331 Rodgers St

Licking, MO 65542

$195,000F

2 bd · 2.0 ba · 1,496 sqft · Built 1948 · Other · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,024/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $-342/mo
• Annual: $-4,101/yr
• Cap rate: 4.19%
• Cash-on-cash: -7.51%
• DSCR: 0.67
• 1% rule: 0.53%
• Cash to close: $54,600

Investor read

• This is a 2-bed/2.0-bath other listed at $195k.
• At list price, monthly cash flow is $-342 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (31.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (47.5% below list).
• It's been on market 34 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (47.5% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.2% local appreciation)).
• Location reads 65/100 on livability (#265 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, employment F.
• Licking R-VIII (rural): math 30% / reading 44% proficiency, ranked #203 of 324 in MO (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Licking Elem. (math 32% / reading 38%, grade F, #672 of 1,115 statewide, top 60%, 416 students, 99% FRL); Licking High (math 27% / reading 52%, grade F, #247 of 521 statewide, top 55%, 423 students, 99% FRL) — zoned schools average 99% FRL vs 51% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; 10 units permitted in Texas County in 2024 (5 in 5+ unit buildings).
• Texas County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.2% vs local median 3.3% in Licking — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 47% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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.
• 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?
• 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.