408 E Main Unit 1 & 2 St · Smithville, MO 64089

$359,000

2 bd · 1.0 ba · 2,352 sqft · MultiFamily public records · 62 Days on market

Built 1992 0.46 ac lot $153/sqft · 20% above area Est $446k · 19% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.5/30.0
• Schools +4.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.7/10.0
• 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

Awesome income property or owner occupant. Live in one side and rent the other. Presently unit 1 is an airbnb with great income and unit 2 is a long term rental. Awesome location to walk to town, enjoy the lake activities, shop etc. Documentation available to interested parties on long term and short term.

Key facts

• Long term rental
• Great location
• Lake activities

Tags

• INCOME PROPERTY
• AIRBNB
• LONG TERM RENTAL
• GREAT LOCATION
• LAKE ACTIVITIES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $-497 ($-6k/yr) — negative. Per door: $-248/mo.
• To cash-flow at today's rent, offer at most $271k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (33.1% below list).
• Recommended offer: $240k (33.1% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.3% in Smithville — 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 67/100 on livability (#230 in MO) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Smithville R-II (suburban): math 53% / reading 54% proficiency, ranked #20 of 324 in MO (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 341 units permitted in Clay County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Clay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $56k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $240,000 (33.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.67% ✗
• Cap rate: 4.82%
• Cash-on-cash: -5.26%
• DSCR: 0.77
• GRM: 12.5

CMA / ARV

• ARV (median comp): $445,811
• List price: $359,000
• Delta: -19.47%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -26.5%
• Equity multiple: 0.11×
• Total profit: $-89,814
• Equity at exit: $53,528

10-year hold

• IRR: -23.7%
• Equity multiple: -0.18×
• Total profit: $-119,002
• Equity at exit: $31,040

Cash invested: $100,520 (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 64089

• Home prices YoY: -22.4%
• Active inventory: 156
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $2,400 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$305 /mo · $3,657/yr
• Insurance: −$150
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-497

Break-even live

Break-even rent $3,028

Max offer price $271,290

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,400
Total (2 units)			$2,400

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Sumac St Smithville, MO	3.0	2.5	2528	$2,399	$0.95	23d	1	1.24mi

Listing history 25 events

1. 2026-06-18
   days on market $359,000 Active 62 DOM
2. 2026-06-17
   days on market $359,000 Active 61 DOM
3. 2026-06-16
   days on market $359,000 Active 60 DOM
4. 2026-06-15
   pricedays on market $359,000 Active 59 DOM
5. 2026-06-13
   days on market $394,900 Active 57 DOM
6. 2026-06-09
   days on market $394,900 Active 53 DOM
7. 2026-06-08
   days on market $394,900 Active 52 DOM
8. 2026-06-07
   days on market $394,900 Active 51 DOM
9. 2026-06-05
   days on market $394,900 Active 48 DOM
10. 2026-06-03
    days on market $394,900 Active 47 DOM
11. 2026-06-02
    pricedays on market $394,900 Active 46 DOM
12. 2026-06-01
    days on market $405,000 Active 45 DOM
13. 2026-05-31
    days on market $405,000 Active 44 DOM
14. 2026-04-29
    price $405,000 307-char remark

    Show marketing remark (307 chars)

    Awesome income property or owner occupant. Live in one side and rent the other. Presently unit 1 is an airbnb with great income and unit 2 is a long term rental. Awesome location to walk to town, enjoy the lake activities, shop etc. Documentation available to interested parties on long term and short term.

15. 2026-04-17
    listed $415,000 Active 307-char remark

    Show marketing remark (307 chars)

    Awesome income property or owner occupant. Live in one side and rent the other. Presently unit 1 is an airbnb with great income and unit 2 is a long term rental. Awesome location to walk to town, enjoy the lake activities, shop etc. Documentation available to interested parties on long term and short term.

16. 2012-11-19
    historical
17. 2012-05-29
    listed $130,000
18. 2006-09-18
    soldstatus
19. 2006-09-18
    soldstatus
20. 2001-06-21
    soldstatus
21. 2001-06-20
    soldstatus
22. 2001-05-12
    listed $79,500
23. 2000-04-03
    soldstatus
24. 2000-04-03
    soldstatus
25. 1999-12-17
    listed $69,500

ⓘ 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: $3,657 · $305/mo
• Projected year-2 tax: $3,657 · $305/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 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,800
• − Mortgage interest: −$20,110
• − Property taxes: −$3,657
• − Insurance: −$2,462
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − Depreciation: −$10,444
• Taxable loss: −$12,480
• Est. tax savings @ 24.0%: +$2,995
• After-tax cash flow: $-2,963/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: Smithville R-II
• NCES district ID: 2928410
• Math proficiency: 53% ▼ -3.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $74,017
• Composite: 47.98/100
• National rank: #2202
• State rank: #20 of 324 in MO

Livability — Smithville

• Score: 67/100
• State rank: #230
• US rank: #11187

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Smithville, MO
• Population (ZIP): 14,060

Population outlook (Clay County) Hauer SSP2

• Today (2025): 266,022 people
• By 2030: 280,057 · +5.3%
• By 2040: 306,153 · +15.1%
• By 2050: 328,630 · +23.5%
• By 2075: 375,182 · +41.0%
• By 2100: 392,861 · +47.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Italian 4% Lithuanian 3% Serbian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Clay

• 2024 margin: Lean R (+5.6) · D 46.4% · R 52.0% · Other 1.6%
• 2008→2024 swing: -4.9pp toward R · 2008: -0.7pp · 2024: -5.6pp
• All cycles: 2024: R+5.6 2020: R+4.1 2016: R+11.1 2012: R+8.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.29%
• Current HPI: 246.8707
• 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

+482.7% since first listed

12 events — show timeline

• 2026-04-29 Price Changed $405,000 Heartland MLS as Distributed by MLS Grid
• 2026-04-17 Listed $415,000 Heartland MLS as Distributed by MLS Grid
• 2012-11-19 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2012-05-29 Listed $130,000 Heartland MLS as Distributed by MLS Grid
• 2006-09-18 Sold (Public Records) — Public Records
• 2006-09-18 Sold (Public Records) — Public Records
• 2001-06-21 Sold (Public Records) — Public Records
• 2001-06-20 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2001-05-12 Listed $79,500 Heartland MLS as Distributed by MLS Grid
• 2000-04-03 Sold (Public Records) — Public Records
• 2000-04-03 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 1999-12-17 Listed $69,500 Heartland MLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $3,657 · +7.2% YoY. Source: county tax records.