400 N 24th St

Bethany, MO 64424

$70,000B

3 bd · 1.0 ba · 973 sqft · Built 1910 · Other · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $750/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$158
• Net cashflow: $161/mo
• Annual: $1,936/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.88%
• DSCR: 1.44
• 1% rule: 1.07%
• Cash to close: $19,600

Investor read

• This is a 3-bed/1.0-bath other listed at $70k.
• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($750 rent vs $70k).
• It's been on market 88 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($484 loan paydown + $5k appreciation (6.7% local appreciation)).
• Location reads 67/100 on livability (#206 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• South Harrison County R-II (town): math 41% / reading 42% proficiency, ranked #131 of 324 in MO (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Harrison Elem. (math 42% / reading 47%, grade F, #413 of 1,115 statewide, top 42%, 309 students, 60% FRL); South Harrison Middle (math 46% / reading 34%, grade F, #185 of 391 statewide, top 48%, 245 students, 58% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $19k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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.