2303 N Farmer Ave · Springfield, MO 65803

$85,000

3 bd · 1.0 ba · 967 sqft · SingleFamily public records · 51 Days on market

Built 1953 10,454 sqft lot $88/sqft · 37% below area Est $132k · 36% under ↓ 15% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Property with potential and a shop! 2 bedroom 1 bathroom, a 3rd bedroom has been opened up to create an expanded living space. Hardwood floors throughout the main living areas and bedroom. Full basement is unfinished. Detached garage/shop has plenty of space for 2 cars and projects!

Key facts

• Full basement
• Hardwood floors
• Detached garage

Tags

• EXPANDED LIVING SPACE
• HARDWOOD FLOORS
• FULL BASEMENT
• DETACHED GARAGE

Property features AI

Exterior

• Parking: 3‑car garage; Driveway; Garage faces front
• Utilities: Public water; Public sewer
• Home design: Single family residence; One and one‑half stories
• Construction: Composition roof; Block foundation; Built with conventional residential construction
• Exterior features: Covered front porch; Patio; Corner lot; Asphalt city street frontage; Publicly maintained road

Interior

• Kitchen: Electric oven; Free‑standing electric oven
• Flooring: Carpet; Linoleum; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas); Ceiling fans; Window air conditioning units
• Interior features: Electric oven; Free‑standing electric oven; No fireplace; Unfinished full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.6% in Springfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#57 in MO, #4,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Springfield R-XII (urban): math 32% / reading 46% proficiency, ranked #174 of 324 in MO (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Williams Elem. (math 12% / reading 22%, grade F, #967 of 1,115 statewide, top 88%, 317 students, 85% FRL); Reed Middle (math 33% / reading 44%, grade F, #202 of 391 statewide, top 54%, 512 students, 70% FRL); Hillcrest High (math 9% / reading 35%, grade F, #462 of 521 statewide, top 90%, 1,017 students, 64% FRL) — zoned schools average 73% FRL vs 46% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 39% district-wide (-13 pts) — the specific schools serving this property underperform the Springfield R-XII average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.2%/yr); 401 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,302 units permitted in Greene County in 2024 (250 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Greene County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.5

CMA / ARV

• ARV (median comp): $132,400
• List price: $85,000
• Delta: -35.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2117 N Lexington Ave	0.22mi	3/1.0	1,040 (+8%)	3mo	$124,500	$120	75
1516 W Lee St	0.35mi	3/1.0	1,020 (+6%)	1mo	$149,900	$147	73
2234 N Fay Ave	0.12mi	2/1.0 (-1)	867 (-10%)	3mo	$129,900	$150	70
2119 N Marion Ave	0.39mi	2/1.0 (-1)	1,018 (+5%)	3mo	$112,500	$111	66
2736 N Fort Ave	0.67mi	3/1.0	984 (+2%)	4mo	$130,000	$132	63
2043 N Roosevelt North Ave	0.61mi	3/1.0	1,000 (+3%)	4mo	$109,000	$109	62
1934 W Lee St	0.39mi	3/1.0	1,075 (+11%)	2mo	$140,500	$131	61
2074 N Columbia Ave	0.67mi	3/1.0	924 (-4%)	1mo	$100,000	$108	60
2111 N Elizabeth Ave	0.31mi	2/1.0 (-1)	845 (-13%)	4mo	$80,000	$95	57
2105 N Elizabeth Ave	0.31mi	2/1.0 (-1)	830 (-14%)	2mo	$98,500	$119	55
1141 W Talmage St	0.58mi	3/1.0	1,074 (+11%)	3mo	$149,900	$140	52
1121 W Florida St	0.67mi	2/2.0 (-1)	844 (-13%)	1mo	$57,000	$68	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $8,814
• Equity at exit: $12,674

10-year hold

• IRR: 19.4%
• Equity multiple: 2.71×
• Total profit: $40,746
• Equity at exit: $7,349

Cash invested: $23,800 (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 65803

• Home prices YoY: -29.8%
• Rents YoY: 4.2%
• Active inventory: 401
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,094 high
• Mortgage (P&I): −$446
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $333

Break-even live

Break-even rent $672

Max offer price $85,000

Occupancy floor 65%

Sensitivity live

Price	-10% $381	-5% $357	+0% $333	+5% $309	+10% $285
Rent	-10% $247	-5% $290	+0% $333	+5% $376	+10% $420
Rate	-1.0pp $376	-0.5pp $355	base $333	+0.5pp $311	+1.0pp $289

