110-116 Conner Dr Lot 49 · Lebanon, MO 65536

$380,000

None bd · None ba · 2,122 sqft · MultiFamily · 162 Days on market

$179/sqft · 30% above area Est $291k · 30% over $10/mo HOA · 1% of rent

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Why this score? — see what drove the D 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 +19.3/30.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This brand new duplex at Aero Landing offers a rare opportunity to own both sides of a thoughtfully designed patio home in Lebanon’s newest subdivision. Each unit features three bedrooms, two full bathrooms, and a one-car garage, creating a well-balanced layout that appeals to a wide range of tenants or owner-occupants. Built with energy efficiency in mind, these brand new homes are designed to help keep utility costs manageable, an attractive feature for both residents and long-term rental performance. Modern construction, updated finishes, and low-maintenance design make this property an excellent option for those seeking a live-in investment or a turn-key rental opportunity. Located in a brand new community, Aero Landing provides strong appeal for renters looking for new construction and for buyers wanting the benefits of owning in a growing Lebanon neighborhood. Whether you choose to occupy one side and rent the other or add a brand new duplex to your investment portfolio, this property offers flexibility, efficiency, and long-term value.

Key facts

• Modern construction
• Growing neighborhood
• Energy efficiency

Tags

• ENERGY EFFICIENCY
• MODERN CONSTRUCTION
• LOW-MAINTENANCE DESIGN
• NEW COMMUNITY
• GROWING NEIGHBORHOOD
• TURN-KEY RENTAL OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2-bath units multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive. Per door: $104/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $380k).
• Recommended offer: $334k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.7% in Lebanon — 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 64/100 on livability (#308 in MO) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D, schools D-, amenities F.
• Lebanon R-III (town): math 29% / reading 35% proficiency, ranked #256 of 324 in MO (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 256 active listings in the ZIP; 61 units permitted in Laclede County in 2024 (0 in 5+ unit buildings).
• At $3,862/mo this rent would consume 86% of the median local household income ($54k/yr) (locally 641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Laclede County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $334,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.68%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $291,372
• List price: $380,000
• Delta: 30.42%
• Verdict: OVERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-35,088
• Equity at exit: $56,659

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,734
• Equity at exit: $32,855

Cash invested: $106,400 (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 65536

• Home prices YoY: -21.8%
• Active inventory: 256
• Price-to-rent: 32.8×

Monthly cashflow live

• Estimated rent: $3,862 medium
• Mortgage (P&I): −$1,993
• Tax est. 1.5%: −$475 /mo · $5,700/yr
• Insurance: −$158
• HOA: −$10
• Vacancy / Maint / Mgmt: −$811
• Net cashflow: $415

Break-even live

Break-even rent $3,337

Max offer price $380,000

Occupancy floor 84%

Sensitivity live

Price	-10% $677	-5% $546	+0% $415	+5% $284	+10% $152
Rent	-10% $110	-5% $262	+0% $415	+5% $567	+10% $720
Rate	-1.0pp $606	-0.5pp $512	base $415	+0.5pp $316	+1.0pp $216

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$3,864
Total (4 units)			$3,862

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 15 events

1. 2026-06-19
   days on market $380,000 Active 162 DOM
2. 2026-06-18
   days on market $380,000 Active 161 DOM
3. 2026-06-17
   days on market $380,000 Active 160 DOM
4. 2026-06-16
   days on market $380,000 Active 159 DOM
5. 2026-06-15
   days on market $380,000 Active 158 DOM
6. 2026-06-14
   days on market $380,000 Active 156 DOM
7. 2026-06-12
   days on market $380,000 Active 155 DOM
8. 2026-06-09
   days on market $380,000 Active 152 DOM
9. 2026-06-08
   days on market $380,000 Active 151 DOM
10. 2026-06-07
    days on market $380,000 Active 150 DOM
11. 2026-06-02
    days on market $380,000 Active 145 DOM
12. 2026-06-01
    days on market $380,000 Active 144 DOM
13. 2026-05-31
    days on market $380,000 Active 143 DOM
14. 2026-05-30
    days on market $380,000 Active 142 DOM
15. 2026-01-08
    listed $380,000 Active 1066-char remark

    Show marketing remark (1066 chars)

    This brand new duplex at Aero Landing offers a rare opportunity to own both sides of a thoughtfully designed patio home in Lebanon’s newest subdivision. Each unit features three bedrooms, two full bathrooms, and a one-car garage, creating a well-balanced layout that appeals to a wide range of tenants or owner-occupants. Built with energy efficiency in mind, these brand new homes are designed to help keep utility costs manageable, an attractive feature for both residents and long-term rental performance. Modern construction, updated finishes, and low-maintenance design make this property an excellent option for those seeking a live-in investment or a turn-key rental opportunity. Located in a brand new community, Aero Landing provides strong appeal for renters looking for new construction and for buyers wanting the benefits of owning in a growing Lebanon neighborhood. Whether you choose to occupy one side and rent the other or add a brand new duplex to your investment portfolio, this property offers flexibility, efficiency, and long-term value.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥106°F today · 19 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: $46,344
• − Mortgage interest: −$21,286
• − Property taxes: −$5,700
• − Insurance: −$1,900
• − Repairs & maintenance: −$3,708
• − Management: −$3,708
• − HOA: −$120
• − Depreciation: −$11,055
• Taxable loss: −$1,131
• Est. tax savings @ 24.0%: +$272
• After-tax cash flow: $5,250/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: Lebanon R-III
• NCES district ID: 2918270
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $38,352
• Composite: 26.73/100
• National rank: #7145
• State rank: #256 of 324 in MO

Livability — Lebanon

• Score: 64/100
• State rank: #308
• US rank: #14040

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, MO
• County: Laclede County · 29,915 people
• City population: 29,915
• Metro: Lebanon, MO
• Population (ZIP): 29,915
• Household income: $53,783
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 641.0

Population outlook (Laclede County) Hauer SSP2

• Today (2025): 34,730 people
• By 2030: 33,985 · -2.1%
• By 2040: 32,213 · -7.2%
• By 2050: 30,189 · -13.1%
• By 2075: 24,782 · -28.6%
• By 2100: 18,554 · -46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Iranian 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Laclede

• 2024 margin: Solid R (+66.8) · D 16.1% · R 82.9%
• 2008→2024 swing: +212.7pp toward D · 2008: -279.5pp · 2024: -66.8pp
• All cycles: 2024: R+66.8 2020: R+65.4 2016: R+64.5 2012: R+44.5 2008: R+279.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.82%
• Current HPI: 196.7643
• Rent YoY: —
• Metro: Lebanon, MO
• 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

1 event — show timeline

• 2026-01-08 Listed $380,000 MARIS as Distributed by MLS Grid