203 Aid Ave

West Plains, MO 65775

$150,000B

None bd · None ba · 2,234 sqft · Built 1894 · MultiFamily · Active · 986 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,813/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$801
• Net cashflow: $1,976/mo
• Annual: $23,708/yr
• Cap rate: 22.10%
• Cash-on-cash: 56.45%
• DSCR: 3.51
• 1% rule: 2.54%
• Cash to close: $42,000

Investor read

• This is a 5 × 1-bed/1-bath units multifamily listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• It's been on market 986 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#34 in MO, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime C-, commute C-, schools D.
• West Plains R-VII (rural): math 36% / reading 46% proficiency, ranked #152 of 324 in MO (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 315 active listings in the ZIP; 53 units permitted in Howell County in 2024 (0 in 5+ unit buildings).
• Howell County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 3y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.1% vs local median 3.1% in West Plains — 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

• It's been on market 986 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1894 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling
• Major: paint — Peeling and worn
• Major: flooring — Worn and damaged
• Major: kitchen appliances — Old and worn
• Major: bathroom fixtures — Old and worn