302 E 4th St · Milan, MO 63556

$109,900

4 bd · 2.0 ba · 2,374 sqft · SingleFamily · 33 Days on market

Built 1895 0.34 ac lot ↓ 27% since listing

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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 +28.0/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Appreciation +6.6/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

FOR THE LOVE OF OLD HOUSES! This home has been updated but still has so many unique characteristics that come with it you'll absolutely love it! The main level offers 3 open rooms. Living, parlor room and dining room. (you could easily make a bedroom downstairs). Large eat in kitchen with a half bath and lets not forget the wood burning fireplace! 4 bedrooms, full bath and a walk out porch on the 2nd floor. More than enough room for a large family! Furnace, A/c, water heater and electric all newer. Outdoor living space has a nice private feel to it with the homes wrap around porch and a screened in porch. This property offers 2 lots and 2 detached garages! Don't delay, call the listing agent today for more information and to set up your own personal showing!

Key facts

• Large windows
• Tall ceilings
• Thoughtful layout

Tags

• BRICK HOME
• 19TH CENTURY CONSTRUCTION
• ORIGINAL WOODWORK
• TALL CEILINGS
• LARGE WINDOWS
• THOUGHTFUL LAYOUT

Property features AI

Finance

• Other: Lot size about 0.34 acres
• HOA & community: No association fees

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; 2 stories; Approximately 2,374 above-grade living area; About 101+ years old
• Construction: Brick construction; Composition roof
• Exterior features: Patio; City lot; Corner lot; Not in a flood plain

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Electric cooling (central)
• Interior features: Full basement; One fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#305 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Milan C-2 (rural): math 29% / reading 37% proficiency, ranked #245 of 324 in MO (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 48 active listings in the ZIP.

Forward outlook

• In year one you build about $4k of equity ($760 loan paydown + $4k appreciation (3.2% local appreciation)).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.31%
• DSCR: 1.59
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.17×
• Total profit: $36,118
• Equity at exit: $50,658

10-year hold

• IRR: 21.4%
• Equity multiple: 4.14×
• Total profit: $96,636
• Equity at exit: $79,049

Cash invested: $30,772 (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 63556

• Home prices YoY: 2.9%
• Active inventory: 48
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,284 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$51 /mo · $610/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $341

Break-even live

Break-even rent $852

Max offer price $109,900

Occupancy floor 68%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $109,900 Active 33 DOM
2. 2026-06-17
   days on market $109,900 Active 32 DOM
3. 2026-06-16
   days on market $109,900 Active 31 DOM
4. 2026-06-15
   days on market $109,900 Active 30 DOM
5. 2026-06-13
   days on market $109,900 Active 28 DOM
6. 2026-06-12
   days on market $109,900 Active 27 DOM
7. 2026-06-09
   days on market $109,900 Active 24 DOM
8. 2026-06-08
   days on market $109,900 Active 23 DOM
9. 2026-06-07
   days on market $109,900 Active 22 DOM
10. 2026-06-05
    days on market $109,900 Active 20 DOM
11. 2026-06-04
    days on market $109,900 Active 18 DOM
12. 2026-06-02
    days on market $109,900 Active 17 DOM
13. 2026-06-01
    days on market $109,900 Active 16 DOM
14. 2026-05-31
    days on market $109,900 Active 15 DOM
15. 2026-05-16
    listed $109,900 Active
16. 2022-04-26
    soldstatus 768-char remark

    Show marketing remark (768 chars)

    FOR THE LOVE OF OLD HOUSES! This home has been updated but still has so many unique characteristics that come with it you'll absolutely love it! The main level offers 3 open rooms. Living, parlor room and dining room. (you could easily make a bedroom downstairs). Large eat in kitchen with a half bath and lets not forget the wood burning fireplace! 4 bedrooms, full bath and a walk out porch on the 2nd floor. More than enough room for a large family! Furnace, A/c, water heater and electric all newer. Outdoor living space has a nice private feel to it with the homes wrap around porch and a screened in porch. This property offers 2 lots and 2 detached garages! Don't delay, call the listing agent today for more information and to set up your own personal showing!

17. 2019-10-02
    listed $150,000 768-char remark

    Show marketing remark (768 chars)

    FOR THE LOVE OF OLD HOUSES! This home has been updated but still has so many unique characteristics that come with it you'll absolutely love it! The main level offers 3 open rooms. Living, parlor room and dining room. (you could easily make a bedroom downstairs). Large eat in kitchen with a half bath and lets not forget the wood burning fireplace! 4 bedrooms, full bath and a walk out porch on the 2nd floor. More than enough room for a large family! Furnace, A/c, water heater and electric all newer. Outdoor living space has a nice private feel to it with the homes wrap around porch and a screened in porch. This property offers 2 lots and 2 detached garages! Don't delay, call the listing agent today for more information and to set up your own personal showing!

ⓘ 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: $610 · $51/mo
• Projected year-2 tax: $1,066 · $89/mo
• Expected delta: +$456/yr (+$38/mo · 74.7%)

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

Taxation est. · year 1

• Rental income: $15,408
• − Mortgage interest: −$6,156
• − Property taxes: −$610
• − Insurance: −$550
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$3,197
• Taxable income: $2,430
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $3,514/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: Milan C-2
• NCES district ID: 2920940
• Math proficiency: 29% ▼ -2.00%
• Reading proficiency: 37% ▲ 5.00%
• Median HH income: $38,588
• Composite: 27.57/100
• National rank: #6941
• State rank: #245 of 324 in MO

Livability — Milan

• Score: 64/100
• State rank: #305
• US rank: #13979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milan, MO
• Population (ZIP): 3,279

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 5,679 people
• By 2030: 5,360 · -5.6%
• By 2040: 4,773 · -16.0%
• By 2050: 4,303 · -24.2%
• By 2075: 3,645 · -35.8%
• By 2100: 3,225 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 28% Two or more races 10% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 3%
• Common ancestry: Slovak 2% Iranian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 74% English-only · Spanish 23% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+66.0) · D 16.6% · R 82.6%
• 2008→2024 swing: -50.9pp toward R · 2008: -15.1pp · 2024: -66.0pp
• All cycles: 2024: R+66.0 2020: R+60.5 2016: R+54.7 2012: R+27.1 2008: R+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.20%
• Current HPI: 114.3731
• Rent YoY: —
• Metro: —
• 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

-26.7% since first listed

3 events — show timeline

• 2026-05-16 Listed $109,900 Heartland MLS as Distributed by MLS Grid
• 2022-04-26 Sold (MLS) — NECAR
• 2019-10-02 Listed $150,000 NECAR

Property tax history

-1.3%/yr

Latest (2025): $610 · -1.4% YoY. Source: county tax records.