RentalCalcs Editorial · missouri-2026-10-19-v1 · Reviewed 2026-10-19

Missouri: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

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1. Match the evidence

The two metro averages describe different property and buyer populations. Kansas City’s transaction location mix makes a Missouri-only reading particularly misleading. Its Q2 report also revises the stated historical cap context relative to the earlier Q4 report; this edition uses the current level and does not calculate a historical change from the conflicting series. Do not interpret a changing sample as a repeat-sale index.

2. Complete the local document checks

Kansas City’s northern markets: income strength without a local cap table

Obtain recent leases and renewals, competing delivery dates and Missouri-side comparable sale income. Keep Platte, Clay and Jackson locations explicit in the comparable sheet.

Lee’s Summit and Downtown Kansas City: delivery timing changes the cash plan

Build a month-by-month completion and lease-expiration calendar, including concessions and marketing spend. Fund the deficit and verify lender stabilization covenants.

North County and St. Charles: compare demand with building costs

Review heating, sewer, roof and electrical records; compare local achieved rent by floor plan. Request the actual sale NOI before assigning a North County or St. Charles cap.

Mid County and the broader St. Louis metro: explain the sample conflict

Choose comparable stock before interpreting the median, and retain the source geography on every row. Obtain subject collections and competing lease-up dates rather than averaging conflicting market levels.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$2,400,000
Scheduled annual rent$345,600
Other recurring income$6,000
Collection / concession / vacancy loss-$30,000
Effective income$321,600
taxes$36,000
insurance$22,000
utilities$20,000
maintenance$32,000
management$22,000
administration$9,600
Recurring expense total$141,600
NOI before debt and reserve$180,000
Annual debt service$109,221
Annual replacement reserve$12,000
Cash after debt and reserve$58,779
Down payment + closing + initial work$1,188,000

Loan $1,440,000 at an assumed 6.5% for 30 years, monthly amortization. Going-in cap 7.50%; DSCR 1.65× before reserve, 1.54× after reserve; cash-on-cash 4.95%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Fix the geography before comparing yields

Identify Missouri versus Kansas/Illinois assets and the property cohort. Keep the two metro averages separate; do not turn their difference into a location premium.

Bridge the local leasing calendar to NOI

Use signed net rents, collections and competitor openings. Insert parcel taxes, commercial coverage and professional operating costs.

Carry repairs and resale risk in cash

Fund initial systems work and leasing deficits separately, then test value with lower NOI and a wider exit yield before sizing debt.

Evidence ledger