915 N Osage St

Independence, MO 64050

$216,000C+

4 bd · 2.0 ba · 2,240 sqft · Built 1980 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,398/mo
• Mortgage (P&I): −$1,133
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$504
• Net cashflow: $490/mo
• Annual: $5,874/yr
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• 1% rule: 1.11%
• Cash to close: $60,480

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $216k.
• At list price, monthly cash flow is $490 ($6k/yr) — positive. Per door: $245/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $216k).
• It's been on market 20 days — a 2% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: 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.
• Zoned schools: Ott Elem. (math 33% / reading 44%, grade F, #599 of 1,115 statewide, top 54%, 398 students, 77% FRL); Bingham Middle (math 19% / reading 33%, grade F, #316 of 391 statewide, top 81%, 774 students, 69% FRL); William Chrisman High (math 21% / reading 45%, grade F, #351 of 521 statewide, top 68%, 1,406 students, 66% FRL).
• Market conditions: Rents rising (+3.8%/yr); 127 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $60k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.0% vs local median 5.0% in Independence — 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.
• At $2,398/mo this rent would consume 59% of the median local household income ($49k/yr) (locally 972% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.