18233 County Road 361 · Preston, MO 65732

$189,900

3 bd · 2.0 ba · 1,344 sqft · Other public records · 17 Days on market

Built 2004 4.83 ac lot

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Appreciation +7.2/10.0
• Schools +5.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.1/10.0

Listing remarks

Enjoy peaceful country living in this 3-bedroom, 2-bath home situated on almost 5 acres just outside of Preston. This private property offers plenty of space to relax and enjoy nature, featuring a scenic pond and a secluded setting away from the hustle and bustle. The home provides comfortable living with ample outdoor space for recreation, gardening, or simply enjoying the quiet surroundings. A carport and small storage building are included with the property, adding convenience and extra storage options. Whether you're looking for a full-time residence, a weekend retreat, or a place to enjoy country living, this property offers privacy, space, and the beauty of rural Missouri.

Key facts

• Ample outdoor space
• Scenic pond
• Carport

Tags

• SCENIC POND
• PRIVATE PROPERTY
• AMPLE OUTDOOR SPACE
• CARPORT
• SMALL STORAGE BUILDING
• SECLUDED SETTING

Property features AI

Exterior

• Parking: Gravel parking; 1-car garage
• Security: Accessible approach (ramp) improves entry safety and access
• Utilities: Private water source; Septic tank
• Home design: Manufactured house on permanent foundation; Manufactured on land; Double wide; One level
• Construction: Metal roof; Permanent foundation; Built as a manufactured house
• Exterior features: Deck; Level, cleared lot; Gravel road access; County road/easement frontage

Interior

• Kitchen: Electric oven; Free-standing electric oven; Dishwasher; Refrigerator
• Bedrooms: Double wide manufactured home (bedroom count not provided)
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Ceiling fan(s) for cooling
• Interior features: Accessible entrance with ramp; Shed(s) on the property
• Laundry & utility: Laundry located on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $-214 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (39.1% below list).
• Recommended offer: $116k (39.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 50/100 on livability (#901 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Hickory County R-I (rural): math 65% / reading 66% proficiency, ranked #8 of 324 in MO (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Skyline Elem. (math 82% / reading 82%, grade A+, #4 of 1,115 statewide, top 0%, 306 students, 45% FRL); Skyline Middle (math 57% / reading 59%, grade B, #26 of 391 statewide, top 7%, 206 students, 40% FRL); Skyline High (math 64% / reading 74%, grade B, #10 of 521 statewide, top 2%, 215 students, 38% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 9 active listings in the ZIP.

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $8k appreciation (4.3% local appreciation)).
• Hickory County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Recommended offer $115,648 (39.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 4.94%
• Cash-on-cash: -4.82%
• DSCR: 0.79
• GRM: 13.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.31% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.43×
• Total profit: $22,725
• Equity at exit: $99,798

10-year hold

• IRR: 9.1%
• Equity multiple: 2.58×
• Total profit: $84,069
• Equity at exit: $166,098

Cash invested: $53,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 65732

• Home prices YoY: 4.0%
• Active inventory: 9
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$52 /mo · $626/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-214

Break-even live

Break-even rent $1,427

Max offer price $152,175

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   status $189,900 Pending 17 DOM
2. 2026-06-18
   days on market $189,900 Active 17 DOM
3. 2026-06-17
   days on market $189,900 Active 16 DOM
4. 2026-06-16
   days on market $189,900 Active 15 DOM
5. 2026-06-15
   days on market $189,900 Active 14 DOM
6. 2026-06-14
   days on market $189,900 Active 12 DOM
7. 2026-06-12
   days on market $189,900 Active 11 DOM
8. 2026-06-09
   days on market $189,900 Active 8 DOM
9. 2026-06-08
   days on market $189,900 Active 7 DOM
10. 2026-06-07
    days on market $189,900 Active 6 DOM
11. 2026-06-05
    days on market $189,900 Active 3 DOM
12. 2026-06-03
    days on market $189,900 Active 2 DOM
13. 2026-06-01
    remarks 687-char remark
14. 2026-06-01
    listed $189,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $626 · $52/mo
• Projected year-2 tax: $1,842 · $154/mo
• Expected delta: +$1,216/yr (+$101/mo · 194.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,878
• − Mortgage interest: −$10,637
• − Property taxes: −$626
• − Insurance: −$950
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$5,524
• Taxable loss: −$6,080
• Est. tax savings @ 24.0%: +$1,459
• After-tax cash flow: $-1,103/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hickory County R-I
• NCES district ID: 2914320
• Math proficiency: 65% ▼ -4.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $33,125
• Composite: 54.03/100
• National rank: #1393
• State rank: #8 of 324 in MO

Livability — Preston

• Score: 50/100
• State rank: #901
• US rank: #25559

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing C Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,263

Population outlook (Hickory County) Hauer SSP2

• Today (2025): 8,206 people
• By 2030: 7,690 · -6.3%
• By 2040: 6,780 · -17.4%
• By 2050: 6,076 · -26.0%
• By 2075: 5,088 · -38.0%
• By 2100: 4,489 · -45.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Italian 12% Lithuanian 3% Serbian 2%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Hickory

• 2024 margin: Solid R (+61.1) · D 19.1% · R 80.2%
• 2008→2024 swing: -47.9pp toward R · 2008: -13.3pp · 2024: -61.1pp
• All cycles: 2024: R+61.1 2020: R+57.3 2016: R+53.5 2012: R+23.6 2008: R+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.31%
• Current HPI: 111.3835
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

2 events — show timeline

• 2026-06-01 Listed $189,900 SOMO
• 2017-10-11 Sold (Public Records) — Public Records

Property tax history

+2.0%/yr

Latest (2025): $626 · +6.2% YoY. Source: county tax records.