1504 Hinkson Ave · Columbia, MO 65201

$189,000

3 bd · 2.0 ba · 1,212 sqft · MultiFamily public records · 280 Days on market

Built 1955 $156/sqft · 22% below area ↓ 18% since listing

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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
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.1/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Situated in the Benton Stephens area near Stephens Park, this property offers a promising investment opportunity with a large lot and approved plans for 4plex * * , available in the documents tab. The next step is securing approval from the Benton Stephens HOA to move forward with this exciting project. The current home on the property is 2-bedroom, 1-bath on the main level, with additional unfinished space in the basement for potential use. While some work is needed, this property's location and development potential make it an excellent opportunity for investors or developers. Four-plex plans have been approved by the city of Columbia, but will need to be approved by Benton Stephens HOA.

Key facts

• Large lot
• Garage
• Built 1955

Tags

• LARGE LOT
• APPROVED PLANS FOR 4PLEX
• DEVELOPMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 2.9% in Columbia — 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 83/100 on livability (#9 in MO, #862 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D+.
• Columbia 93 (urban): math 30% / reading 43% proficiency, ranked #194 of 324 in MO (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.3%/yr); 355 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,303 units permitted in Boone County in 2024 (549 in 5+ unit buildings).
• At $4,386/mo this rent would consume 109% of the median local household income ($48k/yr) (locally 4323% 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.
• Boone County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D 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?
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: 2.32% ✓
• Cap rate: 21.09%
• Cash-on-cash: 52.85%
• DSCR: 3.35
• GRM: 3.6

CMA / ARV

• ARV (median comp): $125,219
• List price: $189,000
• Delta: 50.94%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 56.2%
• Equity multiple: 3.66×
• Total profit: $140,958
• Equity at exit: $28,181

10-year hold

• IRR: 63.0%
• Equity multiple: 8.92×
• Total profit: $419,226
• Equity at exit: $16,341

Cash invested: $52,920 (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 65201

• Rents YoY: 10.3%
• Active inventory: 355
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $4,386 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$921
• Net cashflow: $2,331

Break-even live

Break-even rent $1,436

Max offer price $189,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,384
Total (4 units)			$4,386

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
503 N William St Columbia, MO	4.0	2.0	1340	$2,400	$1.79	13d	1	0.09mi
1409 Paris Rd Unit 101 Columbia, MO	4.0	2.0	1468	$3,200	$2.18	43d	1	0.19mi
801 N Ann St Unit 10 Columbia, MO	2.0	1.0	786	$2,000	$2.54	43d	1	0.32mi
801 N Ann St Unit 9 Columbia, MO	2.0	1.0	786	$1,150	$1.46	43d	1	0.32mi
1009 Otto Ct Columbia, MO	2.0	1.0	1210	$1,230	$1.02	21d	1	0.40mi
1200 E Walnut St Columbia, MO	2.0	2.0	1470	$2,575	$1.75	13d	2	0.41mi
1800 McAlester St Columbia, MO	3.0	2.0	1390	$1,695	$1.22	43d	1	0.44mi
110 Dorsey St Unit 201 Columbia, MO	2.0	1.0	700	$1,000	$1.43	43d	1	0.47mi
403 N 9th St Columbia, MO	3.0	2.0	1397	$1,800	$1.29	13d	1	0.52mi
1503 Anthony St Unit 1 Columbia, MO	2.0	1.0	850	$1,300	$1.53	13d	1	0.54mi
810 E Broadway Unit 4 Columbia, MO	4.0	2.0	1048	$1,400	$1.34	43d	1	0.63mi
1618 University Ave Columbia, MO	3.0	1.0	988	$2,025	$2.05	21d	1	0.69mi
1626 University Ave Columbia, MO	2.0	1.0	725	$1,250	$1.72	13d	3	0.71mi
308 S 9th St Columbia, MO	1.0–2.0	1.0–2.0	824	$2,148	$2.61	43d	1	0.76mi
1001 University Ave Columbia, MO	1.0–2.0	1.0–2.0	932	$2,375	$2.55	21d	14	0.78mi
1504 June Ln Unit B Columbia, MO	2.0	1.0	980	$1,100	$1.12	43d	1	1.06mi
2206 Whitegate Dr Columbia, MO	1.0–2.0	1.0	818	$1,031	$1.26	13d	20	1.13mi
109 E Stewart Rd Unit C Columbia, MO	2.0	1.0	750	$1,200	$1.60	21d	1	1.16mi
109 E Stewart Rd Apt A Columbia, MO	2.0	1.0	1000	$1,500	$1.50	21d	1	1.16mi
109 E Stewart Rd Columbia, MO	2.0–3.0	1.0	750	$1,950	$2.60	43d	3	1.16mi
103 N Garth Ave Columbia, MO	3.0	2.0	1196	$2,950	$2.47	21d	1	1.17mi
1511 Sylvan Ln Columbia, MO	2.0	1.0	950	$1,100	$1.16	43d	1	1.21mi
113 Crestmere Ave Unit 101 Columbia, MO	2.0	1.0	1300	$3,000	$2.31	43d	1	1.27mi
113 Crestmere Ave Unit 201 Columbia, MO	2.0	1.0	1022	$1,750	$1.71	43d	1	1.27mi
302 Alexander Ave Columbia, MO	3.0	2.0	1296	$1,350	$1.04	21d	1	1.37mi
309 Alexander Ave Columbia, MO	2.0	1.0	728	$1,200	$1.65	13d	1	1.40mi
301 W Forest Ave Columbia, MO	3.0	2.0	1162	$1,395	$1.20	13d	1	1.42mi
1615 Kittyhawk Dr Unit 1615-3 Columbia, MO	2.0	2.0	1040	$1,195	$1.15	43d	1	1.46mi

