2421-2423 S 11th St · St. Joseph, MO 64503

$132,000

4 bd · 0.0 ba · 1,856 sqft · MultiFamily public records · 63 Days on market

Built 1902 5,663 sqft lot $71/sqft · 174% above area Est $102k · 29% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Whether you’re looking to offset your mortgage or step into investing, this side by side duplex at 2421–2423 S 11th St offers the perfect opportunity to live in one unit and rent the other. Featuring one vacant side ready for immediate move-in and a second income-producing unit, this property is ideal for house hacking, first-time investors, or anyone wanting built-in rental income. Each unit offers functional layouts with separate living spaces, making it easy to maintain privacy while maximizing cash flow. Located in St. Joseph with convenient access to major highways, shopping, and everyday amenities, this duplex sits in a strong rental area with consistent demand. Whether you're building your portfolio or buying smarter for your first home, this is a turnkey opportunity with income potential from day one—live in one side, rent the other, and let your investment start working for you.

Key facts

• Side by side duplex
• Functional layouts
• Strong rental area

Tags

• SIDE BY SIDE DUPLEX
• INCOME PRODUCING UNIT
• FUNCTIONAL LAYOUTS
• SEPARATE LIVING SPACES
• STRONG RENTAL AREA
• TURNKEY OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $132k.

Deal economics

• At list price, monthly cash flow is $643 ($8k/yr) — positive. Per door: $322/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $913 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 $37k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago 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 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $124,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1902 — 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: 1.38% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.88%
• DSCR: 1.93
• GRM: 6.1

CMA / ARV

• ARV (median comp): $102,243
• List price: $132,000
• Delta: 29.10%
• Verdict: OVERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.3%
• Equity multiple: 1.53×
• Total profit: $19,530
• Equity at exit: $19,682

10-year hold

• IRR: 22.1%
• Equity multiple: 2.88×
• Total profit: $69,569
• Equity at exit: $11,413

Cash invested: $36,960 (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 64503

• Active inventory: 89
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,817 high
• Mortgage (P&I): −$692
• Tax from tax record: −$45 /mo · $540/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $643

Break-even live

Break-even rent $1,003

Max offer price $132,000

Occupancy floor 60%

Sensitivity live

Price	-10% $718	-5% $681	+0% $643	+5% $606	+10% $568
Rent	-10% $500	-5% $571	+0% $643	+5% $715	+10% $787
Rate	-1.0pp $710	-0.5pp $677	base $643	+0.5pp $609	+1.0pp $574

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,818
Total (2 units)			$1,817

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1616 S 25th St Saint Joseph, MO	3.0	1.0	1500	$1,300	$0.87	44d	1	0.99mi

Listing history 38 events

1. 2026-06-19
   days on market $132,000 Active 63 DOM
2. 2026-06-18
   days on market $132,000 Active 62 DOM
3. 2026-06-17
   days on market $132,000 Active 61 DOM
4. 2026-06-16
   days on market $132,000 Active 60 DOM
5. 2026-06-15
   days on market $132,000 Active 59 DOM
6. 2026-06-14
   days on market $132,000 Active 57 DOM
7. 2026-06-12
   days on market $132,000 Active 56 DOM
8. 2026-06-09
   days on market $132,000 Active 53 DOM
9. 2026-06-08
   days on market $132,000 Active 52 DOM
10. 2026-06-07
    days on market $132,000 Active 51 DOM
11. 2026-06-03
    days on market $132,000 Active 47 DOM
12. 2026-06-02
    days on market $132,000 Active 46 DOM
13. 2026-06-01
    days on market $132,000 Active 45 DOM
14. 2026-05-31
    days on market $132,000 Active 44 DOM
15. 2026-05-30
    days on market $132,000 Active 43 DOM
16. 2026-04-17
    listed $132,000 Active 918-char remark

    Show marketing remark (918 chars)

    Whether you’re looking to offset your mortgage or step into investing, this side by side duplex at 2421–2423 S 11th St offers the perfect opportunity to live in one unit and rent the other. Featuring one vacant side ready for immediate move-in and a second income-producing unit, this property is ideal for house hacking, first-time investors, or anyone wanting built-in rental income. Each unit offers functional layouts with separate living spaces, making it easy to maintain privacy while maximizing cash flow. Located in St. Joseph with convenient access to major highways, shopping, and everyday amenities, this duplex sits in a strong rental area with consistent demand. Whether you're building your portfolio or buying smarter for your first home, this is a turnkey opportunity with income potential from day one—live in one side, rent the other, and let your investment start working for you.

