642 Grandview Drive Dr

Iron Mountain Lake, MO 63624

$125,000C

4 bd · 2.0 ba · 2,079 sqft · Built 2001 · Manufactured · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,172/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $169/mo
• Annual: $2,031/yr
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• 1% rule: 0.94%
• Cash to close: $35,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (6.2% below list).
• It's been on market 60 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (6.2% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 44/100 on livability (#966 in MO) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools F, crime F, amenities F.
• Bismarck R-V (rural): math 18% / reading 31% proficiency, ranked #292 of 324 in MO (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 23 active listings in the ZIP; 134 units permitted in St. Francois County in 2024 (32 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.