Listing history 18 events

1. 2026-06-19
   days on market $189,000 Active 280 DOM
2. 2026-06-18
   days on market $189,000 Active 279 DOM
3. 2026-06-17
   days on market $189,000 Active 278 DOM
4. 2026-06-16
   days on market $189,000 Active 277 DOM
5. 2026-06-15
   days on market $189,000 Active 276 DOM
6. 2026-06-14
   days on market $189,000 Active 274 DOM
7. 2026-06-13
   days on market $189,000 Active 273 DOM
8. 2026-06-10
   days on market $189,000 Active 271 DOM
9. 2026-06-09
   days on market $189,000 Active 270 DOM
10. 2026-06-08
    days on market $189,000 Active 269 DOM
11. 2026-06-07
    days on market $189,000 Active 268 DOM
12. 2026-06-05
    days on market $189,000 Active 265 DOM
13. 2026-06-03
    days on market $189,000 Active 264 DOM
14. 2026-06-02
    days on market $189,000 Active 263 DOM
15. 2026-05-31
    days on market $189,000 Active 261 DOM
16. 2026-05-30
    days on market $189,000 Active 260 DOM
17. 2025-09-12
    listed $189,000 Active 699-char remark

    Show marketing remark (699 chars)

    Situated in the Benton Stephens area near Stephens Park, this property offers a promising investment opportunity with a large lot and approved plans for 4plex * * , available in the documents tab. The next step is securing approval from the Benton Stephens HOA to move forward with this exciting project. The current home on the property is 2-bedroom, 1-bath on the main level, with additional unfinished space in the basement for potential use. While some work is needed, this property's location and development potential make it an excellent opportunity for investors or developers. Four-plex plans have been approved by the city of Columbia, but will need to be approved by Benton Stephens HOA.

18. 2025-01-16
    listed $230,000 Active

ⓘ 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: $772 · $64/mo
• Projected year-2 tax: $1,833 · $153/mo
• Expected delta: +$1,061/yr (+$88/mo · 137.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $52,632
• − Mortgage interest: −$10,587
• − Property taxes: −$772
• − Insurance: −$945
• − Repairs & maintenance: −$4,211
• − Management: −$4,211
• − Depreciation: −$5,498
• Taxable income: $26,409
• Est. tax owed @ 24.0%: −$6,338
• After-tax cash flow: $21,630/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: Columbia 93
• NCES district ID: 2901000
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $46,547
• Composite: 31.21/100
• National rank: #6036
• State rank: #194 of 324 in MO

Livability — Columbia

• Score: 83/100
• State rank: #9
• US rank: #862

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, MO
• County: Boone County · 158,877 people
• City population: 158,877
• Metro: Columbia, MO
• Population (ZIP): 50,011
• Household income: $48,113
• Rent vs Own: 67.8% rent · 32.2% own
• Severe rent burden: 4323.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 202,891 people
• By 2030: 217,799 · +7.3%
• By 2040: 246,789 · +21.6%
• By 2050: 276,116 · +36.1%
• By 2075: 348,426 · +71.7%
• By 2100: 400,856 · +97.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 8% Two or more races 7% Asian 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 9% · China, Canada, Vietnam
• Languages at home: 88% English-only · Spanish 4% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Boone

• 2024 margin: Lean D (+9.8) · D 53.9% · R 44.1% · Other 2.1%
• 2008→2024 swing: -2.2pp toward R · 2008: 12.0pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+12.5 2016: D+5.9 2012: D+3.1 2008: D+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.32%
• Current HPI: 195.2059
• Rent YoY: ▲ 10.33%
• Metro: Columbia, MO
• 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

-17.8% since first listed

2 events — show timeline

• 2025-09-12 Listed $189,000 CBORMLS
• 2025-01-16 Listed $230,000 CBORMLS

Property tax history

+2.3%/yr

Latest (2022): $772 · -0.2% YoY. Source: county tax records.