321 N 24th St

Unionville, MO 63565

$63,000B+

2 bd · 1.0 ba · 1,064 sqft · Built 1900 · SingleFamily · Pending · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $953/mo
• Mortgage (P&I): −$330
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $369/mo
• Annual: $4,429/yr
• Cap rate: 13.32%
• Cash-on-cash: 25.11%
• DSCR: 2.12
• 1% rule: 1.51%
• Cash to close: $17,640

Investor read

• This is a 2-bed/1.0-bath single-family listed at $63k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($953 rent vs $63k).
• It's been on market 142 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($436 loan paydown + $2k appreciation (2.5% local appreciation)).
• Location reads 63/100 on livability (#361 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools C-, amenities F, commute F.
• Putnam County R-I (rural): math 43% / reading 48% proficiency, ranked #100 of 324 in MO (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 102 active listings in the ZIP.
• Putnam County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $12k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.