511 N Main St

Corder, MO 64021

$179,000D-

3 bd · 1.0 ba · 1,448 sqft · Built 1900 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-66/mo
• Annual: $-788/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.57%
• DSCR: 0.93
• 1% rule: 0.71%
• Cash to close: $50,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $179k.
• At list price, monthly cash flow is $-66 ($-788/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (28.8% below list).
• It's been on market 20 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (28.8% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($1k loan paydown + $11k appreciation (6.3% local appreciation)).
• Location reads 66/100 on livability (#255 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lafayette County C-1 (town): math 26% / reading 43% proficiency, ranked #221 of 324 in MO (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grandview Elem. (math 22% / reading 37%, grade F, #813 of 1,115 statewide, top 75%, 457 students, 49% FRL); Lafayette Co. Middle (math 18% / reading 43%, grade F, #283 of 391 statewide, top 74%, 213 students, 51% FRL); Lafayette Co. High (math 42% / reading 52%, grade D-, #155 of 521 statewide, top 32%, 310 students, 41% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 112 units permitted in Lafayette County in 2024 (0 in 5+ unit buildings).
• Lafayette County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 12y ago; this cycle's ask is 10% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1900 — 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.
• 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.