10101 NW Mirror Lake Ct

Parkville, MO 64152

$365,000D

4 bd · 2.0 ba · 2,216 sqft · Built 1975 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,484/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$478
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-430/mo
• Annual: $-5,159/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.05%
• DSCR: 0.78
• 1% rule: 0.68%
• Cash to close: $102,200

Investor read

• This is a 4-bed/2.0-bath single-family listed at $365k.
• At list price, monthly cash flow is $-430 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (31.9% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $248k (31.9% below list) — sets the bar for 1% rule.
• In year one you build about $39k of equity ($3k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#51 in MO, #3,695 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Park Hill (urban): math 47% / reading 54% proficiency, ranked #26 of 324 in MO (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Graden Elem. (math 56% / reading 64%, grade B-, #120 of 1,115 statewide, top 11%, 475 students, 22% FRL); Plaza Middle (math 37% / reading 51%, grade D, #121 of 391 statewide, top 32%, 715 students, 30% FRL); Park Hill South High (math 67% / reading 69%, grade B, #13 of 521 statewide, top 2%, 1,860 students, 25% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising fast (+7.0%/yr); 268 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 234 units permitted in Platte County in 2024 (0 in 5+ unit buildings).
• Platte County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.9% vs local median 1.7% in Parkville — 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.

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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.