1360 E Locust St · Springfield, MO 65803

$160,000

4 bd · 2.0 ba · 1,288 sqft · MultiFamily public records · 176 Days on market

Built 1938 0.34 ac lot Est $186k · 14% under

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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 +29.3/30.0
• ARV discount +13.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• 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

Great investment duplex close to Evangel University. Each unit has two bedrooms, one bathroom, and central HVAC. The unit in the back has a one car attached garage.

Key facts

• Central hvac
• Attached garage
• Investment duplex

Tags

• INVESTMENT DUPLEX
• CENTRAL HVAC
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive. Per door: $281/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 4.6% in Springfield — 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 75/100 on livability (#57 in MO, #4,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Springfield R-XII (urban): math 32% / reading 46% proficiency, ranked #174 of 324 in MO (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 394 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,302 units permitted in Greene County in 2024 (250 in 5+ unit buildings).
• At $1,945/mo this rent would consume 46% of the median local household income ($51k/yr) (locally 1305% 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 $5k of value loss. Plan a longer hold.
• Greene County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% 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 1938 — 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: 1.22% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.04%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

• ARV (median comp): $186,201
• List price: $160,000
• Delta: -14.07%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $12,230
• Equity at exit: $23,857

10-year hold

• IRR: 17.2%
• Equity multiple: 2.49×
• Total profit: $66,817
• Equity at exit: $13,834

Cash invested: $44,800 (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 65803

• Home prices YoY: -29.8%
• Rents YoY: 4.2%
• Active inventory: 394
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $1,945 high
• Mortgage (P&I): −$839
• Tax from tax record: −$69 /mo · $834/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $561

Break-even live

Break-even rent $1,234

Max offer price $160,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,944
Total (2 units)			$1,945

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1339 E Division St Springfield, MO	3.0	2.0	1186	$1,350	$1.14	23d	1	0.10mi
1636 N National Ave Springfield, MO	3.0	1.5	1000	$995	$0.99	44d	1	0.24mi
1442 N Texas Ave Springfield, MO	3.0	2.0	1626	$1,400	$0.86	44d	1	0.47mi
1439 N Texas Ave Springfield, MO	4.0	2.0	1608	$1,195	$0.74	44d	1	0.50mi
916 N Pickwick Ave Springfield, MO	4.0	3.0	1827	$1,700	$0.93	13d	1	0.64mi
2153 N National Ave Springfield, MO	3.0	1.0	1163	$1,195	$1.03	13d	1	0.71mi
2221 N Weller Ave Springfield, MO	3.0	2.0	1215	$1,395	$1.15	13d	1	0.73mi
1530 N Robberson Ave Springfield, MO	3.0	2.0	1122	$1,425	$1.27	44d	1	1.07mi
2323 E Division St Springfield, MO	4.0	2.0	1156	$1,495	$1.29	23d	1	1.23mi
STE Springfield, MO	3.0	2.0	1477	$1,600	$1.08	13d	2	1.38mi

Listing history 22 events

1. 2026-06-18
   days on market $160,000 Active 176 DOM
2. 2026-06-17
   days on market $160,000 Active 175 DOM
3. 2026-06-16
   days on market $160,000 Active 174 DOM
4. 2026-06-15
   days on market $160,000 Active 173 DOM
5. 2026-06-14
   days on market $160,000 Active 171 DOM
6. 2026-06-10
   days on market $160,000 Active 168 DOM
7. 2026-06-09
   days on market $160,000 Active 167 DOM
8. 2026-06-08
   days on market $160,000 Active 166 DOM
9. 2026-06-07
   days on market $160,000 Active 165 DOM
10. 2026-06-03
    days on market $160,000 Active 161 DOM
11. 2026-06-02
    days on market $160,000 Active 160 DOM
12. 2026-06-01
    days on market $160,000 Active 159 DOM
13. 2026-05-31
    days on market $160,000 Active 158 DOM
14. 2026-05-30
    days on market $160,000 Active 157 DOM
15. 2026-02-03
    status Active 164-char remark

    Show marketing remark (164 chars)

    Great investment duplex close to Evangel University. Each unit has two bedrooms, one bathroom, and central HVAC. The unit in the back has a one car attached garage.

16. 2026-01-17
    status Pending 164-char remark

    Show marketing remark (164 chars)

    Great investment duplex close to Evangel University. Each unit has two bedrooms, one bathroom, and central HVAC. The unit in the back has a one car attached garage.

17. 2025-12-06
    listed $160,000 Active 164-char remark

    Show marketing remark (164 chars)

    Great investment duplex close to Evangel University. Each unit has two bedrooms, one bathroom, and central HVAC. The unit in the back has a one car attached garage.

18. 2025-05-21
    status Active
19. 2025-05-09
    historical
20. 2024-11-08
    listed $179,900 Active
21. 2021-09-21
    soldstatus
22. 2021-08-19
    listed $79,900

ⓘ 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: $834 · $69/mo
• Projected year-2 tax: $1,552 · $129/mo
• Expected delta: +$718/yr (+$60/mo · 86.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 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: $23,340
• − Mortgage interest: −$8,962
• − Property taxes: −$834
• − Insurance: −$800
• − Repairs & maintenance: −$1,867
• − Management: −$1,867
• − Depreciation: −$4,655
• Taxable income: $4,355
• Est. tax owed @ 24.0%: −$1,045
• After-tax cash flow: $5,691/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: Springfield R-XII
• NCES district ID: 2928860
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $37,886
• Composite: 32.45/100
• National rank: #5717
• State rank: #174 of 324 in MO

Livability — Springfield

• Score: 75/100
• State rank: #57
• US rank: #4121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MO
• County: Greene County · 244,327 people
• City population: 223,044
• Metro: Springfield, MO
• Population (ZIP): 42,882
• Household income: $50,572
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1305.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 319,054 people
• By 2030: 335,135 · +5.0%
• By 2040: 366,186 · +14.8%
• By 2050: 397,431 · +24.6%
• By 2075: 477,035 · +49.5%
• By 2100: 520,828 · +63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Greene

• 2024 margin: Strong R (+20.8) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -5.0pp toward R · 2008: -15.8pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+20.1 2016: R+27.4 2012: R+24.4 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.08%
• Current HPI: 205.0439
• Rent YoY: ▲ 4.24%
• Metro: Springfield, 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

+100.3% since first listed

8 events — show timeline

• 2026-02-03 Relisted — SOMO
• 2026-01-17 Pending — SOMO
• 2025-12-06 Listed $160,000 SOMO
• 2025-05-21 Relisted — SOMO
• 2025-05-09 Delisted — SOMO
• 2024-11-08 Listed $179,900 SOMO
• 2021-09-21 Sold (MLS) — SOMO
• 2021-08-19 Listed $79,900 SOMO

Property tax history

+6.6%/yr

Latest (2025): $834 · +44.3% YoY. Source: county tax records.