6748 Old State Route 21

Barnhart, MO 63012

$189,900C-

3 bd · 2.0 ba · 2,039 sqft · Built 1955 · Other · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$201
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $304/mo
• Annual: $3,648/yr
• Cap rate: 8.21%
• Cash-on-cash: 6.86%
• DSCR: 1.31
• 1% rule: 1.00%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.0-bath other listed at $190k.
• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#299 in MO) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Fox C-6 (suburban): math 35% / reading 50% proficiency, ranked #103 of 324 in MO (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Antonia Elem. (math 43% / reading 56%, grade D, #284 of 1,115 statewide, top 30%, 482 students, 23% FRL); Seckman Sr. High (math 22% / reading 64%, grade F, #211 of 521 statewide, top 41%, 1,793 students, 18% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 807 units permitted in Jefferson County in 2024 (104 in 5+ unit buildings).
• Cap rate 8.2% vs local median 5.1% in Barnhart — 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

• Built in 1955 — 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.
• 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.