500 Spring Ave · Liberty, MO 64068

$405,000

3 bd · 1.0 ba · 2,616 sqft · MultiFamily public records · 38 Days on market

Built 1995

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Why this score? — see what drove the D 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 +13.0/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• Rent growth +3.7/5.0
• 1% rule +3.0/10.0
• 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: 2 units. confirmed

Listing remarks

Investment property opportunity full duplex 500 & amp; 502 Spring Ave. Great neighborhood, close to downtown and local elementary school . Fully occupied. Tenant is responsible for all utilities and lawn maintenance. These units are 3 bedroom, 1.5 bath on each side with 1 car garage . The property has a large backyard each one has a small patio area. Duplex has been well maintained.

Key facts

• Large backyard
• Well maintained
• Small patio area

Tags

• CLOSE TO DOWNTOWN
• LOCAL ELEMENTARY SCHOOL
• LARGE BACKYARD
• SMALL PATIO AREA
• WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $405k.

Deal economics

• At list price, monthly cash flow is $-26 ($-309/yr) — negative. Per door: $-13/mo.
• To cash-flow at today's rent, offer at most $400k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $324k (20.0% below list).
• Recommended offer: $324k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• 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 $12k 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 38 days — a 3% lower offer ($393k) is reasonable based on typical stale-listing flexibility.

Recommended offer $324,100 (20.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-61,747
• Equity at exit: $60,387

10-year hold

• IRR: -4.0%
• Equity multiple: 0.71×
• Total profit: $-32,411
• Equity at exit: $35,017

Cash invested: $113,400 (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: 20.8×

Monthly cashflow live

• Estimated rent: $3,241 high
• Mortgage (P&I): −$2,124
• Tax from tax record: −$294 /mo · $3,523/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $-26

Break-even live

Break-even rent $3,274

Max offer price $400,448

Occupancy floor 96%

Sensitivity live

Price	-10% $203	-5% $89	+0% $-26	+5% $-140	+10% $-255
Rent	-10% $-282	-5% $-154	+0% $-26	+5% $102	+10% $230
Rate	-1.0pp $178	-0.5pp $77	base $-26	+0.5pp $-131	+1.0pp $-237

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$3,242
Total (2 units)			$3,241

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: $101,250
• Closing costs: $12,150
• 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	1.30mi

Listing history 14 events

1. 2026-06-21
   days on market $405,000 Active 38 DOM
2. 2026-06-18
   days on market $405,000 Active 35 DOM
3. 2026-06-17
   days on market $405,000 Active 34 DOM
4. 2026-06-16
   days on market $405,000 Active 33 DOM
5. 2026-06-15
   days on market $405,000 Active 32 DOM
6. 2026-06-13
   days on market $405,000 Active 30 DOM
7. 2026-06-09
   days on market $405,000 Active 26 DOM
8. 2026-06-08
   days on market $405,000 Active 25 DOM
9. 2026-06-07
   days on market $405,000 Active 24 DOM
10. 2026-06-03
    days on market $405,000 Active 20 DOM
11. 2026-06-02
    days on market $405,000 Active 19 DOM
12. 2026-06-01
    days on market $405,000 Active 18 DOM
13. 2026-05-31
    days on market $405,000 Active 17 DOM
14. 2026-05-14
    listed $405,000 Active 386-char remark

ⓘ 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: $3,523 · $294/mo
• Projected year-2 tax: $3,928 · $327/mo
• Expected delta: +$406/yr (+$34/mo · 11.5%)

ⓘ 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: $38,892
• − Mortgage interest: −$22,686
• − Property taxes: −$3,523
• − Insurance: −$2,025
• − Repairs & maintenance: −$3,111
• − Management: −$3,111
• − Depreciation: −$11,782
• Taxable loss: −$7,346
• Est. tax savings @ 24.0%: +$1,763
• After-tax cash flow: $1,454/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

1 event — show timeline

• 2026-05-14 Listed $405,000 FSBO.com

Property tax history

+4.8%/yr

Latest (2025): $3,523 · +3.9% YoY. Source: county tax records.