4423 Highway C

Leslie, MO 63037

$70,000C+

3 bd · 1.0 ba · 560 sqft · Built 2017 · Other · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $913/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$192
• Net cashflow: $237/mo
• Annual: $2,846/yr
• Cap rate: 10.36%
• Cash-on-cash: 14.52%
• DSCR: 1.65
• 1% rule: 1.30%
• Cash to close: $19,600

Investor read

• This is a 3-bed/1.0-bath other listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($913 rent vs $70k).
• It's been on market 26 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.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#913 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: schools F, crime F, amenities F.
• Gasconade County R-II (rural): math 42% / reading 44% proficiency, ranked #114 of 324 in MO (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 614 units permitted in Franklin County in 2024 (100 in 5+ unit buildings).
• Franklin County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of potential leaks and wear.
• Major: exterior siding — Severe peeling and weathering.
• Major: interior walls and paint — No photos of interior condition, but exterior suggests poor condition.
• Major: systems — No photos of systems, but overall condition suggests outdated or broken components.
• Major: landscaping — Sparse and overgrown, indicating a need for improvement to enhance curb appeal.