405 SW Hoke Ln · Lee's Summit, MO 64081

$550,000

4 bd · 3.0 ba · 2,968 sqft · MultiFamily public records · 3 Days on market

Built 1996 0.26 ac lot $159/mo HOA · 12% of rent

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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 +27.0/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.6/10.0
• Rent growth +2.8/5.0
• Livability +2.5/5.0
• 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: 5 units. estimate disagrees with records

Listing remarks MLS

SHOW 417 HOKE LN-Exceptionally nice 1 1/2 story duplex-2 car garages-vaulted great room ceilings-upscaled single family home neighborhood-open/modern/spacious-great owner occupant rental property-walk to shopping, bank or restaurants. (HOA provides lawn mowing & snow removal)

Key facts

• Walk to dining
• Walk to pharmacy
• Completely remodeled

Tags

• LARGE MASTER ON THE MAIN
• COMPLETELY REMODELED
• WALK TO SHOPPING
• WALK TO DINING
• WALK TO PHARMACY

Property features AI

Finance

• Other: Property contains 2 total units; both unit types are 4+ bedrooms with 2 baths and approximately 1,750 per unit; Current occupancy over 95%; Age approximately 21–30 years
• Financial info: Gross income reported at $40,800; Operating expenses include property management and other items
• HOA & community: Cedar Creek association; Annual association fee of $1,906; Maintenance provided (lawn and snow removal)

Exterior

• Parking: Attached garage providing 2 parking spaces
• Utilities: Public water; Public sewer; Metro Free telecom service
• Home design: Duplex (residential income property); R-2 zoning; Two stories
• Construction: Brick trim and frame construction; Composition roof
• Exterior features: Lot maintained with lawn and snow removal provided; Not in a flood plain

Interior

• Kitchen: Standard kitchen appliances included (specific appliance list not provided)
• Bedrooms: Each unit has 4+ bedrooms
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Two-story layout; Individual heating and air systems for units; Individual water heaters
• Laundry & utility: Individual water heaters (one per unit)

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/?-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $550k).
• Cap rate 9.7% vs local median 2.6% in Lee's Summit — 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.
• Lee'S Summit R-VII (suburban): math 46% / reading 55% proficiency, ranked #23 of 324 in MO (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Hazel Grove Elem. (math 39% / reading 51%, grade D-, #410 of 1,115 statewide, top 37%, 341 students, 20% FRL); Lee'S Summit Sr. High (math 31% / reading 66%, grade D, #147 of 521 statewide, top 29%, 1,920 students, 21% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 213 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $6,621/mo this rent would consume 78% of the median local household income ($102k/yr) (locally 1274% 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 $4k of loan paydown is wiped out by about $16k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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.

Recommended offer $550,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.04%
• DSCR: 1.54
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.23% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-2,243
• Equity at exit: $82,007

10-year hold

• IRR: 7.4%
• Equity multiple: 1.51×
• Total profit: $79,033
• Equity at exit: $47,554

Cash invested: $154,000 (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 64081

• Rents YoY: 1.2%
• Active inventory: 213
• Price-to-rent: 34.6×

Monthly cashflow live

• Estimated rent: $6,621 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$413 /mo · $4,951/yr
• Insurance: −$229
• HOA: −$159
• Vacancy / Maint / Mgmt: −$1,390
• Net cashflow: $1,546

Break-even live

Break-even rent $4,665

Max offer price $550,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	—	$6,620
Total (5 units)			$6,621

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
709 SW 7th St Lees Summit, MO	4.0	2.0	2400	$2,400	$1.00	43d	1	0.55mi
305 SW Ensley Ln Lees Summit, MO	3.0	2.5	2090	$1,875	$0.90	23d	1	0.57mi
1240 SW Crossing Dr Lees Summit, MO	4.0	2.0	2261	$2,729	$1.21	3d	1	0.84mi
1402 SW Winthrop Dr Lee's Summit, MO	4.0	3.0	2278	$3,000	$1.32	43d	1	1.06mi
1408 SW Winthrop Dr Lee's Summit, MO	4.0	3.0	2278	$3,100	$1.36	7d	1	1.08mi
1414 SW Winthrop Dr Lee's Summit, MO	4.0	3.0	2278	$3,100	$1.36	7d	1	1.10mi
1306 SW Walnut St Lees Summit, MO	4.0	3.5	2106	$2,325	$1.10	16d	1	1.10mi
1420 SW Winthrop Dr Lee's Summit, MO	4.0	3.0	2278	$3,100	$1.36	7d	1	1.11mi
1424 SW Winthrop Ter Lees Summit, MO	4.0	3.0	2278	$3,100	$1.36	4d	1	1.13mi
1442 SW Winthrop Ter Lees Summit, MO	4.0	3.0	2278	$3,000	$1.32	43d	1	1.18mi
1450 SW Winthrop Dr Lee's Summit, MO	4.0	3.0	2278	$3,000	$1.32	43d	1	1.20mi

HOA detail

• Monthly dues: $159 · $1,908/yr
• Likely covers: snow removal

Listing history 4 events

1. 2026-06-18
   days on market $550,000 Active 3 DOM
2. 2026-06-17
   statusdays on market $550,000 Active 2 DOM
3. 2026-06-13
   remarks 371-char remark
4. 2026-06-13
   listed $550,000 Pending 1 DOM

ⓘ 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: $4,951 · $413/mo
• Projected year-2 tax: $5,335 · $445/mo
• Expected delta: +$384/yr (+$32/mo · 7.8%)

ⓘ 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 3/10 Moderate
• 🌡 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 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $79,452
• − Mortgage interest: −$30,809
• − Property taxes: −$4,951
• − Insurance: −$2,750
• − Repairs & maintenance: −$6,356
• − Management: −$6,356
• − HOA: −$1,908
• − Depreciation: −$16,000
• Taxable income: $10,322
• Est. tax owed @ 24.0%: −$2,477
• After-tax cash flow: $16,070/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: Lee'S Summit R-VII
• NCES district ID: 2918300
• Math proficiency: 46% ▼ -12.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $77,031
• Composite: 45.75/100
• National rank: #2570
• State rank: #23 of 324 in MO

Livability — Lee's Summit

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lee's Summit, MO
• County: Jackson County · 687,798 people
• City population: 86,407
• Metro: Kansas City, MO-KS
• Population (ZIP): 25,305
• Household income: $102,119
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 1274.0

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 (75%)
• Race & ethnicity: White 75% Black 12% Two or more races 7% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -196.30%
• Current HPI: 233.9425
• Rent YoY: ▲ 1.23%
• 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

+120.1% since first listed

9 events — show timeline

• 2026-06-12 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-06-11 Listed $550,000 Heartland MLS as Distributed by MLS Grid
• 2005-08-16 Sold (Public Records) — Public Records
• 2005-08-12 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2005-04-11 Listed $279,900 Heartland MLS as Distributed by MLS Grid
• 2003-03-04 Sold (Public Records) — Public Records
• 2003-03-03 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2003-02-01 Listed $249,900 Heartland MLS as Distributed by MLS Grid
• 1995-07-06 Sold (Public Records) — Public Records

Property tax history

+4.7%/yr

Latest (2025): $4,951 · +5.4% YoY. Source: county tax records.