4505 W 28th St

Joplin, MO 64804

$225,000D

3 bd · 2.0 ba · 1,422 sqft · Built 2001 · Other · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,677/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$186
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $-41/mo
• Annual: $-486/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• 1% rule: 0.75%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath other listed at $225k.
• At list price, monthly cash flow is $-41 ($-486/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (25.5% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $168k (25.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#318 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Carl Junction R-I (suburban): math 42% / reading 53% proficiency, ranked #57 of 324 in MO (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carl Junction Primary K-1 (670 students, 37% FRL); Carl Junction Jr. High (math 43% / reading 50%, grade D+, #99 of 391 statewide, top 26%, 501 students, 42% FRL); Carl Junction High School (math 50% / reading 69%, grade C+, #35 of 521 statewide, top 8%, 960 students, 32% FRL).
• Market conditions: Rents rising fast (+15.7%/yr); 355 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 602 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 3y 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.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.