204 W North St

Leadwood, MO 63653

$79,000B+

3 bd · 1.0 ba · 1,500 sqft · Built 1930 · Other · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,009/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $308/mo
• Annual: $3,695/yr
• Cap rate: 10.97%
• Cash-on-cash: 16.71%
• DSCR: 1.74
• 1% rule: 1.28%
• Cash to close: $22,120

Investor read

• This is a 3-bed/1.0-bath other listed at $79k.
• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 18 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($546 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#682 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• West St. Francois County R-IV (rural): math 35% / reading 44% proficiency, ranked #165 of 324 in MO (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West County Elem. (math 25% / reading 40%, grade F, #751 of 1,115 statewide, top 68%, 414 students, 62% FRL); West County High (math 37% / reading 62%, grade D, #124 of 521 statewide, top 28%, 299 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 134 units permitted in St. Francois County in 2024 (32 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1930 — 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.