412 S Water St · Gallatin, MO 64640

$65,000

2 bd · 3.0 ba · 1,008 sqft · Other public records · 2 Days on market

Built 1915 8,625 sqft lot

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This practical 1,008 sq ft home offers affordable, easy living all on one level! Featuring 2 bedrooms and 1 full bathroom, the layout includes a comfortable living room, functional kitchen with pantry, and convenient laundry hookups right in the kitchen. Forced air heat and central air provide year-round comfort, while newer carpet and original wood floors add a nice blend of updates and character. Sitting on a spacious lot with plenty of off-street parking and located close to the city swimming pool, this home is a great opportunity for buyers looking for cheap living in a small town where inventory is limited and affordable homes are hard to find!

Key facts

• Functional kitchen
• Spacious lot
• Off-street parking

Tags

• FUNCTIONAL KITCHEN
• LAUNDRY HOOKUPS
• OFF-STREET PARKING
• SPACIOUS LOT

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Ranch floor plan; Residential property
• Construction: Stucco and frame construction; Composition roof
• Exterior features: City lot; Lot approximately 75 x 115 feet

Interior

• Kitchen: Electric range
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Tile; Vinyl; Wood
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced-air heating (natural gas); Electric cooling
• Interior features: Eat-in kitchen; Living room with a wood-burning fireplace
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($931 rent vs $65k).

Location & tenants

• Location reads 61/100 on livability (#426 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Gallatin R-V (rural): math 47% / reading 48% proficiency, ranked #66 of 324 in MO (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 125 active listings in the ZIP.

Forward outlook

• In year one you build about $7k of equity ($449 loan paydown + $6k appreciation (10.0% local appreciation)).
• Daviess County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.99%
• DSCR: 2.02
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.5%
• Equity multiple: 4.16×
• Total profit: $57,586
• Equity at exit: $58,557

10-year hold

• IRR: 35.8%
• Equity multiple: 9.36×
• Total profit: $152,067
• Equity at exit: $126,281

Cash invested: $18,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 81 Strongly Landlord-Friendly
• State Missouri: 81 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

Generally landlord-friendly; St Louis has some habitability requirements.

Methodology + full state rankings →

ZIP-level market 64640

• Home prices YoY: 11.1%
• Active inventory: 125
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $931 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$19 /mo · $224/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $349

Break-even live

Break-even rent $489

Max offer price $65,000

Occupancy floor 58%

Sensitivity live

Price	-10% $386	-5% $367	+0% $349	+5% $330	+10% $312
Rent	-10% $275	-5% $312	+0% $349	+5% $385	+10% $422
Rate	-1.0pp $381	-0.5pp $365	base $349	+0.5pp $332	+1.0pp $315

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-30
   status Pending
2. 2026-04-28
   listed $65,000 Active
3. 2001-01-02
   soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MO · Resets to sale price

• Current annual tax: $224 · $19/mo
• Projected year-2 tax: $630 · $53/mo
• Expected delta: +$407/yr (+$34/mo · 182.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,169
• − Mortgage interest: −$3,641
• − Property taxes: −$224
• − Insurance: −$325
• − Repairs & maintenance: −$894
• − Management: −$894
• − Depreciation: −$1,891
• Taxable income: $3,301
• Est. tax owed @ 24.0%: −$792
• After-tax cash flow: $3,392/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Gallatin R-V
• NCES district ID: 2912660
• Math proficiency: 47% ▲ 10.00%
• Reading proficiency: 48% ▲ 6.00%
• Median HH income: $42,284
• Composite: 39.98/100
• National rank: #3832
• State rank: #66 of 324 in MO

Livability — Gallatin

• Score: 61/100
• State rank: #426
• US rank: #17634

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gallatin, MO
• Population (ZIP): 3,183

Population outlook (Daviess County) Hauer SSP2

• Today (2025): 7,695 people
• By 2030: 7,386 · -4.0%
• By 2040: 6,860 · -10.9%
• By 2050: 6,375 · -17.2%
• By 2075: 5,084 · -33.9%
• By 2100: 3,583 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Daviess

• 2024 margin: Solid R (+63.3) · D 17.9% · R 81.2%
• 2008→2024 swing: -40.5pp toward R · 2008: -22.8pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+60.2 2016: R+55.1 2012: R+33.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.00%
• Current HPI: 290.2333
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.84%
• F500 in state: 20

Industry mix (Fortune 500 HQ in MO)

Industry	F500 HQs	Revenue
▸Healthcare	1	$163B
▸Insurance	1	$21B
▸Industrial Technology	1	$17B
▸Retail	1	$16B
▸Industrial Distribution	1	$10B
▸Utilities	1	$9B

Price history

3 events — show timeline

• 2026-04-30 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-28 Listed $65,000 Heartland MLS as Distributed by MLS Grid
• 2001-01-02 Sold (Public Records) — Public Records

Property tax history

+1.7%/yr

Latest (2025): $224 · +8.4% YoY. Source: county tax records.