23358 Comer Ave

Lincoln, MO 65355

$69,900B+

3 bd · 1.0 ba · 840 sqft · Built 2011 · Manufactured · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,233/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$44
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $563/mo
• Annual: $6,755/yr
• Cap rate: 15.96%
• Cash-on-cash: 34.51%
• DSCR: 2.54
• 1% rule: 1.76%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k 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.
• In year one you build about $4k of equity ($483 loan paydown + $4k appreciation (5.5% local appreciation)).
• Location reads 68/100 on livability (#168 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Lincoln R-II (rural): math 43% / reading 50% proficiency, ranked #91 of 324 in MO (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln Elem. (math 47% / reading 52%, grade D, #284 of 1,115 statewide, top 30%, 260 students, 60% FRL); Lincoln High (math 37% / reading 47%, grade F, #218 of 521 statewide, top 45%, 253 students, 54% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 275 active listings in the ZIP; 9 units permitted in Benton County in 2024 (0 in 5+ unit buildings).
• Benton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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.