1003-1005 W College St · Independence, MO 64050

$199,900

4 bd · 2.0 ba · 1,500 sqft · MultiFamily public records · 62 Days on market

Built 1950 6,869 sqft lot $133/sqft · 51% above area Est $212k · 6% under

---

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 +25.0/30.0
• ARV discount +10.1/15.0
• DSCR +8.2/10.0
• 1% rule +6.2/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• 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 MLS

1003–1005 College duplex meets the 1% rule with strong cash flow potential. Each unit has a private basement with separate entry. Each unit has 2 bedrooms and 1 bathroom. Unit 1005 basement is demoed and ready for 2 beds + bath—potential to convert to 4/2 for increased income. Located 2 blocks from the school with strong rental demand. Great value-add opportunity as seller pursues another venture. Schedule your showing today!

Key facts

• 6,869 sq ft lot
• Built 1950
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 5.0% in Independence — 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 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.8%/yr); 126 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $2,240/mo this rent would consume 55% of the median local household income ($49k/yr) (locally 972% 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.
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 29y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1950 — 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. Crime grade is F 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?
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: 1.12% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.37%
• DSCR: 1.42
• GRM: 7.4

CMA / ARV

• ARV (median comp): $212,160
• List price: $199,900
• Delta: -5.78%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.79% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,763
• Equity at exit: $29,806

10-year hold

• IRR: 9.2%
• Equity multiple: 1.73×
• Total profit: $40,928
• Equity at exit: $17,284

Cash invested: $55,972 (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 64050

• Home prices YoY: -15.5%
• Rents YoY: 3.8%
• Active inventory: 126
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,240 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$201 /mo · $2,413/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $437

Break-even live

Break-even rent $1,687

Max offer price $199,900

Occupancy floor 75%

Sensitivity live

Price	-10% $550	-5% $494	+0% $437	+5% $380	+10% $324
Rent	-10% $260	-5% $348	+0% $437	+5% $525	+10% $614
Rate	-1.0pp $538	-0.5pp $488	base $437	+0.5pp $385	+1.0pp $332

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,240
Total (2 units)			$2,240

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
182 Novak St Sugar Creek, MO	3.0	2.0	1350	$1,800	$1.33	18d	1	0.75mi
11323 E Thompson St Sugar Creek, MO	3.0	2.5	1794	$1,800	$1.00	13d	1	0.81mi
11500 E Anderson St Independence, MO	3.0	2.0	1200	$1,599	$1.33	18d	1	0.94mi
11709 E Winner Rd Independence, MO	3.0	1.5	1300	$1,195	$0.92	17d	1	0.96mi
1109 S Appleton Ave Independence, MO	3.0	2.0	1200	$1,195	$1.00	17d	1	1.23mi
1425 S Northern Blvd Independence, MO	3.0	1.5	1275	$1,200	$0.94	9d	1	1.27mi
2356 S Crysler Ave Independence, MO	3.0	2.0	1881	$1,653	$0.88	25d	1	1.43mi
2110 S Sterling Ave Independence, MO	3.0	2.0	1722	$1,849	$1.07	17d	1	1.45mi
10817 E 19th Ter S Independence, MO	3.0	1.0	1428	$1,801	$1.26	17d	1	1.48mi
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	25d	1	1.49mi
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	45d	1	1.49mi

Listing history 50 events

1. 2026-06-21
   days on market $199,900 Active 62 DOM
2. 2026-06-18
   days on market $199,900 Active 59 DOM
3. 2026-06-17
   days on market $199,900 Active 58 DOM
4. 2026-06-16
   days on market $199,900 Active 57 DOM
5. 2026-06-15
   days on market $199,900 Active 56 DOM
6. 2026-06-13
   days on market $199,900 Active 54 DOM
7. 2026-06-09
   days on market $199,900 Active 50 DOM
8. 2026-06-08
   days on market $199,900 Active 49 DOM
9. 2026-06-07
   days on market $199,900 Active 48 DOM
10. 2026-06-05
    days on market $199,900 Active 45 DOM
11. 2026-06-03
    days on market $199,900 Active 44 DOM
12. 2026-06-02
    days on market $199,900 Active 43 DOM
13. 2026-06-01
    days on market $199,900 Active 42 DOM
14. 2026-05-31
    days on market $199,900 Active 41 DOM
15. 2026-04-21
    listed $199,900 Active 441-char remark

    Show marketing remark (441 chars)

    1003–1005 College duplex meets the 1% rule with strong cash flow potential. Each unit has a private basement with separate entry. Each unit has 2 bedrooms and 1 bathroom. Unit 1005 basement is demoed and ready for 2 beds + bath—potential to convert to 4/2 for increased income. Located 2 blocks from the school with strong rental demand. Great value-add opportunity as seller pursues another venture. Schedule your showing today!

16. 2026-04-20
    historical $199,900 441-char remark

    Show marketing remark (441 chars)

    1003–1005 College duplex meets the 1% rule with strong cash flow potential. Each unit has a private basement with separate entry. Each unit has 2 bedrooms and 1 bathroom. Unit 1005 basement is demoed and ready for 2 beds + bath—potential to convert to 4/2 for increased income. Located 2 blocks from the school with strong rental demand. Great value-add opportunity as seller pursues another venture. Schedule your showing today!

