18662 Norway Rd · Neosho, MO 64850

$135,000

2 bd · 2.0 ba · 1,164 sqft · Other public records · 91 Days on market

Built 1930 $116/sqft · 48% below area Est $265k · 49% under ↓ 20% since listing

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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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this fully renovated home in Neosho, Missouri, offering a blend of modern updates and a peaceful country setting with convenient access to major commuting routes. Located just minutes from Highway 49 and Missouri Route 86, this property provides easy travel to Joplin, Northwest Arkansas, and surrounding Southwest Missouri communities, making it a highly accessible location for daily commutes and long-term rental demand. This 3-bedroom, 2-bathroom home features a thoughtfully updated interior with modern finishes, including new flooring, refreshed paint, updated kitchen cabinetry, and efficient mini-split systems. The single-level layout offers functional living space with an open feel, making it well-suited for a variety of living arrangements. Positioned on approximately half an acre outside city limits, the property offers a quiet, rural atmosphere with room to enjoy outdoor space while still being within a short drive to Neosho amenities, dining, and shopping. The location provides convenient access to several area employers and economic hubs, including La-Z-Boy, Leggett & Platt, Tyson Foods, and the broader Joplin employment corridor, as well as continued connectivity to Northwest Arkansas via Highway 49. With its combination of updates, location, and accessibility, this property presents a strong opportunity for those seeking a move-in ready home or exploring rental potential in a growing Southwest Missouri market known for steady housing demand and commuter convenience. Serving SW Missouri | NW Arkansas | NE Oklahoma | SE Kansas

Key facts

• Fully renovated home
• New flooring
• Modern finishes

Tags

• FULLY RENOVATED HOME
• THOUGHTFULLY UPDATED INTERIOR
• MODERN FINISHES
• NEW FLOORING
• REFRESHED PAINT
• UPDATED KITCHEN CABINETRY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $135k.

Deal economics

• At list price, monthly cash flow is $145 ($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 $118k (12.3% below list).
• Recommended offer: $118k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.9% in Neosho — 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 (#103 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, employment D, amenities F.
• East Newton County R-VI (rural): math 30% / reading 35% proficiency, ranked #248 of 324 in MO (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 200 active listings in the ZIP; 110 units permitted in Newton County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Newton County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $19k (12%) 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.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,460 (12.3% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 9.5

CMA / ARV

• ARV (median comp): $264,962
• List price: $135,000
• Delta: -49.05%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-12,709
• Equity at exit: $20,129

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $544
• Equity at exit: $11,672

Cash invested: $37,800 (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 64850

• Home prices YoY: -5.1%
• Active inventory: 200
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,185 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$27 /mo · $319/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $145

Break-even live

Break-even rent $1,001

Max offer price $135,000

Occupancy floor 83%

Sensitivity live

Price	-10% $221	-5% $183	+0% $145	+5% $107	+10% $69
Rent	-10% $51	-5% $98	+0% $145	+5% $192	+10% $239
Rate	-1.0pp $213	-0.5pp $179	base $145	+0.5pp $110	+1.0pp $74

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $135,000 Active 91 DOM
2. 2026-06-18
   days on market $135,000 Active 89 DOM
3. 2026-06-17
   days on market $135,000 Active 88 DOM
4. 2026-06-16
   days on market $135,000 Active 87 DOM
5. 2026-06-15
   days on market $135,000 Active 86 DOM
6. 2026-06-13
   days on market $135,000 Active 84 DOM
7. 2026-06-12
   days on market $135,000 Active 83 DOM
8. 2026-06-09
   days on market $135,000 Active 80 DOM
9. 2026-06-08
   days on market $135,000 Active 79 DOM
10. 2026-06-07
    days on market $135,000 Active 78 DOM
11. 2026-06-07
    days on market $135,000 Active 77 DOM
12. 2026-06-04
    days on market $135,000 Active 74 DOM
13. 2026-06-02
    days on market $135,000 Active 73 DOM
14. 2026-06-01
    days on market $135,000 Active 72 DOM
15. 2026-05-31
    days on market $135,000 Active 71 DOM
16. 2026-04-18
    price $135,000 1580-char remark

