2808 S 23rd St · St. Joseph, MO 64503

$67,500

1 bd · 1.0 ba · 616 sqft · SingleFamily public records · 137 Days on market

Built 1907 9,000 sqft lot $110/sqft · 10% below area Est $75k · 10% under ↓ 4% since listing

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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 +20.9/30.0
• ARV discount +12.0/15.0
• DSCR +6.7/10.0
• 1% rule +4.6/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors! This one bedroom, one bathroom home was recently updated. It features a large yard and carport. Laundry hook-ups are present in the home. The home is currently occupied by long-term tenants. This turn-key property will make a great addition to any portfolio!

Key facts

• Large yard
• Carport
• Turn-key property

Tags

• LARGE YARD
• CARPORT
• LAUNDRY HOOK-UPS
• TURN-KEY PROPERTY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $65k (4.1% below list).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $467 of loan paydown is wiped out by about $2k 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.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 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 1907 — 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. 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• GRM: 8.7

CMA / ARV

• ARV (median comp): $74,917
• List price: $67,500
• Delta: -9.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 Garfield Ave	0.31mi	1/1.0	616 (0%)	3mo	$49,900	$81	83
2311 Atchison St	0.15mi	2/1.0 (+1)	660 (+7%)	13mo	$59,900	$91	65
2715 S 19th St	0.22mi	1/1.0	548 (-11%)	8mo	$58,900	$107	65
2720 S 23rd St	0.05mi	2/1.0 (+1)	556 (-10%)	17mo	$26,000	$47	62
2810 S 20th St	0.18mi	2/1.0 (+1)	706 (+15%)	17mo	$65,000	$92	48
1735 Commercial St	0.30mi	2/1.0 (+1)	684 (+11%)	23mo	$20,000	$29	43
4005 Paseo Dr	0.71mi	2/1.0 (+1)	560 (-9%)	22mo	$159,900	$286	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-4,981
• Equity at exit: $10,064

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $3,277
• Equity at exit: $5,836

Cash invested: $18,900 (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: 8.7×

Monthly cashflow live

• Estimated rent: $648 high
• Mortgage (P&I): −$354
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$136
• Net cashflow: $94

Break-even live

Break-even rent $529

Max offer price $67,500

Occupancy floor 81%

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Duncan St Unit 308 St Joseph, MO	—	1.0	440	$730	$1.66	44d	1	0.91mi
1300 S 11th St Unit 038 St Joseph, MO	—	1.0	485	$718	$1.48	44d	1	1.33mi
1300 S 11th St Apt 640 St Joseph, MO	—	1.0	438	$672	$1.53	44d	1	1.33mi
1300 S 11th St Apt 646 St Joseph, MO	—	1.0	417	$578	$1.39	44d	1	1.33mi
1300 S 11th St Unit 642 St Joseph, MO	—	1.0	417	$589	$1.41	44d	1	1.33mi
1300 S 11th St Apt 445 St Joseph, MO	—	1.0	417	$616	$1.48	44d	1	1.33mi
1300 S 11th St Apt 644 St Joseph, MO	—	1.0	417	$595	$1.43	44d	1	1.33mi
1300 S 11th St Saint Joseph, MO	—	1.0	417	$625	$1.50	44d	1	1.33mi

Listing history 14 events

1. 2026-06-09
   days on market $67,500 Active 137 DOM
2. 2026-06-08
   days on market $67,500 Active 136 DOM
3. 2026-06-07
   days on market $67,500 Active 135 DOM
4. 2026-06-03
   days on market $67,500 Active 131 DOM
5. 2026-06-02
   days on market $67,500 Active 130 DOM
6. 2026-06-01
   days on market $67,500 Active 129 DOM
7. 2026-05-31
   days on market $67,500 Active 128 DOM
8. 2026-05-30
   days on market $67,500 Active 127 DOM
9. 2026-03-11
   price $67,500 279-char remark

   Show marketing remark (279 chars)

   Attention investors! This one bedroom, one bathroom home was recently updated. It features a large yard and carport. Laundry hook-ups are present in the home. The home is currently occupied by long-term tenants. This turn-key property will make a great addition to any portfolio!

10. 2026-01-23
    listed $69,000 Active 279-char remark

    Show marketing remark (279 chars)

    Attention investors! This one bedroom, one bathroom home was recently updated. It features a large yard and carport. Laundry hook-ups are present in the home. The home is currently occupied by long-term tenants. This turn-key property will make a great addition to any portfolio!

11. 2025-03-29
    historical
12. 2024-12-06
    listed $70,000 Active
13. 2022-04-15
    price $575
14. 1977-04-05
    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: $428 · $36/mo
• Projected year-2 tax: $655 · $55/mo
• Expected delta: +$227/yr (+$19/mo · 53.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $7,771
• − Mortgage interest: −$3,781
• − Property taxes: −$428
• − Insurance: −$338
• − Repairs & maintenance: −$622
• − Management: −$622
• − Depreciation: −$1,964
• Taxable income: $18
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $1,122/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

-3.6% since first listed

6 events — show timeline

• 2026-03-11 Price Changed $67,500 Heartland MLS as Distributed by MLS Grid
• 2026-01-23 Listed $69,000 Heartland MLS as Distributed by MLS Grid
• 2025-03-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-12-06 Listed $70,000 Heartland MLS as Distributed by MLS Grid
• 2022-04-15 Price Changed $575 RENT.
• 1977-04-05 Sold (Public Records) — Public Records

Property tax history

+1.3%/yr

Latest (2025): $428 · +4.2% YoY. Source: county tax records.