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2126 N Lexington Ave Springfield, MO	2.0	1.0	990	$895	$0.90	15d	1	0.17mi
2117 N Lexington Ave Springfield, MO	3.0	1.0	1040	$1,195	$1.15	45d	1	0.19mi
2120 N Johnston Ave Springfield, MO	2.0	1.0	880	$925	$1.05	45d	1	0.49mi
2115 N Grace Ave Springfield, MO	2.0	1.0	650	$850	$1.31	45d	1	0.60mi
2224 N Clifton Ave Unit 2238-A Springfield, MO	2.0	1.0	756	$695	$0.92	15d	1	0.76mi
2230 N Campbell Ave Springfield, MO	2.0	1.0	1084	$1,095	$1.01	45d	1	1.11mi
1126 W Hamilton St Springfield, MO	2.0	1.0	648	$895	$1.38	25d	1	1.18mi
1406 W Calhoun St Unit B Springfield, MO	2.0	1.0	885	$865	$0.98	25d	1	1.19mi
603 W Division St Springfield, MO	2.0	1.0	816	$995	$1.22	15d	1	1.24mi
203 W Commercial St Unit 2F Springfield, MO	2.0	1.0	1000	$1,150	$1.15	22d	1	1.30mi
407 E Dale St Apt B Springfield, MO	2.0	1.0	720	$795	$1.10	15d	1	1.37mi
317 E Chase St Springfield, MO	2.0	2.0	915	$1,100	$1.20	45d	1	1.37mi
3031 W Pacific St Springfield, MO	3.0	1.5	1008	$1,295	$1.28	22d	1	1.49mi
1530 N Robberson Ave Springfield, MO	3.0	2.0	1122	$1,425	$1.27	45d	1	1.50mi

Listing history 16 events

1. 2026-06-22
   days on market $85,000 Active 51 DOM
2. 2026-06-18
   days on market $85,000 Active 48 DOM
3. 2026-06-17
   days on market $85,000 Active 47 DOM
4. 2026-06-16
   days on market $85,000 Active 46 DOM
5. 2026-06-15
   days on market $85,000 Active 45 DOM
6. 2026-06-14
   days on market $85,000 Active 43 DOM
7. 2026-06-10
   pricedays on market $85,000 Active 40 DOM
8. 2026-06-09
   days on market $99,500 Active 39 DOM
9. 2026-06-08
   days on market $99,500 Active 38 DOM
10. 2026-06-07
    days on market $99,500 Active 37 DOM
11. 2026-06-03
    days on market $99,500 Active 33 DOM
12. 2026-06-02
    days on market $99,500 Active 32 DOM
13. 2026-06-01
    days on market $99,500 Active 31 DOM
14. 2026-05-31
    days on market $99,500 Active 30 DOM
15. 2026-05-30
    days on market $99,500 Active 29 DOM
16. 2026-05-01
    listed $99,500 Active 283-char remark

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $824 · $69/mo
• Expected delta: +$228/yr (+$19/mo · 38.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,126
• − Mortgage interest: −$4,761
• − Property taxes: −$596
• − Insurance: −$425
• − Repairs & maintenance: −$1,050
• − Management: −$1,050
• − Depreciation: −$2,473
• Taxable income: $2,770
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $3,334/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: Springfield R-XII
• NCES district ID: 2928860
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $37,886
• Composite: 32.45/100
• National rank: #5717
• State rank: #174 of 324 in MO

Livability — Springfield

• Score: 75/100
• State rank: #57
• US rank: #4121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MO
• County: Greene County · 244,327 people
• City population: 223,044
• Metro: Springfield, MO
• Population (ZIP): 42,882
• Household income: $50,572
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1305.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 319,054 people
• By 2030: 335,135 · +5.0%
• By 2040: 366,186 · +14.8%
• By 2050: 397,431 · +24.6%
• By 2075: 477,035 · +49.5%
• By 2100: 520,828 · +63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Greene

• 2024 margin: Strong R (+20.8) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -5.0pp toward R · 2008: -15.8pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+20.1 2016: R+27.4 2012: R+24.4 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.08%
• Current HPI: 205.0439
• Rent YoY: ▲ 4.24%
• Metro: Springfield, MO
• 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

-14.6% since first listed

2 events — show timeline

• 2026-06-09 Price Changed $85,000 SOMO
• 2026-05-01 Listed $99,500 SOMO

Property tax history

+0.9%/yr

Latest (2025): $596 · +5.6% YoY. Source: county tax records.