308 W Dryden St

Odessa, MO 64076

$130,000B

2 bd · 1.0 ba · 1,135 sqft · Built 1910 · SingleFamily · Active · 278 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,481/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$311
• Net cashflow: $378/mo
• Annual: $4,532/yr
• Cap rate: 9.78%
• Cash-on-cash: 12.45%
• DSCR: 1.55
• 1% rule: 1.14%
• Cash to close: $36,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 278 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#144 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.
• Odessa R-VII (town): math 34% / reading 48% proficiency, ranked #123 of 324 in MO (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcquerry Elementary (461 students, 39% FRL); Odessa High (math 8% / reading 62%, grade F, #318 of 521 statewide, top 61%, 664 students, 25% FRL) — zoned schools at 32% FRL track the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 146 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 3.8% in Odessa — 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

• It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.