4 D Pinecrest Rd

Boonville, MO 65233

$179,900F

2 bd · 2.0 ba · 1,250 sqft · Built 1977 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,042/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$1,070
• Vac / Maint / Mgmt: −$429
• Net cashflow: $-700/mo
• Annual: $-8,405/yr
• Cap rate: 1.62%
• Cash-on-cash: -16.69%
• DSCR: 0.26
• 1% rule: 1.13%
• Cash to close: $50,372

Investor read

• This is a 2-bed/2.0-bath condo listed at $180k. Condition is rated fair.
• At list price, monthly cash flow is $-700 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 40 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#410 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Boonville R-I (town): math 31% / reading 39% proficiency, ranked #215 of 324 in MO (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 52% of rent.
• Market conditions: 138 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10 units permitted in Cooper County in 2024 (0 in 5+ unit buildings).
• Cooper County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 15y 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.
• Cap rate 1.6% vs local median 4.6% in Boonville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely dated and worn
• Major: kitchen countertops — dated and worn
• Major: kitchen appliances — dated and worn
• Major: bathroom fixtures — basic and worn
• Major: bathroom tile — dated and worn