411-413 Spring Ave · Liberty, MO 64068

$369,900

3 bd · 2.0 ba · 2,616 sqft · MultiFamily public records · 51 Days on market

Built 1988 0.27 ac lot Est $414k · 11% under

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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 +15.3/30.0
• ARV discount +12.3/15.0
• DSCR +4.7/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +3.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Very nice investment property with lots of new inside and out. 3 Bedrooms, 1-1/2 Baths. Liberty School District.

Key facts

• Driveway repair
• Level lot
• Full duplex

Tags

• FULL DUPLEX
• LEVEL LOT
• EXTERIOR JUST REPAINTED
• DRIVEWAY REPAIR

Property features AI

Finance

• Other: Property zoned for multi use
• Financial info: Operating expenses include other items
• HOA & community: No association fees

Exterior

• Parking: Attached parking; Off-street parking (total 2 spaces); Includes a garage
• Utilities: Public water; Public sewer; Individual water heaters
• Home design: Duplex; Residential income property; Two stories
• Construction: Frame construction; Composition roof
• Exterior features: Lot approximately 11,761 square feet; Not in a flood plain

Interior

• Bedrooms: Two 3-bedroom units (one 3-bedroom unit on each floor)
• Bathrooms: One unit with 1 full bath and 1 half bath; One unit with 2 full baths
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: Duplex residential income property; Over 95% current occupancy rate
• Laundry & utility: Inside laundry; Individual water heaters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive. Per door: $67/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (13.5% below list).
• Recommended offer: $320k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.6% in Liberty — 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 81/100 on livability (#15 in MO, #1,487 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: commute F.
• Liberty 53 (suburban): math 41% / reading 59% proficiency, ranked #24 of 324 in MO (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Lillian Schumacher Elem. (math 39% / reading 49%, grade F, #469 of 1,115 statewide, top 42%, 475 students, 34% FRL); Liberty Middle School (math 34% / reading 51%, grade D-, #140 of 391 statewide, top 38%, 638 students, 33% FRL); Liberty High (math 33% / reading 75%, grade C-, #82 of 521 statewide, top 16%, 1,997 students, 22% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 187 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 341 units permitted in Clay County in 2024 (40 in 5+ unit buildings).
• This rent runs 42% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Clay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $320,100 (13.5% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 13% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.87% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

• ARV (median comp): $413,940
• List price: $369,900
• Delta: -10.64%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-45,920
• Equity at exit: $55,153

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-5,694
• Equity at exit: $31,982

Cash invested: $103,572 (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 64068

• Rents YoY: 4.7%
• Active inventory: 187
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $3,201 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$301 /mo · $3,610/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $134

Break-even live

Break-even rent $3,031

Max offer price $369,900

Occupancy floor 91%

Sensitivity live

Price	-10% $343	-5% $239	+0% $134	+5% $29	+10% $-75
Rent	-10% $-119	-5% $8	+0% $134	+5% $260	+10% $387
Rate	-1.0pp $320	-0.5pp $228	base $134	+0.5pp $38	+1.0pp $-59

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,200
Total (2 units)			$3,201

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
633 N Gallatin St Liberty, MO	4.0	2.0	1850	$1,895	$1.02	25d	1	1.16mi

Listing history 22 events

1. 2026-06-21
   days on market $369,900 Active 51 DOM
2. 2026-06-18
   days on market $369,900 Active 48 DOM
3. 2026-06-17
   days on market $369,900 Active 47 DOM
4. 2026-06-16
   days on market $369,900 Active 46 DOM
5. 2026-06-15
   days on market $369,900 Active 45 DOM
6. 2026-06-13
   days on market $369,900 Active 43 DOM
7. 2026-06-09
   days on market $369,900 Active 39 DOM
8. 2026-06-08
   days on market $369,900 Active 38 DOM
9. 2026-06-07
   days on market $369,900 Active 37 DOM
10. 2026-06-03
    days on market $369,900 Active 33 DOM
11. 2026-06-02
    days on market $369,900 Active 32 DOM
12. 2026-06-01
    days on market $369,900 Active 31 DOM
13. 2026-05-31
    days on market $369,900 Active 30 DOM
14. 2026-05-01
    listed $395,000 Active 230-char remark
15. 2017-11-20
    soldstatus
16. 2017-11-17
    soldstatus Sold 112-char remark

    Show marketing remark (112 chars)

    Very nice investment property with lots of new inside and out. 3 Bedrooms, 1-1/2 Baths. Liberty School District.

17. 2017-10-23
    historical Contingent - Accepting Backup Offers 112-char remark

    Show marketing remark (112 chars)

    Very nice investment property with lots of new inside and out. 3 Bedrooms, 1-1/2 Baths. Liberty School District.

18. 2017-10-12
    listed $210,000 Active 112-char remark

    Show marketing remark (112 chars)

    Very nice investment property with lots of new inside and out. 3 Bedrooms, 1-1/2 Baths. Liberty School District.

19. 2013-08-16
    soldstatus
20. 2013-08-16
    soldstatus
21. 2013-06-05
    listed $162,000
22. 2006-11-27
    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: $3,610 · $301/mo
• Projected year-2 tax: $3,610 · $301/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,412
• − Mortgage interest: −$20,720
• − Property taxes: −$3,610
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,073
• − Management: −$3,073
• − Depreciation: −$10,761
• Taxable loss: −$4,674
• Est. tax savings @ 24.0%: +$1,122
• After-tax cash flow: $2,730/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: Liberty 53
• NCES district ID: 2918540
• Math proficiency: 41% ▼ -9.00%
• Reading proficiency: 59% ▼ -3.00%
• Median HH income: $78,226
• Composite: 45.41/100
• National rank: #2624
• State rank: #24 of 324 in MO

Livability — Liberty

• Score: 81/100
• State rank: #15
• US rank: #1487

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Liberty, MO
• County: Clay County · 220,651 people
• City population: 37,758
• Metro: Kansas City, MO-KS
• Population (ZIP): 37,758
• Household income: $92,297
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 695.0

Population outlook (Clay County) Hauer SSP2

• Today (2025): 266,022 people
• By 2030: 280,057 · +5.3%
• By 2040: 306,153 · +15.1%
• By 2050: 328,630 · +23.5%
• By 2075: 375,182 · +41.0%
• By 2100: 392,861 · +47.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 5% Two or more races 5% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 3% Italian 3% Slovak 3%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Clay

• 2024 margin: Lean R (+5.6) · D 46.4% · R 52.0% · Other 1.6%
• 2008→2024 swing: -4.9pp toward R · 2008: -0.7pp · 2024: -5.6pp
• All cycles: 2024: R+5.6 2020: R+4.1 2016: R+11.1 2012: R+8.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -233.70%
• Current HPI: 223.1569
• Rent YoY: ▲ 4.69%
• 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

+128.3% since first listed

10 events — show timeline

• 2026-05-30 Price Changed $369,900 Heartland MLS as Distributed by MLS Grid
• 2026-05-01 Listed $395,000 Heartland MLS as Distributed by MLS Grid
• 2017-11-20 Sold (Public Records) — Public Records
• 2017-11-17 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2017-10-23 Contingent — Heartland MLS as Distributed by MLS Grid
• 2017-10-12 Listed $210,000 Heartland MLS as Distributed by MLS Grid
• 2013-08-16 Sold (Public Records) — Public Records
• 2013-08-16 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2013-06-05 Listed $162,000 Heartland MLS as Distributed by MLS Grid
• 2006-11-27 Sold (Public Records) — Public Records

Property tax history

+5.5%/yr

Latest (2025): $3,610 · +4.6% YoY. Source: county tax records.