2420 E Blaine St

Springfield, MO 65803

$1,500,000D+

26 bd · 13.0 ba · 11,050 sqft · Built 1952 · MultiFamily · Active · 844 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,790/mo
• Mortgage (P&I): −$7,866
• Tax + insurance: −$2,500
• HOA: −$0
• Vac / Maint / Mgmt: −$2,686
• Net cashflow: $-262/mo
• Annual: $-3,145/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• 1% rule: 0.85%
• Cash to close: $420,000

Investor read

• This is a 9×2bd/1ba + 4×3bd/2ba units multifamily listed at $1.50M. Condition is rated excellent.
• At list price, monthly cash flow is $-262 ($-3k/yr) — negative. Per door: $-20/mo.
• To cash-flow at today's rent, offer at most $1.46M (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.28M (14.7% below list).
• It's been on market 844 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.28M (14.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• 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: Weller Elem. (math 17% / reading 32%, grade F, #879 of 1,115 statewide, top 81%, 297 students, 83% FRL); Pipkin Middle (math 20% / reading 29%, grade F, #324 of 391 statewide, top 83%, 340 students, 82% FRL) — zoned schools average 82% FRL vs 46% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 39% district-wide (-14 pts) — the specific schools serving this property underperform the Springfield R-XII average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 695 active listings in the ZIP; 1,302 units permitted in Greene County in 2024 (250 in 5+ unit buildings).
• Greene County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y 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: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% 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.

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?
• It's been on market 844 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?