15 Village West Ct #302

Washington, MO 63090

$105,000D-

2 bd · 1.0 ba · 906 sqft · Built 1985 · Condo · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $947/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$87
• HOA: −$158
• Vac / Maint / Mgmt: −$199
• Net cashflow: $-48/mo
• Annual: $-576/yr
• Cap rate: 5.74%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• 1% rule: 0.90%
• Cash to close: $29,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $105k.
• At list price, monthly cash flow is $-48 ($-576/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (9.8% below list).
• It's been on market 127 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#13 in MO, #1,373 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Washington (town): math 41% / reading 55% proficiency, ranked #46 of 324 in MO (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Middle (math 43% / reading 54%, grade C-, #81 of 391 statewide, top 21%, 551 students, 31% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 203 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 614 units permitted in Franklin County in 2024 (100 in 5+ unit buildings).
• Franklin County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $32k; list at $105k implies a 223% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 2.4% in Washington — 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 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?