17201 E 32nd St #9

Independence, MO 64055

$113,000D

2 bd · 1.0 ba · 856 sqft · Built 2002 · Condo · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,247/mo
• Mortgage (P&I): −$593
• Tax + insurance: −$158
• HOA: −$340
• Vac / Maint / Mgmt: −$262
• Net cashflow: $-105/mo
• Annual: $-1,264/yr
• Cap rate: 5.17%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• 1% rule: 1.10%
• Cash to close: $31,640

Investor read

• This is a 2-bed/1.0-bath condo listed at $113k.
• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (16.5% below list).
• Meets the 1% rule at list price ($1k rent vs $113k).
• It's been on market 70 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (16.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents rising fast (+5.1%/yr); 202 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 21y 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.

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 70 days. Have you received any prior offers? Is the seller open to a 16% 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.
• 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?