308 W 8th St #201

Kansas City, MO 64105

$169,900F

1 bd · 1.0 ba · 764 sqft · Built 1899 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,459/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$374
• HOA: −$598
• Vac / Maint / Mgmt: −$306
• Net cashflow: $-710/mo
• Annual: $-8,517/yr
• Cap rate: 1.28%
• Cash-on-cash: -17.90%
• DSCR: 0.20
• 1% rule: 0.86%
• Cash to close: $47,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $170k.
• At list price, monthly cash flow is $-710 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (14.1% below list).
• It's been on market 42 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (14.1% below list) — sets the bar for 1% rule.
• In year one you build about $617 of equity ($1k loan paydown + $-558 appreciation (-0.3% local appreciation)).
• Location reads 78/100 on livability (#28 in MO, #2,671 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime F.
• Kansas City 33 (urban): math 12% / reading 24% proficiency, ranked #308 of 324 in MO (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 41% of rent; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-3.2%/yr); 56 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 8y 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.
• Cap rate 1.3% vs local median 3.9% in Kansas City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?