205 Michigan Ave · St. Joseph, MO 64504

$139,000

4 bd · 0.0 ba · 1,412 sqft · MultiFamily public records · 333 Days on market

Built 1917 6,098 sqft lot ↓ 7% since listing

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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 +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• 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

This well-maintained duplex features two 2-bedroom, 1-bath units—perfect for owner-occupants, investors, or multigenerational living. Each unit offers comfortable living space with convenient layouts. A detached garage adds extra storage or parking flexibility. Schedule your showing today!

Key facts

• Convenient layouts
• Detached garage
• 6,098 sq ft lot

Tags

• DETACHED GARAGE
• COMFORTABLE LIVING SPACE
• CONVENIENT LAYOUTS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.7% in St. Joseph — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• St. Joseph (urban): math 28% / reading 38% proficiency, ranked #241 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 54 active listings in the ZIP; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 333 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 333 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. Built in 1917 — 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. 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.
8. 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.
9. 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: 1.18% ✓
• Cap rate: 10.27%
• Cash-on-cash: 14.20%
• DSCR: 1.63
• GRM: 7.1

CMA / ARV

• ARV (median comp): $79,063
• List price: $139,000
• Delta: 75.81%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $6,762
• Equity at exit: $20,725

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $43,450
• Equity at exit: $12,018

Cash invested: $38,920 (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 64504

• Active inventory: 54
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $1,638 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$47 /mo · $558/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $461

Break-even live

Break-even rent $1,055

Max offer price $139,000

Occupancy floor 67%

Sensitivity live

Price	-10% $539	-5% $500	+0% $461	+5% $421	+10% $382
Rent	-10% $331	-5% $396	+0% $461	+5% $525	+10% $590
Rate	-1.0pp $531	-0.5pp $496	base $461	+0.5pp $425	+1.0pp $388

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,638
Total (2 units)			$1,638

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $139,000 Active 333 DOM
2. 2026-06-18
   days on market $139,000 Active 332 DOM
3. 2026-06-17
   days on market $139,000 Active 331 DOM
4. 2026-06-16
   days on market $139,000 Active 330 DOM
5. 2026-06-15
   days on market $139,000 Active 329 DOM
6. 2026-06-14
   days on market $139,000 Active 327 DOM
7. 2026-06-12
   days on market $139,000 Active 326 DOM
8. 2026-06-09
   days on market $139,000 Active 323 DOM
9. 2026-06-08
   days on market $139,000 Active 322 DOM
10. 2026-06-07
    remarks 362-char remark
11. 2026-06-07
    days on market $139,000 Active 321 DOM
12. 2026-06-03
    days on market $139,000 Active 317 DOM
13. 2026-06-02
    days on market $139,000 Active 316 DOM
14. 2026-06-01
    days on market $139,000 Active 315 DOM
15. 2026-05-31
    days on market $139,000 Active 314 DOM
16. 2026-05-30
    days on market $139,000 Active 313 DOM
17. 2025-08-12
    price $139,000 296-char remark

    Show marketing remark (296 chars)

    This well-maintained duplex features two 2-bedroom, 1-bath units—perfect for owner-occupants, investors, or multigenerational living. Each unit offers comfortable living space with convenient layouts. A detached garage adds extra storage or parking flexibility. Schedule your showing today!

18. 2025-07-21
    listed $149,000 Active 296-char remark

    Show marketing remark (296 chars)

    This well-maintained duplex features two 2-bedroom, 1-bath units—perfect for owner-occupants, investors, or multigenerational living. Each unit offers comfortable living space with convenient layouts. A detached garage adds extra storage or parking flexibility. Schedule your showing today!

19. 1993-11-05
    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: $558 · $47/mo
• Projected year-2 tax: $1,348 · $112/mo
• Expected delta: +$790/yr (+$66/mo · 141.6%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,656
• − Mortgage interest: −$7,786
• − Property taxes: −$558
• − Insurance: −$695
• − Repairs & maintenance: −$1,572
• − Management: −$1,572
• − Depreciation: −$4,044
• Taxable income: $3,428
• Est. tax owed @ 24.0%: −$823
• After-tax cash flow: $4,705/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: St. Joseph
• NCES district ID: 2927060
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 38% ▼ -1.00%
• Median HH income: $43,007
• Composite: 27.99/100
• National rank: #6853
• State rank: #241 of 324 in MO

Livability — St. Joseph

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Joseph, MO
• City population: 44,382
• Population (ZIP): 10,286

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 89,041 people
• By 2030: 88,401 · -0.7%
• By 2040: 86,220 · -3.2%
• By 2050: 83,603 · -6.1%
• By 2075: 76,750 · -13.8%
• By 2100: 67,623 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 7% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4% Cuban 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.0) · D 35.2% · R 63.3% · Other 1.5%
• 2008→2024 swing: -28.2pp toward R · 2008: 0.1pp · 2024: -28.0pp
• All cycles: 2024: R+28.0 2020: R+24.6 2016: R+26.2 2012: R+8.7 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.84%
• Current HPI: 149.9895
• Rent YoY: —
• Metro: —
• 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

-6.7% since first listed

3 events — show timeline

• 2025-08-12 Price Changed $139,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-21 Listed $149,000 Heartland MLS as Distributed by MLS Grid
• 1993-11-05 Sold (Public Records) — Public Records

Property tax history

+1.7%/yr

Latest (2025): $558 · +5.5% YoY. Source: county tax records.