5 Gladiola Ln Unit G05

Belton, MO 64012

$65,600B

3 bd · 2.0 ba · 1,056 sqft · Built 2026 · Manufactured · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,856/mo
• Mortgage (P&I): −$344
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $1,013/mo
• Annual: $12,157/yr
• Cap rate: 24.82%
• Cash-on-cash: 66.18%
• DSCR: 3.94
• 1% rule: 2.83%
• Cash to close: $18,368

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $66k. Condition is rated excellent.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• It's been on market 42 days — a 3% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $454 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#52 in MO, #3,782 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, commute F.
• Belton 124 (suburban): math 28% / reading 39% proficiency, ranked #216 of 324 in MO (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 588 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 24.8% vs local median 4.7% in Belton — 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.
• This rent runs 31% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.