102 W Black Diamond St

Richmond, MO 64085

$70,000B

2 bd · 1.0 ba · 900 sqft · Built 1946 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $974/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $282/mo
• Annual: $3,383/yr
• Cap rate: 11.13%
• Cash-on-cash: 17.26%
• DSCR: 1.77
• 1% rule: 1.39%
• Cash to close: $19,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($974 rent vs $70k).
• It's been on market 15 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• In year one you build about $691 of equity ($484 loan paydown + $207 appreciation (0.3% local appreciation)).
• Location reads 67/100 on livability (#198 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Richmond R-XVI (town): math 32% / reading 39% proficiency, ranked #209 of 324 in MO (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunrise Elem. (math 33% / reading 37%, grade F, #672 of 1,115 statewide, top 60%, 447 students, 53% FRL); Richmond Middle (math 35% / reading 39%, grade F, #220 of 391 statewide, top 59%, 359 students, 40% FRL); Richmond High (math 22% / reading 47%, grade F, #321 of 521 statewide, top 67%, 454 students, 32% FRL) — zoned schools at 42% FRL track the district average.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 101 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 56 units permitted in Ray County in 2024 (0 in 5+ unit buildings).
• Ray County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (0.3% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 11.1% vs local median 3.6% in Richmond — 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 1946 — 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?
• 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.