617 N Houston St · Adrian, MO 64720

$80,000

3 bd · 1.0 ba · 1,686 sqft · Other public records · 2 Days on market

Built 1930 0.32 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Beautiful older home Needs TLC, w/ great character that needs your loving touch-Large family room w/ stone fireplace, custom built-in window seat & that is just the beginning! Kitchen has antique tile ceiling w/ painted cabinets-Built in over sized desk, lots of storage-Beautiful hard wood floors-Floor to ceiling cabinets in the mudroom/laundry area-Kitchen appliances stay 2 extra large garage/sheds that are perfect for all sorts hobbies & storage. 3ys Gutters!! 3 yr old Roof Dryer is GAS! All bedrooms have hardwood flooring underneath the carpet. Perennials are abundant. Covered front porch is just waiting for the porch swing

Key facts

• Oversized corner lot
• Storm shelter
• Original framing

Tags

• OVERSIZED CORNER LOT
• ORIGINAL FRAMING
• STORM SHELTER
• DETACHED OUTBUILDINGS
• SPACIOUS MORTON BUILDING

Property features AI

Finance

• Financial info: Annual property tax amount available (not included per instructions)

Exterior

• Parking: Detached garage with garage door opener (2-car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Ranch floor plan; Facing: (not specified)
• Construction: Lap siding and vinyl siding; Composition roof; Built approximately 76-100 years ago
• Exterior features: Front porch; Partial metal fencing; Corner lot in city limits; Level lot; Outbuilding

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: 3 bedrooms (all on the first level)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating: Other; Cooling: Other
• Interior features: Storm door(s); Cellar; Crawl space; Sump pump; Wood flooring; Wood-burning fireplace
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 12.8% vs local median 2.5% in Adrian — 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 71/100 on livability (#102 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Adrian R-III (rural): math 28% / reading 50% proficiency, ranked #167 of 324 in MO (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 2 units permitted in Bates County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($553 loan paydown + $8k appreciation (10.0% local appreciation)).
• Bates County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1930 — 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. 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.
4. 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.
5. 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: 1.52% ✓
• Cap rate: 12.79%
• Cash-on-cash: 23.19%
• DSCR: 2.03
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.7%
• Equity multiple: 4.18×
• Total profit: $71,146
• Equity at exit: $72,070

10-year hold

• IRR: 36.0%
• Equity multiple: 9.39×
• Total profit: $187,840
• Equity at exit: $155,422

Cash invested: $22,400 (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 64720

• Home prices YoY: 8.1%
• Active inventory: 29
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$77 /mo · $925/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $433

Break-even live

Break-even rent $671

Max offer price $80,000

Occupancy floor 59%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $80,000 Coming Soon 2 DOM
2. 2026-06-17
   remarks 691-char remark
3. 2026-06-17
   listed $80,000 Coming Soon 1 DOM

ⓘ 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: $925 · $77/mo
• Projected year-2 tax: $925 · $77/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥108°F today · 17 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: $14,625
• − Mortgage interest: −$4,481
• − Property taxes: −$925
• − Insurance: −$400
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$2,327
• Taxable income: $4,152
• Est. tax owed @ 24.0%: −$996
• After-tax cash flow: $4,198/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: Adrian R-III
• NCES district ID: 2902850
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 50% ▼ -9.00%
• Median HH income: $43,790
• Composite: 32.99/100
• National rank: #5581
• State rank: #167 of 324 in MO

Livability — Adrian

• Score: 71/100
• State rank: #102
• US rank: #6848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adrian, MO
• Population (ZIP): 4,358

Population outlook (Bates County) Hauer SSP2

• Today (2025): 15,295 people
• By 2030: 14,644 · -4.3%
• By 2040: 13,282 · -13.2%
• By 2050: 11,944 · -21.9%
• By 2075: 9,442 · -38.3%
• By 2100: 7,372 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Iranian 2% Portuguese 2% Italian 1%
• Foreign-born: 0%

Political lean MEDSL · Bates

• 2024 margin: Solid R (+61.6) · D 18.7% · R 80.4%
• 2008→2024 swing: -42.8pp toward R · 2008: -18.9pp · 2024: -61.6pp
• All cycles: 2024: R+61.6 2020: R+58.5 2016: R+54.6 2012: R+31.7 2008: R+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.86%
• Current HPI: 293.132
• Rent YoY: —
• Metro: —
• 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

+6.8% since first listed

11 events — show timeline

• 2026-06-16 Coming Soon $80,000 Heartland MLS as Distributed by MLS Grid
• 2021-07-06 Sold (Public Records) — Public Records
• 2021-06-22 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2021-05-08 Contingent — Heartland MLS as Distributed by MLS Grid
• 2021-05-07 Relisted — Heartland MLS as Distributed by MLS Grid
• 2021-05-04 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2021-05-03 Price Changed $110,000 Heartland MLS as Distributed by MLS Grid
• 2021-05-03 Listed $100,000 Heartland MLS as Distributed by MLS Grid
• 2018-09-28 Sold (Public Records) — Public Records
• 2018-09-27 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2017-03-20 Listed $74,900 Heartland MLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $925 · +13.4% YoY. Source: county tax records.