1606 Patsy Ln · Columbia, MO 65203

$140,000

3 bd · 1.0 ba · 1,424 sqft · SingleFamily public records · 4 Days on market

Built 1945 $98/sqft · 35% below area Est $215k · 35% under

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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 +9.3/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 OR 3 BEDROOM LOTS OF SPACE FOR THE $ OVERSIZED GARAGE DECK FENCED BACKYARD

Key facts

• Ac replaced
• Vinyl windows
• Vinyl siding

Tags

• EVAPORATOR COIL REPLACED
• AC REPLACED
• ROOF REPLACED
• VINYL WINDOWS
• VINYL SIDING
• FENCED BACKYARD

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water
• Home design: Single family residence; Faces north
• Construction: Slab foundation
• Exterior features: Covered patio/porch; Deck; Back yard fencing; Chain link fence; Paved road access

Interior

• Kitchen: Refrigerator; Electric range; Disposal
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating; Radiant heating; Forced air heating; Electric heating
• Interior features: Window coverings; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 12.2% vs local median 2.9% in Columbia — 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 83/100 on livability (#9 in MO, #862 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D+.
• Columbia 93 (urban): math 30% / reading 43% proficiency, ranked #194 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.1%/yr); 459 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,303 units permitted in Boone County in 2024 (549 in 5+ unit buildings).
• This rent runs 30% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Boone County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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: 1.43% ✓
• Cap rate: 12.23%
• Cash-on-cash: 21.21%
• DSCR: 1.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $214,767
• List price: $140,000
• Delta: -34.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 Jean Rae Dr	0.23mi	3/2.0	1,527 (+7%)	11mo	$275,000	$180	64
200 Ruby Ln	0.50mi	3/1.0	1,302 (-9%)	1mo	$145,000	$111	62
611 Rowe Ln	0.49mi	3/2.0	1,440 (+1%)	12mo	$204,900	$142	61
1210 Squirewood Way	0.43mi	3/2.0	1,552 (+9%)	2mo	$263,500	$170	59
1208 London Dr	0.35mi	4/2.5 (+1)	1,528 (+7%)	4mo	$225,000	$147	57
907 Again St	0.70mi	3/1.0	1,427 (+0%)	15mo	$248,623	$174	54
1609 W Broadway	0.72mi	4/2.0 (+1)	1,439 (+1%)	5mo	$250,000	$174	51
902 Hardin St	0.65mi	3/1.0	1,350 (-5%)	12mo	$235,000	$174	51
700 Rowe Ln	0.51mi	3/2.0	1,340 (-6%)	21mo	$195,000	$146	45
1300 Pearl Ave	0.55mi	3/2.0	1,218 (-14%)	24mo	$248,000	$204	26

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 · 6.09% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 1.71×
• Total profit: $27,834
• Equity at exit: $20,874

10-year hold

• IRR: 27.5%
• Equity multiple: 3.78×
• Total profit: $109,028
• Equity at exit: $12,105

Cash invested: $39,200 (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 65203

• Rents YoY: 6.1%
• Active inventory: 459
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,001 high
• Mortgage (P&I): −$734
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $693

Break-even live

Break-even rent $1,124

Max offer price $140,000

Occupancy floor 60%

Sensitivity live

Price	-10% $772	-5% $732	+0% $693	+5% $653	+10% $614
Rent	-10% $535	-5% $614	+0% $693	+5% $772	+10% $851
Rate	-1.0pp $763	-0.5pp $728	base $693	+0.5pp $657	+1.0pp $620

