606 Promenade St

Moberly, MO 65270

$112,500C+

3 bd · 1.5 ba · 1,207 sqft · Built 1880 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$590
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $249/mo
• Annual: $2,983/yr
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• 1% rule: 1.05%
• Cash to close: $31,500

Investor read

• This is a 3-bed/1.5-bath single-family listed at $112k.
• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• It's been on market 74 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $778 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#32 in MO, #3,045 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Moberly (town): math 30% / reading 36% proficiency, ranked #246 of 324 in MO (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 25 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).
• Randolph County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $7k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $112k implies a 181% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 4.5% in Moberly — 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 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.