117 Manning St

Burlington Junction, MO 64428

$22,382B

2 bd · 1.0 ba · 828 sqft · Built 1965 · Other · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $912/mo
• Mortgage (P&I): −$117
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$192
• Net cashflow: $522/mo
• Annual: $6,259/yr
• Cap rate: 34.26%
• Cash-on-cash: 99.87%
• DSCR: 5.44
• 1% rule: 4.08%
• Cash to close: $6,267

Investor read

• This is a 2-bed/1.0-bath other listed at $22k.
• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($912 rent vs $22k).
• It's been on market 58 days — a 3% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (3.0% below list) — sets the bar for market timing.
• In year one you build about $825 of equity ($154 loan paydown + $671 appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#466 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• West Nodaway County R-I (rural): math 25% / reading 35% proficiency, ranked #458 of 535 in MO (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Nodaway R-I Elem. (math 44% / reading 44%, grade F, #413 of 1,115 statewide, top 42%, 132 students, 46% FRL); West Nodaway High (math 52% / reading 52%, grade D+, #92 of 521 statewide, top 20%, 95 students, 44% FRL) — zoned schools at 45% FRL track the district average.
• Zoned-school proficiency averages 48% at this address vs 30% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the West Nodaway County R-I average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.9% of price.
• Market conditions: 5 active listings in the ZIP; 49 units permitted in Nodaway County in 2024 (0 in 5+ unit buildings).
• Nodaway County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $1k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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?
• 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.