    Show marketing remark (1516 chars)

    Welcome to this fully renovated home in Neosho, Missouri, offering a blend of modern updates and a peaceful country setting with convenient access to major commuting routes. Located just minutes from Highway 49 and Missouri Route 86, this property provides easy travel to Joplin, Northwest Arkansas, and surrounding Southwest Missouri communities, making it a highly accessible location for daily commutes and long-term rental demand. This 3-bedroom, 2-bathroom home features a thoughtfully updated interior with modern finishes, including new flooring, refreshed paint, updated kitchen cabinetry, and efficient mini-split systems. The single-level layout offers functional living space with an open feel, making it well-suited for a variety of living arrangements. Positioned on approximately half an acre outside city limits, the property offers a quiet, rural atmosphere with room to enjoy outdoor space while still being within a short drive to Neosho amenities, dining, and shopping. The location provides convenient access to several area employers and economic hubs, including La-Z-Boy, Leggett & Platt, Tyson Foods, and the broader Joplin employment corridor, as well as continued connectivity to Northwest Arkansas via Highway 49.With its combination of updates, location, and accessibility, this property presents a strong opportunity for those seeking a move-in ready home or exploring rental potential in a growing Southwest Missouri market known for steady housing demand and commuter convenience.

17. 2026-04-18
    price $135,000 1516-char remark

    Show marketing remark (1516 chars)

    Welcome to this fully renovated home in Neosho, Missouri, offering a blend of modern updates and a peaceful country setting with convenient access to major commuting routes. Located just minutes from Highway 49 and Missouri Route 86, this property provides easy travel to Joplin, Northwest Arkansas, and surrounding Southwest Missouri communities, making it a highly accessible location for daily commutes and long-term rental demand. This 3-bedroom, 2-bathroom home features a thoughtfully updated interior with modern finishes, including new flooring, refreshed paint, updated kitchen cabinetry, and efficient mini-split systems. The single-level layout offers functional living space with an open feel, making it well-suited for a variety of living arrangements. Positioned on approximately half an acre outside city limits, the property offers a quiet, rural atmosphere with room to enjoy outdoor space while still being within a short drive to Neosho amenities, dining, and shopping. The location provides convenient access to several area employers and economic hubs, including La-Z-Boy, Leggett & Platt, Tyson Foods, and the broader Joplin employment corridor, as well as continued connectivity to Northwest Arkansas via Highway 49.With its combination of updates, location, and accessibility, this property presents a strong opportunity for those seeking a move-in ready home or exploring rental potential in a growing Southwest Missouri market known for steady housing demand and commuter convenience.

18. 2026-03-21
    listed $154,000 Active 1580-char remark

    Show marketing remark (1516 chars)

    Welcome to this fully renovated home in Neosho, Missouri, offering a blend of modern updates and a peaceful country setting with convenient access to major commuting routes. Located just minutes from Highway 49 and Missouri Route 86, this property provides easy travel to Joplin, Northwest Arkansas, and surrounding Southwest Missouri communities, making it a highly accessible location for daily commutes and long-term rental demand. This 3-bedroom, 2-bathroom home features a thoughtfully updated interior with modern finishes, including new flooring, refreshed paint, updated kitchen cabinetry, and efficient mini-split systems. The single-level layout offers functional living space with an open feel, making it well-suited for a variety of living arrangements. Positioned on approximately half an acre outside city limits, the property offers a quiet, rural atmosphere with room to enjoy outdoor space while still being within a short drive to Neosho amenities, dining, and shopping. The location provides convenient access to several area employers and economic hubs, including La-Z-Boy, Leggett & Platt, Tyson Foods, and the broader Joplin employment corridor, as well as continued connectivity to Northwest Arkansas via Highway 49.With its combination of updates, location, and accessibility, this property presents a strong opportunity for those seeking a move-in ready home or exploring rental potential in a growing Southwest Missouri market known for steady housing demand and commuter convenience.

