1421 Penn St · St. Joseph, MO 64503

$199,995

12 bd · 10.0 ba · 2,455 sqft · MultiFamily public records · 126 Days on market

Built 1920 3,905 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

Key facts

• Natural light
• Corner lot
• 3,905 sq ft lot

Tags

• SEPARATE ELECTRIC METERS
• CORNER LOT
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2.5-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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 B — 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; 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 11y ago; this cycle's ask has dropped $49k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,995 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 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 1920 — 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: 1.66% ✓
• Cap rate: 14.19%
• Cash-on-cash: 28.21%
• DSCR: 2.26
• GRM: 5.0

CMA / ARV

• ARV (median comp): $125,494
• List price: $199,995
• Delta: 59.37%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.4%
• Equity multiple: 1.92×
• Total profit: $51,448
• Equity at exit: $29,820

10-year hold

• IRR: 30.4%
• Equity multiple: 3.73×
• Total profit: $152,776
• Equity at exit: $17,292

Cash invested: $55,999 (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: 20.1×

Monthly cashflow live

• Estimated rent: $3,312 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$168 /mo · $2,013/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$696
• Net cashflow: $1,317

Break-even live

Break-even rent $1,645

Max offer price $199,995

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2.5	$3,312
Total (4 units)			$3,312

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: $49,999
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-19
   days on market $199,995 Active 126 DOM
2. 2026-06-18
   days on market $199,995 Active 125 DOM
3. 2026-06-17
   days on market $199,995 Active 124 DOM
4. 2026-06-16
   days on market $199,995 Active 123 DOM
5. 2026-06-15
   days on market $199,995 Active 122 DOM
6. 2026-06-14
   days on market $199,995 Active 120 DOM
7. 2026-06-12
   pricedays on market $199,995 Active 119 DOM
8. 2026-06-09
   days on market $214,900 Active 116 DOM
9. 2026-06-08
   days on market $214,900 Active 115 DOM
10. 2026-06-07
    days on market $214,900 Active 114 DOM
11. 2026-06-03
    days on market $214,900 Active 110 DOM
12. 2026-06-02
    days on market $214,900 Active 109 DOM
13. 2026-06-01
    days on market $214,900 Active 108 DOM
14. 2026-05-31
    days on market $214,900 Active 107 DOM
15. 2026-05-30
    days on market $214,900 Active 106 DOM
16. 2026-05-07
    price $224,900 345-char remark

    Show marketing remark (345 chars)

    Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

17. 2026-04-06
    price $229,900 345-char remark

    Show marketing remark (345 chars)

    Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

18. 2026-04-06
    price $229,000 345-char remark

    Show marketing remark (345 chars)

    Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

19. 2026-03-16
    price $239,000 345-char remark

    Show marketing remark (345 chars)

    Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

20. 2026-02-13
    listed $249,000 Active 345-char remark

    Show marketing remark (345 chars)

    Lots of updates have been done to this all brick fourplex to get it ready to move into your portfolio. This property boasts separate electric meters with all electric units. Corner lot with little yard maintenance cuts back on overhead. The unites offer lots of natural light and gives them a very roomy feel. Put this one on your must see list.

21. 2025-11-05
    historical
22. 2025-07-21
    price $239,000
23. 2025-06-19
    price $249,000
24. 2025-06-10
    listed $259,000 Active
25. 2024-05-30
    historical $775
26. 2024-05-18
    listed $775
27. 2024-03-22
    historical $800
28. 2024-03-18
    listed $800
29. 2024-02-09
    historical
30. 2024-02-06
    price $149,000
31. 2024-02-06
    status Active
32. 2024-01-14
    status Pending
33. 2023-11-13
    status Active
34. 2023-11-07
    historical Active Under Contract
35. 2023-10-24
    price $160,000
36. 2023-10-17
    price $174,000
37. 2023-10-03
    status Active
38. 2023-09-21
    status Pending
39. 2023-09-15
    price $179,000
40. 2023-08-28
    listed $185,000 Active
41. 2021-07-15
    soldstatus Closed
42. 2021-07-15
    soldstatus
43. 2021-05-12
    soldstatus
44. 2021-04-15
    status Pending
45. 2020-12-22
    status Active
46. 2020-10-16
    status Pending
47. 2020-10-14
    status Active
48. 2020-07-24
    status Pending
49. 2020-07-17
    status Pending
50. 2020-06-23
    status Active

ⓘ 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: $2,013 · $168/mo
• Projected year-2 tax: $2,013 · $168/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 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,744
• − Mortgage interest: −$11,203
• − Property taxes: −$2,013
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,180
• − Management: −$3,180
• − Depreciation: −$5,818
• Taxable income: $13,351
• Est. tax owed @ 24.0%: −$3,204
• After-tax cash flow: $12,595/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

+150.2% since first listed

38 events — show timeline

• 2026-05-07 Price Changed $224,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $229,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $229,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $239,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-13 Listed $249,000 Heartland MLS as Distributed by MLS Grid
• 2025-11-05 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-07-21 Price Changed $239,000 Heartland MLS as Distributed by MLS Grid
• 2025-06-19 Price Changed $249,000 Heartland MLS as Distributed by MLS Grid
• 2025-06-10 Listed $259,000 Heartland MLS as Distributed by MLS Grid
• 2024-05-30 Rental Removed $775 RENT.
• 2024-05-18 Listed for Rent $775 RENT.
• 2024-03-22 Rental Removed $800 HMLS
• 2024-03-18 Listed for Rent $800 HMLS
• 2024-02-09 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-02-06 Price Changed $149,000 Heartland MLS as Distributed by MLS Grid
• 2024-02-06 Relisted — Heartland MLS as Distributed by MLS Grid
• 2024-01-14 Pending — Heartland MLS as Distributed by MLS Grid
• 2023-11-13 Relisted — Heartland MLS as Distributed by MLS Grid
• 2023-11-07 Contingent — Heartland MLS as Distributed by MLS Grid
• 2023-10-24 Price Changed $160,000 Heartland MLS as Distributed by MLS Grid
• 2023-10-17 Price Changed $174,000 Heartland MLS as Distributed by MLS Grid
• 2023-10-03 Relisted — Heartland MLS as Distributed by MLS Grid
• 2023-09-21 Pending — Heartland MLS as Distributed by MLS Grid
• 2023-09-15 Price Changed $179,000 Heartland MLS as Distributed by MLS Grid
• 2023-08-28 Listed $185,000 Heartland MLS as Distributed by MLS Grid
• 2021-07-15 Sold (Public Records) — Public Records
• 2021-07-15 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2021-05-12 Sold (Public Records) — Public Records
• 2021-04-15 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-12-22 Relisted — Heartland MLS as Distributed by MLS Grid
• 2020-10-16 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-10-14 Relisted — Heartland MLS as Distributed by MLS Grid
• 2020-07-24 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-07-17 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-06-23 Relisted — Heartland MLS as Distributed by MLS Grid
• 2020-03-18 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2019-05-28 Listed $123,025 Heartland MLS as Distributed by MLS Grid
• 2015-02-27 Listed $89,900 Heartland MLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $2,013 · +7.4% YoY. Source: county tax records.