL); Spokane Middle (math 37% / reading 37%, grade F, #220 of 391 statewide, top 59%, 147 students, 44% FRL); Spokane High (math 44% / reading 44%, grade F, #179 of 521 statewide, top 39%, 193 students, 28% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 30 active listings in the ZIP; 537 units permitted in Christian County in 2024 (0 in 5+ unit buildings).
• Christian County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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.
• Cap rate 6.2% vs local median 2.1% in Highlandville — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.