201 S School St

Goodman, MO 64843

$47,900B+

3 bd · 1.5 ba · 1,478 sqft · Built 1925 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$251
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $474/mo
• Annual: $5,693/yr
• Cap rate: 18.18%
• Cash-on-cash: 42.45%
• DSCR: 2.89
• 1% rule: 2.09%
• Cash to close: $13,412

Investor read

• This is a 3-bed/1.5-bath other listed at $48k.
• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($331 loan paydown + $3k appreciation (6.7% local appreciation)).
• Location reads 64/100 on livability (#325 in MO) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Neosho School District (town): math 36% / reading 48% proficiency, ranked #125 of 324 in MO (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Goodman Elem. (math 42% / reading 47%, grade F, #413 of 1,115 statewide, top 42%, 255 students, 76% FRL); Neosho Jr. High (math 41% / reading 48%, grade D, #113 of 391 statewide, top 31%, 748 students, 58% FRL); Neosho High (math 21% / reading 57%, grade F, #287 of 521 statewide, top 55%, 1,491 students, 48% FRL).
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 20 units permitted in McDonald County in 2024 (0 in 5+ unit buildings).
• McDonald County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 11y 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.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1925 — 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 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?
• 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.