145 Starboard Dr #106

Kimberling City, MO 65686

$174,900D-

2 bd · 2.0 ba · 1,182 sqft · Built 1976 · Condo · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,414/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$292
• HOA: −$406
• Vac / Maint / Mgmt: −$297
• Net cashflow: $-498/mo
• Annual: $-5,975/yr
• Cap rate: 2.88%
• Cash-on-cash: -12.20%
• DSCR: 0.46
• 1% rule: 0.81%
• Cash to close: $48,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $175k. Condition is rated good.
• At list price, monthly cash flow is $-498 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (41.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (19.2% below list).
• It's been on market 154 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (41.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#162 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Reeds Spring R-IV (rural): math 34% / reading 42% proficiency, ranked #182 of 324 in MO (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Reeds Spring Elem. (math 33% / reading 33%, grade F, #744 of 1,115 statewide, top 67%, 358 students, 62% FRL); Reeds Spring Middle (math 31% / reading 46%, grade F, #202 of 391 statewide, top 54%, 286 students, 56% FRL); Reeds Spring High (math 32% / reading 47%, grade F, #247 of 521 statewide, top 55%, 602 students, 47% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: HOA is 29% of rent.
• Market conditions: 387 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 191 units permitted in Stone County in 2024 (0 in 5+ unit buildings).
• Stone County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.9% vs local median 2.0% in Kimberling City — 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 154 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?