1203 W Grand St · Gallatin, MO 64640

$175,000

4 bd · 3.0 ba · 1,932 sqft · Manufactured public records · 177 Days on market

Built 1999 0.86 ac lot $91/sqft · 12% below area Est $199k · 12% under

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Why this score? — see what drove the C- 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).

• ARV discount +13.0/15.0
• Cash flow +12.3/30.0
• Appreciation +10.0/10.0
• Schools +4.0/10.0
• DSCR +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Listing remarks MLS

This spacious manufactured home has so much potential. There are four bedrooms and two baths with a living room, dining area, AND a family room! A front porch overlooks a convenient circle drive and a back deck with views of the huge back yard - almost an acre! A small shed for storage is also included. A little sweat equity will go a long way with this home. Call for additional information or a showing.

Key facts

• Front porch
• Circle drive
• Small shed

Tags

• FRONT PORCH
• CIRCLE DRIVE
• BACK DECK
• HUGE BACK YARD
• SMALL SHED

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $-33 ($-397/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (25.8% below list).
• Recommended offer: $130k (25.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#426 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Gallatin R-V (rural): math 47% / reading 48% proficiency, ranked #66 of 324 in MO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 124 active listings in the ZIP.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Daviess County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $129,884 (25.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
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: 0.74% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.81%
• DSCR: 0.96
• GRM: 11.2

CMA / ARV

• ARV (median comp): $199,156
• List price: $175,000
• Delta: -12.13%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $93,128
• Equity at exit: $157,654

10-year hold

• IRR: 21.0%
• Equity multiple: 6.63×
• Total profit: $275,760
• Equity at exit: $339,987

Cash invested: $49,000 (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 64640

• Home prices YoY: 11.1%
• Active inventory: 124
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,299 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$69 /mo · $823/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $-33

Break-even live

Break-even rent $1,341

Max offer price $169,149

Occupancy floor 98%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 177 DOM
2. 2026-06-17
   days on market $175,000 Active 176 DOM
3. 2026-06-16
   days on market $175,000 Active 175 DOM
4. 2026-06-15
   days on market $175,000 Active 174 DOM
5. 2026-06-13
   days on market $175,000 Active 172 DOM
6. 2026-06-12
   days on market $175,000 Active 171 DOM
7. 2026-06-09
   days on market $175,000 Active 168 DOM
8. 2026-06-08
   days on market $175,000 Active 167 DOM
9. 2026-06-07
   days on market $175,000 Active 166 DOM
10. 2026-06-05
    days on market $175,000 Active 164 DOM
11. 2026-06-04
    days on market $175,000 Active 162 DOM
12. 2026-06-02
    days on market $175,000 Active 161 DOM
13. 2026-06-01
    days on market $175,000 Active 160 DOM
14. 2026-05-31
    days on market $175,000 Active 159 DOM
15. 2026-02-25
    price $175,000 409-char remark

    Show marketing remark (409 chars)

    This spacious manufactured home has so much potential. There are four bedrooms and two baths with a living room, dining area, AND a family room! A front porch overlooks a convenient circle drive and a back deck with views of the huge back yard - almost an acre! A small shed for storage is also included. A little sweat equity will go a long way with this home. Call for additional information or a showing.

16. 2025-12-23
    listed $189,900 Active 409-char remark

    Show marketing remark (409 chars)

    This spacious manufactured home has so much potential. There are four bedrooms and two baths with a living room, dining area, AND a family room! A front porch overlooks a convenient circle drive and a back deck with views of the huge back yard - almost an acre! A small shed for storage is also included. A little sweat equity will go a long way with this home. Call for additional information or a showing.

17. 2011-09-19
    soldstatus 510-char remark

    Show marketing remark (510 chars)

    Very Clean 1,932 sq ft Schult home. The home features 4 bed rooms and two full bath, kitchen dining room, living room, family room with fireplace. newer carpet in the family and living rooms. The Master bedroom with walk in closet and master bath with a garden tube. Front porch and back deck. There are two lots, size is 125x300, 3 mature apple and 1 cherry trees. and there is two small out buildings. All appliances stay including washer and dryer. Lots of room inside and out, will make a nice family home.

18. 2011-09-15
    soldstatus
19. 2011-05-18
    listed $70,000 510-char remark

    Show marketing remark (510 chars)

    Very Clean 1,932 sq ft Schult home. The home features 4 bed rooms and two full bath, kitchen dining room, living room, family room with fireplace. newer carpet in the family and living rooms. The Master bedroom with walk in closet and master bath with a garden tube. Front porch and back deck. There are two lots, size is 125x300, 3 mature apple and 1 cherry trees. and there is two small out buildings. All appliances stay including washer and dryer. Lots of room inside and out, will make a nice family home.

ⓘ 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: $823 · $69/mo
• Projected year-2 tax: $1,698 · $141/mo
• Expected delta: +$875/yr (+$73/mo · 106.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,586
• − Mortgage interest: −$9,803
• − Property taxes: −$823
• − Insurance: −$875
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − Depreciation: −$5,091
• Taxable loss: −$3,499
• Est. tax savings @ 24.0%: +$840
• After-tax cash flow: $442/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: Gallatin R-V
• NCES district ID: 2912660
• Math proficiency: 47% ▲ 10.00%
• Reading proficiency: 48% ▲ 6.00%
• Median HH income: $42,284
• Composite: 39.98/100
• National rank: #3832
• State rank: #66 of 324 in MO

Livability — Gallatin

• Score: 61/100
• State rank: #426
• US rank: #17634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gallatin, MO
• Population (ZIP): 3,183

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 7,695 people
• By 2030: 7,386 · -4.0%
• By 2040: 6,860 · -10.9%
• By 2050: 6,375 · -17.2%
• By 2075: 5,084 · -33.9%
• By 2100: 3,583 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+63.3) · D 17.9% · R 81.2%
• 2008→2024 swing: -40.5pp toward R · 2008: -22.8pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+60.2 2016: R+55.1 2012: R+33.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.00%
• Current HPI: 290.2333
• 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

+150.0% since first listed

5 events — show timeline

• 2026-02-25 Price Changed $175,000 Heartland MLS as Distributed by MLS Grid
• 2025-12-23 Listed $189,900 Heartland MLS as Distributed by MLS Grid
• 2011-09-19 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2011-09-15 Sold (Public Records) — Public Records
• 2011-05-18 Listed $70,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+0.8%/yr

Latest (2025): $823 · +3.0% YoY. Source: county tax records.