1206-1208 S 23rd St · St. Joseph, MO 64507

$77,999

4 bd · 4.0 ba · 1,358 sqft · MultiFamily public records · 90 Days on market

Built 1922 5,227 sqft lot Est $136k · 43% under ↓ 15% since listing

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great opportunity to own a duplex in a convenient location. Each unit features 1 bedroom and 1 bathroom. One unit is currently renting for $700/month on a month-to-month lease. While the other is rented at $650/month on an annual lease, offering immediate income potential. Landlord pays water, sewer, and trash. Don't miss out on this affordable and income-generating property!

Key facts

• 5,227 sq ft lot
• Garage
• Built 1922

🏷️ Possibly a rental listed for sale. The $77,999 price doesn't fit this home's estimated sale value (~$135,753) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $78k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $73k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.4% 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: 95 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $539 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,319 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1922 — 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: 1.76% ✓
• Cap rate: 15.37%
• Cash-on-cash: 32.40%
• DSCR: 2.44
• GRM: 4.7

CMA / ARV

• ARV (median comp): $135,753
• List price: $77,999
• Delta: -42.54%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 27.5%
• Equity multiple: 2.14×
• Total profit: $24,912
• Equity at exit: $11,630

10-year hold

• IRR: 35.0%
• Equity multiple: 4.21×
• Total profit: $70,023
• Equity at exit: $6,744

Cash invested: $21,840 (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 64507

• Active inventory: 95
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,369 high
• Mortgage (P&I): −$409
• Tax from tax record: −$50 /mo · $603/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $590

Break-even live

Break-even rent $623

Max offer price $77,999

Occupancy floor 52%

Sensitivity live

Price	-10% $634	-5% $612	+0% $590	+5% $568	+10% $546
Rent	-10% $482	-5% $536	+0% $590	+5% $644	+10% $698
Rate	-1.0pp $629	-0.5pp $610	base $590	+0.5pp $570	+1.0pp $549

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,368
Total (2 units)			$1,369

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1616 S 25th St Saint Joseph, MO	3.0	1.0	1500	$1,300	$0.87	44d	1	0.32mi
303 S 13th St St Joseph, MO	3.0	1.5	1000	$950	$0.95	44d	1	0.84mi

Listing history 21 events

1. 2026-06-18
   status $77,999 Pending 90 DOM
2. 2026-06-17
   days on market $77,999 Active 90 DOM
3. 2026-06-16
   days on market $77,999 Active 89 DOM
4. 2026-06-15
   days on market $77,999 Active 88 DOM
5. 2026-06-14
   days on market $77,999 Active 86 DOM
6. 2026-06-12
   pricedays on market $77,999 Active 85 DOM
7. 2026-06-09
   days on market $84,999 Active 82 DOM
8. 2026-06-08
   days on market $84,999 Active 81 DOM
9. 2026-06-07
   days on market $84,999 Active 80 DOM
10. 2026-06-03
    days on market $84,999 Active 76 DOM
11. 2026-06-02
    days on market $84,999 Active 75 DOM
12. 2026-06-01
    days on market $84,999 Active 74 DOM
13. 2026-05-31
    days on market $84,999 Active 73 DOM
14. 2026-05-30
    days on market $84,999 Active 72 DOM
15. 2026-04-13
    price $84,999 378-char remark

    Show marketing remark (378 chars)

    Great opportunity to own a duplex in a convenient location. Each unit features 1 bedroom and 1 bathroom. One unit is currently renting for $700/month on a month-to-month lease. While the other is rented at $650/month on an annual lease, offering immediate income potential. Landlord pays water, sewer, and trash. Don't miss out on this affordable and income-generating property!

16. 2026-04-13
    price $74,999 378-char remark

    Show marketing remark (378 chars)

    Great opportunity to own a duplex in a convenient location. Each unit features 1 bedroom and 1 bathroom. One unit is currently renting for $700/month on a month-to-month lease. While the other is rented at $650/month on an annual lease, offering immediate income potential. Landlord pays water, sewer, and trash. Don't miss out on this affordable and income-generating property!

17. 2026-03-19
    listed $89,900 Active 378-char remark

    Show marketing remark (378 chars)

    Great opportunity to own a duplex in a convenient location. Each unit features 1 bedroom and 1 bathroom. One unit is currently renting for $700/month on a month-to-month lease. While the other is rented at $650/month on an annual lease, offering immediate income potential. Landlord pays water, sewer, and trash. Don't miss out on this affordable and income-generating property!

18. 2025-08-31
    historical
19. 2025-06-25
    price $94,900
20. 2025-05-20
    listed $99,900 Active
21. 2021-11-30
    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: $603 · $50/mo
• Projected year-2 tax: $757 · $63/mo
• Expected delta: +$154/yr (+$13/mo · 25.5%)

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,428
• − Mortgage interest: −$4,369
• − Property taxes: −$603
• − Insurance: −$390
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$2,269
• Taxable income: $6,168
• Est. tax owed @ 24.0%: −$1,480
• After-tax cash flow: $5,596/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): 14,159

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 (81%)
• Race & ethnicity: White 81% Black 8% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% French/Haitian/Cajun 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: ▼ -121.49%
• Current HPI: 165.1511
• 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

-14.9% since first listed

7 events — show timeline

• 2026-04-13 Price Changed $84,999 Heartland MLS as Distributed by MLS Grid
• 2026-04-13 Price Changed $74,999 Heartland MLS as Distributed by MLS Grid
• 2026-03-19 Listed $89,900 Heartland MLS as Distributed by MLS Grid
• 2025-08-31 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-06-25 Price Changed $94,900 Heartland MLS as Distributed by MLS Grid
• 2025-05-20 Listed $99,900 Heartland MLS as Distributed by MLS Grid
• 2021-11-30 Sold (Public Records) — Public Records

Property tax history

+1.5%/yr

Latest (2025): $603 · +6.2% YoY. Source: county tax records.