17. 2026-03-06
    historical
18. 2026-01-21
    price $215,000
19. 2025-10-09
    historical
20. 2025-10-09
    historical
21. 2025-10-08
    listed $239,000 Active
22. 2023-11-21
    soldstatus
23. 2022-08-17
    soldstatus Closed
24. 2022-08-17
    soldstatus
25. 2022-06-08
    status Pending
26. 2022-05-27
    listed $195,000 Active
27. 2020-12-15
    soldstatus
28. 2020-12-04
    soldstatus Closed
29. 2020-11-05
    status Pending
30. 2020-10-27
    listed $163,500 Active
31. 2019-10-01
    soldstatus
32. 2019-09-30
    soldstatus Sold
33. 2019-08-02
    status Pending
34. 2019-06-28
    price $119,500
35. 2019-06-17
    listed $125,000 Active
36. 2017-08-22
    soldstatus
37. 2017-08-18
    soldstatus Sold
38. 2017-07-11
    status Pending
39. 2017-06-12
    status Active
40. 2017-06-01
    historical
41. 2017-05-11
    price $87,500
42. 2017-03-27
    price $89,000
43. 2016-12-12
    price $99,000
44. 2016-11-22
    listed $100,000 Active
45. 2008-01-23
    listed $105,000
46. 2006-09-28
    soldstatus
47. 2006-06-14
    listed $105,000
48. 2004-04-05
    soldstatus
49. 1997-12-02
    soldstatus
50. 1997-12-01
    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: $2,413 · $201/mo
• Projected year-2 tax: $2,413 · $201/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,880
• − Mortgage interest: −$11,198
• − Property taxes: −$2,413
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,150
• − Management: −$2,150
• − Depreciation: −$5,815
• Taxable income: $2,154
• Est. tax owed @ 24.0%: −$517
• After-tax cash flow: $4,727/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: Independence 30
• NCES district ID: 2915480
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $41,843
• Composite: 27.04/100
• National rank: #7054
• State rank: #252 of 324 in MO

Livability — Independence

• Score: 82/100
• State rank: #10
• US rank: #1296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, MO
• County: Jackson County · 687,798 people
• City population: 117,675
• Metro: Kansas City, MO-KS
• Population (ZIP): 21,079
• Household income: $48,834
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 972.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 719,589 people
• By 2030: 731,456 · +1.6%
• By 2040: 746,689 · +3.8%
• By 2050: 749,289 · +4.1%
• By 2075: 736,227 · +2.3%
• By 2100: 668,210 · -7.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Two or more races 9% Black 7% Pacific Islander 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Serbian 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Jackson

• 2024 margin: D (+19.3) · D 58.9% · R 39.5% · Other 1.6%
• 2008→2024 swing: -6.1pp toward R · 2008: 25.4pp · 2024: 19.3pp
• All cycles: 2024: D+19.3 2020: D+22.0 2016: D+16.6 2012: D+19.0 2008: D+25.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.24%
• Current HPI: 305.796
• Rent YoY: ▲ 3.79%
• 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

+257.0% since first listed

38 events — show timeline

• 2026-04-21 Listed $199,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-20 Coming Soon $199,900 Heartland MLS as Distributed by MLS Grid
• 2026-03-06 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-01-21 Price Changed $215,000 Heartland MLS as Distributed by MLS Grid
• 2025-10-09 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-10-09 Coming Soon — Heartland MLS as Distributed by MLS Grid
• 2025-10-08 Listed $239,000 Heartland MLS as Distributed by MLS Grid
• 2023-11-21 Sold (Public Records) — Public Records
• 2022-08-17 Sold (Public Records) — Public Records
• 2022-08-17 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-06-08 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-05-27 Listed $195,000 Heartland MLS as Distributed by MLS Grid
• 2020-12-15 Sold (Public Records) — Public Records
• 2020-12-04 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2020-11-05 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-10-27 Listed $163,500 Heartland MLS as Distributed by MLS Grid
• 2019-10-01 Sold (Public Records) — Public Records
• 2019-09-30 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2019-08-02 Pending — Heartland MLS as Distributed by MLS Grid
• 2019-06-28 Price Changed $119,500 Heartland MLS as Distributed by MLS Grid
• 2019-06-17 Listed $125,000 Heartland MLS as Distributed by MLS Grid
• 2017-08-22 Sold (Public Records) — Public Records
• 2017-08-18 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2017-07-11 Pending — Heartland MLS as Distributed by MLS Grid
• 2017-06-12 Relisted — Heartland MLS as Distributed by MLS Grid
• 2017-06-01 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2017-05-11 Price Changed $87,500 Heartland MLS as Distributed by MLS Grid
• 2017-03-27 Price Changed $89,000 Heartland MLS as Distributed by MLS Grid
• 2016-12-12 Price Changed $99,000 Heartland MLS as Distributed by MLS Grid
• 2016-11-22 Listed $100,000 Heartland MLS as Distributed by MLS Grid
• 2008-01-23 Listed $105,000 Heartland MLS as Distributed by MLS Grid
• 2006-09-28 Sold (Public Records) — Public Records
• 2006-06-14 Listed $105,000 Heartland MLS as Distributed by MLS Grid
• 2004-04-05 Sold (Public Records) — Public Records
• 1997-12-02 Sold (Public Records) — Public Records
• 1997-12-01 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 1997-09-29 Listed $56,000 Heartland MLS as Distributed by MLS Grid
• 1994-05-16 Sold (Public Records) — Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,413 · -9.8% YoY. Source: county tax records.