1153 E Elm St

Morrisville, MO 65710

$109,900B

4 bd · 2.5 ba · 1,612 sqft · Built 1973 · Other · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,288/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $338/mo
• Annual: $4,054/yr
• Cap rate: 9.98%
• Cash-on-cash: 13.18%
• DSCR: 1.59
• 1% rule: 1.17%
• Cash to close: $30,772

Investor read

• This is a 4-bed/2.5-bath other listed at $110k.
• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 16 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($760 loan paydown + $3k appreciation (2.9% local appreciation)).
• Location reads 68/100 on livability (#191 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Marion C. Early R-V (rural): math 37% / reading 39% proficiency, ranked #175 of 324 in MO (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marion C. Early Elem. (math 37% / reading 42%, grade F, #537 of 1,115 statewide, top 53%, 259 students, 52% FRL); Marion C. Early Junior High (math 37% / reading 32%, grade F, #243 of 391 statewide, top 65%, 146 students, 45% FRL); Marion C. Early High (math 34% / reading 64%, grade D, #124 of 521 statewide, top 28%, 161 students, 40% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 15 active listings in the ZIP; 188 units permitted in Polk County in 2024 (40 in 5+ unit buildings).
• At projected returns (2.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.