514 W Walnut St · Independence, MO 64050

$196,500

4 bd · 3.0 ba · 1,382 sqft · MultiFamily public records · 73 Days on market

Built 1948 3,281 sqft lot Est $247k · 20% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Triplex located near Independence Square! All three units occupied. Two 1 bedroom units and one studio unit. Gross rental income is $2,035/mo making this a 1% rule deal! Cash cow! History of strong occupancy and low maintenance. Separately metered electric. Newer HVAC and water heaters! Roof is in great condition. Off-street parking. Basement for additional storage! Add this one to your rental portfolio today for instant cash flow!

Key facts

• Gross rental income
• Triplex
• Strong occupancy

Tags

• TRIPLEX
• GROSS RENTAL INCOME
• STRONG OCCUPANCY
• LOW MAINTENANCE
• SEPARATELY METERED ELECTRIC
• NEWER HVAC

🏷️ Possibly a rental listed for sale. The $196,500 price doesn't fit this home's estimated sale value (~$247,080) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $196k.

Deal economics

• At list price, monthly cash flow is $793 ($10k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $196k).
• Recommended offer: $185k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 5.0% in Independence — 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 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.8%/yr); 125 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $2,562/mo this rent would consume 63% of the median local household income ($49k/yr) (locally 972% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $55k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,710 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.30%
• DSCR: 1.77
• GRM: 6.4

CMA / ARV

• ARV (median comp): $247,080
• List price: $196,500
• Delta: -20.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.79% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.38×
• Total profit: $20,705
• Equity at exit: $29,299

10-year hold

• IRR: 19.2%
• Equity multiple: 2.66×
• Total profit: $91,497
• Equity at exit: $16,990

Cash invested: $55,020 (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 64050

• Home prices YoY: -15.5%
• Rents YoY: 3.8%
• Active inventory: 125
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,562 medium
• Mortgage (P&I): −$1,030
• Tax from tax record: −$118 /mo · $1,419/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $793

Break-even live

Break-even rent $1,558

Max offer price $196,500

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,562
Total (3 units)			$2,562

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: $49,125
• Closing costs: $5,895
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
523 W Maple Ave Unit 2 A Independence, MO	3.0	2.0	964	$995	$1.03	44d	1	0.19mi
321 W South Ave Unit 11 Independence, MO	3.0	2.0	1000	$1,275	$1.27	21d	1	0.60mi
11709 E Winner Rd Independence, MO	3.0	1.5	1300	$1,195	$0.92	16d	1	0.88mi
1404 S Osage St Independence, MO	4.0	2.0	1300	$1,750	$1.35	15d	1	1.01mi
1207 N McCoy St Independence, MO	3.0	2.0	972	$1,295	$1.33	8d	1	1.01mi
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	44d	1	1.04mi
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	24d	1	1.04mi
1502 S Pleasant St Independence, MO	3.0	2.0	1200	$1,399	$1.17	44d	1	1.06mi
182 Novak St Sugar Creek, MO	3.0	2.0	1350	$1,800	$1.33	17d	1	1.38mi
2110 S Sterling Ave Independence, MO	3.0	2.0	1722	$1,849	$1.07	16d	1	1.41mi
11323 E Thompson St Sugar Creek, MO	3.0	2.5	1794	$1,800	$1.00	12d	1	1.42mi
2256 S Sterling Ave Independence, MO	3.0	1.5	1284	$1,399	$1.09	16d	1	1.45mi