19. 2026-03-21
    listed $154,000 Active 1516-char remark

    Show marketing remark (1516 chars)

    Welcome to this fully renovated home in Neosho, Missouri, offering a blend of modern updates and a peaceful country setting with convenient access to major commuting routes. Located just minutes from Highway 49 and Missouri Route 86, this property provides easy travel to Joplin, Northwest Arkansas, and surrounding Southwest Missouri communities, making it a highly accessible location for daily commutes and long-term rental demand. This 3-bedroom, 2-bathroom home features a thoughtfully updated interior with modern finishes, including new flooring, refreshed paint, updated kitchen cabinetry, and efficient mini-split systems. The single-level layout offers functional living space with an open feel, making it well-suited for a variety of living arrangements. Positioned on approximately half an acre outside city limits, the property offers a quiet, rural atmosphere with room to enjoy outdoor space while still being within a short drive to Neosho amenities, dining, and shopping. The location provides convenient access to several area employers and economic hubs, including La-Z-Boy, Leggett & Platt, Tyson Foods, and the broader Joplin employment corridor, as well as continued connectivity to Northwest Arkansas via Highway 49.With its combination of updates, location, and accessibility, this property presents a strong opportunity for those seeking a move-in ready home or exploring rental potential in a growing Southwest Missouri market known for steady housing demand and commuter convenience.

20. 2025-09-16
    price $139,900
21. 2025-07-07
    price $149,900
22. 2025-07-03
    price $154,900
23. 2025-05-16
    price $159,900
24. 2025-04-14
    price $164,900
25. 2025-02-05
    listed $169,000 Active

ⓘ 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: $319 · $27/mo
• Projected year-2 tax: $1,310 · $109/mo
• Expected delta: +$990/yr (+$83/mo · 310.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,215
• − Mortgage interest: −$7,562
• − Property taxes: −$319
• − Insurance: −$675
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$3,927
• Taxable loss: −$543
• Est. tax savings @ 24.0%: +$130
• After-tax cash flow: $1,871/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: East Newton County R-VI
• NCES district ID: 2930420
• Math proficiency: 30% ▼ -2.00%
• Reading proficiency: 35% ▼ -3.00%
• Median HH income: $39,447
• Composite: 27.25/100
• National rank: #7011
• State rank: #248 of 324 in MO

Livability — Neosho

• Score: 71/100
• State rank: #103
• US rank: #6875

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 25,355

Population outlook (Newton County) Hauer SSP2

• Today (2025): 59,151 people
• By 2030: 58,961 · -0.3%
• By 2040: 57,609 · -2.6%
• By 2050: 54,775 · -7.4%
• By 2075: 46,140 · -22.0%
• By 2100: 34,348 · -41.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 12% Hispanic / Latino 9% Pacific Islander 2% Native American 2% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 2% Italian 1% Scottish 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 6% Other Asian/Pacific 3%

Political lean MEDSL · Newton

• 2024 margin: Solid R (+58.6) · D 20.2% · R 78.8% · Other 1.0%
• 2008→2024 swing: -18.5pp toward R · 2008: -40.1pp · 2024: -58.6pp
• All cycles: 2024: R+58.6 2020: R+57.4 2016: R+58.7 2012: R+46.9 2008: R+40.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.98%
• Current HPI: 295.9911
• 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

-20.1% since first listed

10 events — show timeline

• 2026-04-18 Price Changed $135,000 OGAR
• 2026-04-18 Price Changed $135,000 SOMO
• 2026-03-21 Listed $154,000 SOMO
• 2026-03-21 Listed $154,000 OGAR
• 2025-09-16 Price Changed $139,900 OGAR
• 2025-07-07 Price Changed $149,900 SOMO
• 2025-07-03 Price Changed $154,900 SOMO
• 2025-05-16 Price Changed $159,900 SOMO
• 2025-04-14 Price Changed $164,900 SOMO
• 2025-02-05 Listed $169,000 SOMO

Property tax history

+3.0%/yr

Latest (2025): $319 · +8.3% YoY. Source: county tax records.