Dennis is a 48-year-old real estate agent. He is divorced and has one son, Owen, who barely speaks to him. Dennis has a secret: his alter-ego is a serial killer clown — he enjoys selling properties, then hiding in the basements and murdering the new owners with knives, his weapon of choice. He boasts an elaborate killer clown costume, complete with makeup, wig, and razor-sharp nails.

One day, he shows a property, 404 Rocking Horse Lane, to a young couple, Seamus and Eliza. He finds the couple incredibly annoying, and plans to murder them once he closes the deal — he has hidden his clown suit and knife set in the basement. He shows them around the property and feels confident they will buy the property. Later that day, he is invited to a party for his coworker, Lauren, to celebrate her first sale with the company. After the party, a drunk Lauren enters his car and begins performing oral sex on him. He asks her which property she sold successfully. She answers: 404 Rocking Horse Lane.

Frustrated she's stolen his property, the clown decides to kill Lauren instead. He drives her to her place, where she falls asleep on the couch. He puts on his clown costume and approaches her, but can't bring himself to kill her. He considers murder to be an expression of himself, and can only murder when inspiration strikes. The next day, he calls his therapist, who tells him his son, Owen, is having behavioral problems. Owen had a nose bleed in class and let the blood drip all over his shirt, apparently hoping to show the class what a "freak" he is.

Later that day, since it's nearing Halloween, Lauren shows Dennis her costume: the Terminator mom. She asks if he has a costume, and he tells her he always dresses up as a scary clown. He shows her the costume, anxiously, and she is taken aback though not repelled. He agrees to show her how it works. That night, he dresses her up in his costume and they go out on the town. He takes her to the apartment where Seamus and Eliza live, and he tells her to knock on the door. It is implied that the two intend to murder the couple, but the story ends there.