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1311 W Worley St Columbia, MO	3.0	1.0	944	$1,500	$1.59	22d	1	0.34mi
1009 Hardin St Columbia, MO	2.0	2.0	1300	$1,500	$1.15	22d	1	0.62mi
1003 Hardin St Columbia, MO	2.0	1.0	950	$1,100	$1.16	44d	1	0.62mi
1007 Hardin St Columbia, MO	3.0	2.0	1554	$1,625	$1.05	22d	1	0.62mi
215 Wheaton Ct Columbia, MO	3.0	2.0	1456	$1,550	$1.06	44d	1	0.67mi
211 Wheaton Ct Columbia, MO	3.0	2.0	1456	$1,550	$1.06	44d	1	0.67mi
207 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	22d	1	0.68mi
205 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	44d	1	0.69mi
205 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	14d	1	0.69mi
203 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	44d	1	0.70mi
1600 Parkside Dr Columbia, MO	2.0	1.0	885	$950	$1.07	44d	1	0.70mi
212 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	22d	1	0.70mi
210 Wheaton Ct Columbia, MO	3.0	2.0	1456	$1,550	$1.06	44d	1	0.70mi
201 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	44d	1	0.70mi
201 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	14d	1	0.70mi
202 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	44d	1	0.72mi
204 Wheaton Ct Columbia, MO	3.0	2.0	1456	$2,800	$1.92	44d	1	0.72mi
319 West Blvd N Columbia, MO	4.0	2.0	1456	$2,800	$1.92	44d	1	0.72mi
215 West Blvd N Columbia, MO	4.0	2.0	1456	$2,800	$1.92	44d	1	0.74mi
215 West Blvd N Columbia, MO	4.0	2.0	1456	$2,800	$1.92	14d	1	0.74mi
1011 W Ash St Columbia, MO	4.0	2.0	1456	$1,550	$1.06	44d	1	0.74mi
1007 W Ash St Columbia, MO	4.0	2.0	1456	$1,550	$1.06	44d	1	0.75mi
205 West Blvd N Columbia, MO	4.0	2.0	1456	$1,550	$1.06	44d	1	0.76mi
1530 Timber Creek Dr Columbia, MO	3.0	2.0	1260	$1,300	$1.03	22d	1	0.80mi
1103 W Broadway Unit 1121B;1/2HW Columbia, MO	2.0	2.0	1200	$1,395	$1.16	44d	1	0.85mi
1712 Garden Dr Unit A Columbia, MO	2.0	1.0	1181	$1,350	$1.14	44d	1	0.97mi
211 Bourn Ave Columbia, MO	3.0	2.0	1119	$1,995	$1.78	44d	1	1.00mi
2011 Bridgewater Dr Columbia, MO	3.0	2.0	1436	$1,825	$1.27	22d	1	1.00mi
409 Sanford Ave Unit 102 Columbia, MO	4.0	3.0	1798	$2,400	$1.33	44d	1	1.06mi
5 S Greenwood Ave Columbia, MO	2.0	1.0	1104	$1,600	$1.45	22d	1	1.10mi
2609 Wee Wynd Columbia, MO	3.0	1.5	1600	$2,500	$1.56	44d	1	1.10mi
301 W Forest Ave Columbia, MO	3.0	2.0	1162	$1,395	$1.20	14d	1	1.11mi
302 Alexander Ave Columbia, MO	3.0	2.0	1296	$1,350	$1.04	22d	1	1.20mi
2500-2502 Hollyhock Dr Unit 2500 Columbia, MO	3.0	2.0	1272	$1,300	$1.02	44d	1	1.28mi
613 Bear Valley Ct Columbia, MO	3.0	1.0	1206	$1,600	$1.33	22d	1	1.40mi
103 N Garth Ave Columbia, MO	3.0	2.0	1196	$2,950	$2.47	22d	1	1.48mi
3602 Zinnia Dr Unit 3602 Columbia, MO	4.0	3.0	1131	$1,500	$1.33	44d	1	1.50mi

Listing history 3 events

1. 2026-05-14
   listed $140,000 Active 258-char remark
2. 2002-05-31
   soldstatus 76-char remark

   Show marketing remark (76 chars)

   2 OR 3 BEDROOM LOTS OF SPACE FOR THE $ OVERSIZED GARAGE DECK FENCED BACKYARD

3. 2002-03-13
   listed $56,900 76-char remark

   Show marketing remark (76 chars)

   2 OR 3 BEDROOM LOTS OF SPACE FOR THE $ OVERSIZED GARAGE DECK FENCED BACKYARD

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,358 · $113/mo
• Expected delta: +$208/yr (+$17/mo · 18.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,017
• − Mortgage interest: −$7,842
• − Property taxes: −$1,150
• − Insurance: −$700
• − Repairs & maintenance: −$1,921
• − Management: −$1,921
• − Depreciation: −$4,073
• Taxable income: $6,409
• Est. tax owed @ 24.0%: −$1,538
• After-tax cash flow: $6,775/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: Columbia 93
• NCES district ID: 2901000
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $46,547
• Composite: 31.21/100
• National rank: #6036
• State rank: #194 of 324 in MO

Livability — Columbia

• Score: 83/100
• State rank: #9
• US rank: #862

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, MO
• County: Boone County · 158,877 people
• City population: 158,877
• Metro: Columbia, MO
• Population (ZIP): 61,539
• Household income: $79,960
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1991.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 202,891 people
• By 2030: 217,799 · +7.3%
• By 2040: 246,789 · +21.6%
• By 2050: 276,116 · +36.1%
• By 2075: 348,426 · +71.7%
• By 2100: 400,856 · +97.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 9% Asian 6% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 7% · China, South Korea, Canada
• Languages at home: 91% English-only · Chinese 2% Spanish 2% Korean 1%

Political lean MEDSL · Boone

• 2024 margin: Lean D (+9.8) · D 53.9% · R 44.1% · Other 2.1%
• 2008→2024 swing: -2.2pp toward R · 2008: 12.0pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+12.5 2016: D+5.9 2012: D+3.1 2008: D+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.18%
• Current HPI: 194.3615
• Rent YoY: ▲ 6.09%
• Metro: Columbia, 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

+146.0% since first listed

5 events — show timeline

• 2026-06-16 Delisted — CBORMLS
• 2026-05-19 Pending — CBORMLS
• 2026-05-14 Listed $140,000 CBORMLS
• 2002-05-31 Sold (MLS) — CBORMLS
• 2002-03-13 Listed $56,900 CBORMLS

Property tax history

+3.4%/yr

Latest (2025): $1,150 · +11.1% YoY. Source: county tax records.