Listing history 28 events

1. 2026-06-18
   days on market $196,500 Active 73 DOM
2. 2026-06-17
   days on market $196,500 Active 72 DOM
3. 2026-06-16
   pricedays on market $196,500 Active 71 DOM
4. 2026-06-15
   days on market $197,000 Active 70 DOM
5. 2026-06-13
   days on market $197,000 Active 68 DOM
6. 2026-06-09
   days on market $197,000 Active 64 DOM
7. 2026-06-08
   days on market $197,000 Active 63 DOM
8. 2026-06-07
   days on market $197,000 Active 62 DOM
9. 2026-06-05
   days on market $197,000 Active 59 DOM
10. 2026-06-03
    days on market $197,000 Active 58 DOM
11. 2026-06-02
    days on market $197,000 Active 57 DOM
12. 2026-06-01
    days on market $197,000 Active 56 DOM
13. 2026-05-31
    days on market $197,000 Active 55 DOM
14. 2026-04-06
    listed $199,900 Active 435-char remark

    Show marketing remark (435 chars)

    Triplex located near Independence Square! All three units occupied. Two 1 bedroom units and one studio unit. Gross rental income is $2,035/mo making this a 1% rule deal! Cash cow! History of strong occupancy and low maintenance. Separately metered electric. Newer HVAC and water heaters! Roof is in great condition. Off-street parking. Basement for additional storage! Add this one to your rental portfolio today for instant cash flow!

15. 2025-12-31
    historical
16. 2025-07-29
    listed $210,000 Active
17. 2025-05-13
    historical
18. 2025-04-04
    price $210,000
19. 2025-03-07
    listed $215,000 Active
20. 2022-08-16
    soldstatus Closed
21. 2022-07-31
    status Pending
22. 2022-07-23
    status Active
23. 2022-07-06
    status Pending
24. 2022-06-30
    status Active
25. 2022-05-03
    status Pending
26. 2022-04-28
    listed $165,000 Active
27. 2005-07-05
    soldstatus
28. 1990-07-18
    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: $1,419 · $118/mo
• Projected year-2 tax: $1,906 · $159/mo
• Expected delta: +$488/yr (+$41/mo · 34.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,744
• − Mortgage interest: −$11,007
• − Property taxes: −$1,419
• − Insurance: −$982
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − Depreciation: −$5,716
• Taxable income: $6,701
• Est. tax owed @ 24.0%: −$1,608
• After-tax cash flow: $7,913/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: Independence 30
• NCES district ID: 2915480
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $41,843
• Composite: 27.04/100
• National rank: #7054
• State rank: #252 of 324 in MO

Livability — Independence

• Score: 82/100
• State rank: #10
• US rank: #1296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, MO
• County: Jackson County · 687,798 people
• City population: 117,675
• Metro: Kansas City, MO-KS
• Population (ZIP): 21,079
• Household income: $48,834
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 972.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 719,589 people
• By 2030: 731,456 · +1.6%
• By 2040: 746,689 · +3.8%
• By 2050: 749,289 · +4.1%
• By 2075: 736,227 · +2.3%
• By 2100: 668,210 · -7.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Two or more races 9% Black 7% Pacific Islander 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Serbian 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Jackson

• 2024 margin: D (+19.3) · D 58.9% · R 39.5% · Other 1.6%
• 2008→2024 swing: -6.1pp toward R · 2008: 25.4pp · 2024: 19.3pp
• All cycles: 2024: D+19.3 2020: D+22.0 2016: D+16.6 2012: D+19.0 2008: D+25.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.24%
• Current HPI: 305.796
• Rent YoY: ▲ 3.79%
• Metro: Kansas City, MO-KS
• 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

+21.2% since first listed

15 events — show timeline

• 2026-04-06 Listed $199,900 Heartland MLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-07-29 Listed $210,000 Heartland MLS as Distributed by MLS Grid
• 2025-05-13 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-04-04 Price Changed $210,000 Heartland MLS as Distributed by MLS Grid
• 2025-03-07 Listed $215,000 Heartland MLS as Distributed by MLS Grid
• 2022-08-16 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-07-31 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-07-23 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-07-06 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-06-30 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-05-03 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-04-28 Listed $165,000 Heartland MLS as Distributed by MLS Grid
• 2005-07-05 Sold (Public Records) — Public Records
• 1990-07-18 Sold (Public Records) — Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,419 · -23.2% YoY. Source: county tax records.