400 E North Main St · Richmond, MO 64085

$64,900

4 bd · 1.0 ba · 2,444 sqft · SingleFamily public records · 83 Days on market

Built 1890 0.68 ac lot $27/sqft · 68% below area ↓ 28% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investor Special! Large 0.68 acre corner lot on highly visible North Main / Hwy 13 corridor in Richmond. Existing 4 bed / 2 bath structure needs substantial renovation or teardown. Excellent opportunity for flip, rental redevelopment, new construction, or land hold. Utilities on site. Cash or rehab financing only. Sold as-is. Bring offers.

Key facts

• 0.68-acre lot
• Complete renovation
• Large lot

Tags

• 0.68-ACRE LOT
• COMPLETE RENOVATION
• LARGE LOT

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 3.7% in Richmond — 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.

Location & tenants

• Location reads 67/100 on livability (#198 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D+, amenities F.
• Richmond R-XVI (town): math 32% / reading 39% proficiency, ranked #209 of 324 in MO (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 99 active listings in the ZIP; 56 units permitted in Ray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $641 of equity ($449 loan paydown + $192 appreciation (0.3% local appreciation)).
• Ray County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.39% ✓
• Cap rate: 20.86%
• Cash-on-cash: 52.02%
• DSCR: 3.31
• GRM: 3.5

CMA / ARV

• ARV (median comp): $203,278
• List price: $64,900
• Delta: -68.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 E Royle St	0.41mi	4/2.0	2,446 (+0%)	15mo	$149,900	$61	64
508 E Lexington St	0.29mi	3/2.0 (-1)	2,570 (+5%)	7mo	$145,000	$56	63
409 E Main St	0.11mi	4/2.0	2,632 (+8%)	19mo	$275,000	$104	62
601 E North Main St	0.22mi	3/1.0 (-1)	2,381 (-3%)	23mo	$150,000	$63	62
203 Clark St	0.54mi	3/2.0 (-1)	2,546 (+4%)	1mo	$235,000	$92	58
811 Reyburn St	0.41mi	4/3.0	2,496 (+2%)	16mo	$273,000	$109	56
313 N Institute St	0.37mi	4/2.5	2,268 (-7%)	19mo	$279,900	$123	49
206 E Dauxville Dr	0.67mi	3/2.0 (-1)	2,128 (-13%)	12mo	$339,750	$160	28
613 S Camden St	0.64mi	3/2.0 (-1)	2,782 (+14%)	14mo	$250,000	$90	27
405 N Institute St	0.39mi	3/3.0 (-1)	2,808 (+15%)	22mo	$257,000	$92	26
300 Goodrich Dr	0.71mi	3/2.0 (-1)	2,170 (-11%)	20mo	$249,000	$115	23

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.9%
• Equity multiple: 3.71×
• Total profit: $49,199
• Equity at exit: $19,811

10-year hold

• IRR: 56.1%
• Equity multiple: 7.44×
• Total profit: $117,068
• Equity at exit: $24,598

Cash invested: $18,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 64085

• Home prices YoY: 0.1%
• Active inventory: 99
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,551 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$70 /mo · $841/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $788

Break-even live

Break-even rent $554

Max offer price $64,900

Occupancy floor 44%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $64,900 Active 83 DOM
2. 2026-06-17
   days on market $64,900 Active 82 DOM
3. 2026-06-16
   days on market $64,900 Active 81 DOM
4. 2026-06-15
   days on market $64,900 Active 80 DOM
5. 2026-06-13
   days on market $64,900 Active 78 DOM
6. 2026-06-12
   days on market $64,900 Active 77 DOM
7. 2026-06-09
   days on market $64,900 Active 74 DOM
8. 2026-06-08
   days on market $64,900 Active 73 DOM
9. 2026-06-07
   days on market $64,900 Active 72 DOM
10. 2026-06-07
    days on market $64,900 Active 71 DOM
11. 2026-06-04
    days on market $64,900 Active 68 DOM
12. 2026-06-02
    days on market $64,900 Active 67 DOM
13. 2026-06-01
    days on market $64,900 Active 66 DOM
14. 2026-05-31
    days on market $64,900 Active 65 DOM
15. 2026-04-28
    price $64,900 341-char remark

    Show marketing remark (341 chars)

    Investor Special! Large 0.68 acre corner lot on highly visible North Main / Hwy 13 corridor in Richmond. Existing 4 bed / 2 bath structure needs substantial renovation or teardown. Excellent opportunity for flip, rental redevelopment, new construction, or land hold. Utilities on site. Cash or rehab financing only. Sold as-is. Bring offers.

16. 2026-03-27
    listed $70,000 Active 341-char remark

    Show marketing remark (341 chars)

    Investor Special! Large 0.68 acre corner lot on highly visible North Main / Hwy 13 corridor in Richmond. Existing 4 bed / 2 bath structure needs substantial renovation or teardown. Excellent opportunity for flip, rental redevelopment, new construction, or land hold. Utilities on site. Cash or rehab financing only. Sold as-is. Bring offers.

17. 2026-03-02
    historical
18. 2026-02-04
    price $67,400
19. 2026-01-08
    price $69,900
20. 2025-11-19
    price $75,000
21. 2025-10-21
    price $80,000
22. 2025-09-17
    listed $90,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $841 · $70/mo
• Projected year-2 tax: $841 · $70/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,612
• − Mortgage interest: −$3,635
• − Property taxes: −$841
• − Insurance: −$324
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$1,888
• Taxable income: $8,945
• Est. tax owed @ 24.0%: −$2,147
• After-tax cash flow: $7,307/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Richmond R-XVI
• NCES district ID: 2926480
• Math proficiency: 32% ▼ -11.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $44,070
• Composite: 30.17/100
• National rank: #6321
• State rank: #209 of 324 in MO

Livability — Richmond

• Score: 67/100
• State rank: #198
• US rank: #10160

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment B- Housing A+ Health & safety C- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, MO
• Population (ZIP): 8,113

Population outlook (Ray County) Hauer SSP2

• Today (2025): 21,420 people
• By 2030: 20,507 · -4.3%
• By 2040: 18,550 · -13.4%
• By 2050: 16,516 · -22.9%
• By 2075: 12,899 · -39.8%
• By 2100: 10,413 · -51.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 2% Native American 1%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Ray

• 2024 margin: Solid R (+48.7) · D 25.1% · R 73.8% · Other 1.1%
• 2008→2024 swing: -45.5pp toward R · 2008: -3.2pp · 2024: -48.7pp
• All cycles: 2024: R+48.7 2020: R+45.0 2016: R+37.1 2012: R+14.9 2008: R+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.30%
• Current HPI: 374.3671
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

-27.9% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $64,900 Heartland MLS as Distributed by MLS Grid
• 2026-03-27 Listed $70,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-02 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $67,400 Heartland MLS as Distributed by MLS Grid
• 2026-01-08 Price Changed $69,900 Heartland MLS as Distributed by MLS Grid
• 2025-11-19 Price Changed $75,000 Heartland MLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $80,000 Heartland MLS as Distributed by MLS Grid
• 2025-09-17 Listed $90,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $841 · +2.3% YoY. Source: county tax records.