909 Michigan St · Farmington, MO 63640

$139,000

3 bd · 2.0 ba · 4,143 sqft · Other public records · 16 Days on market

Built 1950 0.54 ac lot $34/sqft · 58% below area

---

Why this score? — see what drove the C- 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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.0/10.0
• Schools +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick home in nice mature neighborhood. Very spacious. Oversized 2 car garage with it's own furnace & workshop area. Main level has living room & family room. Lower level also has family room, 2 other rooms & baths. Lots of house for the money. Seller will pay up to $3000 of buyers closing costs.

Key facts

• 0.54 acre lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Has garage
• Utilities: Public water; Public sewer; Single-phase electric; Natural gas available
• Home design: Single-family residence (Residential); One level
• Construction: Brick veneer and frame construction
• Exterior features: City lot

Interior

• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: 8 total rooms; Full basement with concrete construction

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $139k.

Deal economics

• At list price, monthly cash flow is $160 ($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 $139k (0.0% below list).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 2.8% in Farmington — 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 67/100 on livability (#217 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Farmington R-VII (town): math 41% / reading 50% proficiency, ranked #93 of 324 in MO (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 122 active listings in the ZIP; 134 units permitted in St. Francois County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,915 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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?
4. 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.
5. 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.
6. 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: 1.00% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 8.3

CMA / ARV

• ARV (median comp): $327,318
• List price: $139,000
• Delta: -57.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-12,309
• Equity at exit: $20,725

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $2,455
• Equity at exit: $12,018

Cash invested: $38,920 (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 63640

• Home prices YoY: -10.6%
• Active inventory: 122
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,390 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$151 /mo · $1,808/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $160

Break-even live

Break-even rent $1,187

Max offer price $139,000

Occupancy floor 83%

Sensitivity live

Price	-10% $239	-5% $200	+0% $160	+5% $121	+10% $82
Rent	-10% $51	-5% $105	+0% $160	+5% $215	+10% $270
Rate	-1.0pp $230	-0.5pp $196	base $160	+0.5pp $124	+1.0pp $88

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-05
   listed $139,000 Active 214-char remark
2. 2026-05-05
   historical $139,000 214-char remark
3. 2020-01-29
   soldstatus
4. 2016-08-21
   price $141,500
5. 2013-03-22
   soldstatus

   Show marketing remark (309 chars)

   Brick home in nice mature neighborhood. Very spacious. Oversized 2 car garage with it's own furnace & workshop area. Main level has living room & family room. Lower level also has family room, 2 other rooms & baths. Lots of house for the money. Seller will pay up to $3000 of buyers closing costs.

6. 2013-03-22
   soldstatus

   Show marketing remark (309 chars)

   Brick home in nice mature neighborhood. Very spacious. Oversized 2 car garage with it's own furnace & workshop area. Main level has living room & family room. Lower level also has family room, 2 other rooms & baths. Lots of house for the money. Seller will pay up to $3000 of buyers closing costs.

7. 2012-11-12
   listed $129,900

   Show marketing remark (309 chars)

   Brick home in nice mature neighborhood. Very spacious. Oversized 2 car garage with it's own furnace & workshop area. Main level has living room & family room. Lower level also has family room, 2 other rooms & baths. Lots of house for the money. Seller will pay up to $3000 of buyers closing costs.

8. 2012-11-05
   listed $129,900
9. 2001-12-06
   soldstatus

ⓘ 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: $1,808 · $151/mo
• Projected year-2 tax: $1,808 · $151/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,676
• − Mortgage interest: −$7,786
• − Property taxes: −$1,808
• − Insurance: −$695
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$4,044
• Taxable loss: −$325
• Est. tax savings @ 24.0%: +$78
• After-tax cash flow: $2,002/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: Farmington R-VII
• NCES district ID: 2911910
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $43,768
• Composite: 38.43/100
• National rank: #4200
• State rank: #93 of 324 in MO

Livability — Farmington

• Score: 67/100
• State rank: #217
• US rank: #10763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, MO
• Population (ZIP): 28,800

Population outlook (St. Francois County) Hauer SSP2

• Today (2025): 68,683 people
• By 2030: 69,574 · +1.3%
• By 2040: 70,665 · +2.9%
• By 2050: 70,708 · +2.9%
• By 2075: 67,917 · -1.1%
• By 2100: 56,563 · -17.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Black 4% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 6% Italian 2% Iranian 2%
• Foreign-born: 2%

Political lean MEDSL · St. Francois

• 2024 margin: Solid R (+51.4) · D 23.8% · R 75.2%
• 2008→2024 swing: -46.8pp toward R · 2008: -4.6pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+48.1 2016: R+45.4 2012: R+19.5 2008: R+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.95%
• Current HPI: 253.0894
• 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

+7.0% since first listed

10 events — show timeline

• 2026-05-21 Pending — MARIS as Distributed by MLS Grid
• 2026-05-05 Listed $139,000 MARIS as Distributed by MLS Grid
• 2026-05-05 Coming Soon — MARIS as Distributed by MLS Grid
• 2020-01-29 Sold (Public Records) — Public Records
• 2016-08-21 Price Changed $141,500 MARIS as Distributed by MLS Grid
• 2013-03-22 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2013-03-22 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2012-11-12 Listed $129,900 MARIS as Distributed by MLS Grid
• 2012-11-05 Listed $129,900 MARIS as Distributed by MLS Grid
• 2001-12-06 Sold (Public Records) — Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,808 · +7.1% YoY. Source: county tax records.