17. 2025-07-28
    soldstatus
18. 2025-07-21
    soldstatus Closed 279-char remark

    Show marketing remark (279 chars)

    Solid investment opportunity! This duplex features 2 bedrooms and 1 bath per unit with a nicely updated interior. Month-to-month tenants are already in place, providing flexibility and instant rental income. A great option for investors looking for steady cash flow from day one.

19. 2025-06-04
    status Pending 279-char remark

    Show marketing remark (279 chars)

    Solid investment opportunity! This duplex features 2 bedrooms and 1 bath per unit with a nicely updated interior. Month-to-month tenants are already in place, providing flexibility and instant rental income. A great option for investors looking for steady cash flow from day one.

20. 2025-05-22
    price $99,900 279-char remark

    Show marketing remark (279 chars)

    Solid investment opportunity! This duplex features 2 bedrooms and 1 bath per unit with a nicely updated interior. Month-to-month tenants are already in place, providing flexibility and instant rental income. A great option for investors looking for steady cash flow from day one.

21. 2025-04-02
    listed $107,000 Active 279-char remark

    Show marketing remark (279 chars)

    Solid investment opportunity! This duplex features 2 bedrooms and 1 bath per unit with a nicely updated interior. Month-to-month tenants are already in place, providing flexibility and instant rental income. A great option for investors looking for steady cash flow from day one.

22. 2024-08-21
    historical
23. 2024-08-11
    listed $114,000 Active
24. 2024-08-07
    historical
25. 2024-07-27
    price $116,000
26. 2024-07-05
    price $119,000
27. 2024-06-19
    price $124,900
28. 2024-06-05
    listed $139,900 Active
29. 2023-05-01
    soldstatus Closed
30. 2023-03-22
    status Pending
31. 2023-03-01
    listed $75,000 Active
32. 2017-08-15
    listed $44,900
33. 2015-01-23
    listed $42,000
34. 2014-07-14
    listed $40,000
35. 2013-01-03
    soldstatus
36. 2007-08-30
    soldstatus
37. 2007-06-06
    listed $37,500
38. 2001-04-30
    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: $540 · $45/mo
• Projected year-2 tax: $1,280 · $107/mo
• Expected delta: +$740/yr (+$62/mo · 137.1%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,804
• − Mortgage interest: −$7,394
• − Property taxes: −$540
• − Insurance: −$660
• − Repairs & maintenance: −$1,744
• − Management: −$1,744
• − Depreciation: −$3,840
• Taxable income: $5,881
• Est. tax owed @ 24.0%: −$1,412
• After-tax cash flow: $6,307/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): 11,921

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 (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 6% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 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: ▼ -128.03%
• Current HPI: 185.3921
• 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

+252.0% since first listed

23 events — show timeline

• 2026-04-17 Listed $132,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-28 Sold (Public Records) — Public Records
• 2025-07-21 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2025-06-04 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-05-22 Price Changed $99,900 Heartland MLS as Distributed by MLS Grid
• 2025-04-02 Listed $107,000 Heartland MLS as Distributed by MLS Grid
• 2024-08-21 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-08-11 Listed $114,000 Heartland MLS as Distributed by MLS Grid
• 2024-08-07 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-07-27 Price Changed $116,000 Heartland MLS as Distributed by MLS Grid
• 2024-07-05 Price Changed $119,000 Heartland MLS as Distributed by MLS Grid
• 2024-06-19 Price Changed $124,900 Heartland MLS as Distributed by MLS Grid
• 2024-06-05 Listed $139,900 Heartland MLS as Distributed by MLS Grid
• 2023-05-01 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2023-03-22 Pending — Heartland MLS as Distributed by MLS Grid
• 2023-03-01 Listed $75,000 Heartland MLS as Distributed by MLS Grid
• 2017-08-15 Listed $44,900 Heartland MLS as Distributed by MLS Grid
• 2015-01-23 Listed $42,000 Heartland MLS as Distributed by MLS Grid
• 2014-07-14 Listed $40,000 Heartland MLS as Distributed by MLS Grid
• 2013-01-03 Sold (Public Records) — Public Records
• 2007-08-30 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2007-06-06 Listed $37,500 Heartland MLS as Distributed by MLS Grid
• 2001-04-30 Sold (Public Records) — Public Records

Property tax history

+1.5%/yr

Latest (2025): $540 · +6.5% YoY. Source: county tax records.