109 E Market St · St. Joseph, MO 64505

$39,900

3 bd · 1.0 ba · 952 sqft · SingleFamily public records · 49 Days on market

Built 1902 2,614 sqft lot $42/sqft · 53% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

A RARE OPPORTUNITY FOR THIS SOLID HOME (HAS A GOOD EXTERIOR) TO BE BOUGHT At THIS GREAT PRICE-NEEDS FULL COSMETIC UPDATES/REPAIRS INSIDE. A REAL BARGAIN AT THIS PRICE AS THE AVERAGE MARKET VALUE IS AROUND $100K SO A GREAT OPPORTUNITY FOR SWEAT EQUITY FOR AN INVESTMENT PROPERTY OR SUPER CHEAP LIVING!

Key facts

• 2,614 sq ft lot
• Built 1902
• Listed 48 days

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Other parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Bungalow floor plan; Faces south
• Construction: Frame construction; Composition roof; Approximately 101+ years old
• Exterior features: Property not in a flood plain; Lot approximately 2,614 square feet

Interior

• Bedrooms: 3 bedrooms (two on the main level, one on the upper level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Eat-in kitchen; Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($886 rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.6% 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 B — 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: 126 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.22% ✓
• Cap rate: 19.63%
• Cash-on-cash: 47.65%
• DSCR: 3.12
• GRM: 3.8

CMA / ARV

• ARV (median comp): $84,777
• List price: $39,900
• Delta: -52.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1426 N 3rd St	0.23mi	3/1.0	972 (+2%)	2mo	$115,000	$118	84
2010 N 2nd St	0.08mi	2/1.0 (-1)	1,000 (+5%)	9mo	$99,000	$99	75
1906 Main St	0.04mi	3/1.5	828 (-13%)	1mo	$120,000	$145	74
1414 N 3rd St	0.26mi	2/1.0 (-1)	936 (-2%)	13mo	$59,900	$64	69
1618 Savannah Ave	0.20mi	2/1.0 (-1)	1,064 (+12%)	5mo	$74,000	$70	61
1308 N 10th St	0.61mi	2/1.0 (-1)	936 (-2%)	7mo	$150,000	$160	58
620 Powell St	0.55mi	2/1.0 (-1)	1,000 (+5%)	14mo	$85,000	$85	50
1214 N 2nd St	0.36mi	2/1.0 (-1)	1,064 (+12%)	12mo	$5,000	$5	48
2408 Saint Joseph Ave	0.53mi	2/1.0 (-1)	884 (-7%)	14mo	$125,000	$141	47
2427 Saint Joseph Ave	0.58mi	2/1.5 (-1)	1,080 (+13%)	14mo	$89,900	$83	32
502 Hamburg St	0.55mi	2/1.0 (-1)	1,080 (+13%)	19mo	$35,000	$32	31
1445 N 11th St	0.67mi	2/2.0 (-1)	824 (-13%)	12mo	$79,900	$97	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 45.1%
• Equity multiple: 2.95×
• Total profit: $21,790
• Equity at exit: $5,949

10-year hold

• IRR: 50.9%
• Equity multiple: 5.96×
• Total profit: $55,361
• Equity at exit: $3,450

Cash invested: $11,172 (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 64505

• Active inventory: 126
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $886 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$31 /mo · $368/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $444

Break-even live

Break-even rent $325

Max offer price $39,900

Occupancy floor 45%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1416 N 3rd St Unit 1418 St Joseph, MO	2.0	1.0	750	$850	$1.13	43d	1	0.25mi
516 N 10th St Saint Joseph, MO	1.0–2.0	1.0	700	$900	$1.29	43d	1	0.90mi
201 S 10th St Saint Joseph, MO	2.0	1.0	600	$1,000	$1.67	43d	1	1.23mi
303 S 13th St St Joseph, MO	3.0	1.5	1000	$950	$0.95	43d	1	1.38mi

Listing history 17 events

1. 2026-06-19
   days on market $39,900 Active 49 DOM
2. 2026-06-18
   days on market $39,900 Active 48 DOM
3. 2026-06-17
   days on market $39,900 Active 47 DOM
4. 2026-06-16
   days on market $39,900 Active 46 DOM
5. 2026-06-15
   days on market $39,900 Active 45 DOM
6. 2026-06-14
   days on market $39,900 Active 43 DOM
7. 2026-06-12
   days on market $39,900 Active 42 DOM
8. 2026-06-09
   days on market $39,900 Active 39 DOM
9. 2026-06-08
   days on market $39,900 Active 38 DOM
10. 2026-06-07
    days on market $39,900 Active 37 DOM
11. 2026-06-03
    days on market $39,900 Active 33 DOM
12. 2026-06-02
    days on market $39,900 Active 32 DOM
13. 2026-06-01
    days on market $39,900 Active 31 DOM
14. 2026-05-31
    days on market $39,900 Active 30 DOM
15. 2026-05-30
    days on market $39,900 Active 29 DOM
16. 2026-05-01
    listed $39,900 Active 300-char remark
17. 1992-04-13
    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: $368 · $31/mo
• Projected year-2 tax: $387 · $32/mo
• Expected delta: +$19/yr (+$2/mo · 5.3%)

ⓘ 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 2/10 Low
• 🌡 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: $10,635
• − Mortgage interest: −$2,235
• − Property taxes: −$368
• − Insurance: −$200
• − Repairs & maintenance: −$851
• − Management: −$851
• − Depreciation: −$1,161
• Taxable income: $4,970
• Est. tax owed @ 24.0%: −$1,193
• After-tax cash flow: $4,130/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): 13,875

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 8% Two or more races 6% Black 3% Asian 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 2% Other Asian/Pacific 1%

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: ▼ -139.45%
• Current HPI: 207.1403
• 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

2 events — show timeline

• 2026-05-01 Listed $39,900 Heartland MLS as Distributed by MLS Grid
• 1992-04-13 Sold (Public Records) — Public Records

Property tax history

+1.9%/yr

Latest (2025): $368 · +11.5% YoY. Source: county tax records.