11122 E 20th St · Independence, MO 64052

$199,995

4 bd · 2.0 ba · 1,392 sqft · MultiFamily · 4 Days on market

Built 1955 Fair condition 6,098 sqft lot $144/sqft · 12% below area Est $227k · 12% under

---

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 +17.7/30.0
• ARV discount +12.9/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Livability +4.1/5.0
• Rent growth +3.9/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• 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

Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

Key facts

• Established area
• Convenient access
• Private entrance

Tags

• PRIVATE ENTRANCE
• DEDICATED LIVING SPACE
• SOLID RENTAL POTENTIAL
• CONVENIENT ACCESS
• ESTABLISHED AREA

Property features AI

Finance

• Other: Property age approximately 51–75 years; Two total units (both 2-bedroom, 1-bath; each unit has 4 rooms)
• Financial info: Gross annual income listed at $16,500; Operating expenses include maintenance, personal property tax, insurance, and real estate tax
• HOA & community: No association fees; No maintenance provided

Exterior

• Parking: Attached garage (total 2 parking spaces)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Individual heat and air; Independent water heaters; Separate meters
• Home design: Residential income duplex; Single-story; Zoning: R-12
• Construction: Brick construction; Composition roof
• Exterior features: Fenced yard

Interior

• Kitchen: Refrigerator; Free‑standing electric oven / Range
• Bedrooms: Two-bedroom units (two separate units, each 2 bedrooms)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; Electric cooling with window unit(s)
• Interior features: Applies to all units; Smoke detector(s)
• Laundry & utility: Laundry in basement; Independent water heaters; Separate meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive. Per door: $53/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (2.2% below list).
• Recommended offer: $196k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 5.0% in Independence — 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 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.4%/yr); 127 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• This rent runs 40% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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: flood insurance adds $56/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,500 (2.2% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.27%
• Cash-on-cash: 3.48%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (median comp): $227,039
• List price: $199,995
• Delta: -11.91%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11122 E 20th St	0.00mi	4/2.0	1,392 (0%)	0mo	$199,995	$144	100
2443 S Sterling Ave	0.53mi	4/—	1,500 (+8%)	4mo	$185,000	$123	58
11300 & 11302 E 15th St S	0.57mi	4/2.0	1,496 (+8%)	12mo	$199,950	$134	51

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 · 5.43% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.63×
• Total profit: $-20,647
• Equity at exit: $29,820

10-year hold

• IRR: 2.7%
• Equity multiple: 1.22×
• Total profit: $12,153
• 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 64052

• Home prices YoY: -34.6%
• Rents YoY: 5.4%
• Active inventory: 127
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $1,955 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $107

Break-even live

Break-even rent $1,820

Max offer price $199,995

Occupancy floor 90%

Sensitivity live

Price	-10% $245	-5% $176	+0% $107	+5% $38	+10% $-31
Rent	-10% $-48	-5% $30	+0% $107	+5% $184	+10% $261
Rate	-1.0pp $208	-0.5pp $158	base $107	+0.5pp $55	+1.0pp $2

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,956
Total (2 units)			$1,955

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: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2110 S Sterling Ave Independence, MO	3.0	2.0	1722	$1,849	$1.07	16d	1	0.03mi
2256 S Sterling Ave Independence, MO	3.0	1.5	1284	$1,399	$1.09	16d	1	0.13mi
10817 E 19th Ter S Independence, MO	3.0	1.0	1428	$1,801	$1.26	16d	1	0.21mi
11709 E Winner Rd Independence, MO	3.0	1.5	1300	$1,195	$0.92	16d	1	0.51mi
10323 E 20th St S Independence, MO	3.0	1.0	936	$1,400	$1.50	44d	1	0.53mi
10604 E 26th St S Independence, MO	3.0	1.0	1068	$1,610	$1.51	8d	1	0.65mi
1425 S Northern Blvd Independence, MO	3.0	1.5	1275	$1,200	$0.94	8d	1	0.65mi
1416 S Hardy Ave Independence, MO	5.0	2.0	1328	$1,625	$1.22	44d	1	0.83mi
1109 S Appleton Ave Independence, MO	3.0	2.0	1200	$1,195	$1.00	16d	1	0.96mi
2920 S Harvard Ave Unit A Independence, MO	4.0	2.5	1200	$1,650	$1.38	44d	1	1.00mi
9613 E 25th Ter S Independence, MO	3.0	1.0	1214	$1,545	$1.27	24d	1	1.12mi
3013 Mason Ave Independence, MO	4.0	2.0	1166	$1,900	$1.63	8d	1	1.13mi
2815 Collin St Independence, MO	4.0	2.0	1860	$1,800	$0.97	44d	1	1.28mi
10104 E Golf Ave Independence, MO	3.0	2.0	1205	$1,395	$1.16	15d	1	1.31mi
2702 S Glenwood Ave Independence, MO	3.0	1.0	1056	$1,555	$1.47	24d	1	1.39mi
1502 S Pleasant St Independence, MO	3.0	2.0	1200	$1,399	$1.17	44d	1	1.40mi
321 W South Ave Unit 11 Independence, MO	3.0	2.0	1000	$1,275	$1.27	21d	1	1.41mi
9528 E Winner Rd Independence, MO	1.0–3.0	1.0	730	$1,099	$1.51	44d	1	1.43mi
523 W Maple Ave Unit 2 A Independence, MO	3.0	2.0	964	$995	$1.03	44d	1	1.44mi
1404 S Osage St Independence, MO	4.0	2.0	1300	$1,750	$1.35	15d	1	1.49mi

Listing history 7 events

1. 2026-05-18
   status Pending 910-char remark
2. 2026-05-14
   listed $199,995 Active 910-char remark
3. 2019-08-22
   soldstatus Sold 193-char remark

   Show marketing remark (193 chars)

   Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

4. 2019-08-16
   status Pending 193-char remark

   Show marketing remark (193 chars)

   Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

5. 2019-08-03
   historical Contingent - Accepting Backup Offers 193-char remark

   Show marketing remark (193 chars)

   Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

6. 2019-07-20
   price $154,500 193-char remark

   Show marketing remark (193 chars)

   Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

7. 2019-07-12
   listed $154,900 Active 193-char remark

   Show marketing remark (193 chars)

   Kitchens and Baths Updated in 2016 and Roof was a Total Tear Off and Replaced at Owners Expense on July 01, 2019! All Brick Exterior, Windows and Trim Vinyl wrapped. Maintenance Free Exterior!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,460
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,666
• − Repairs & maintenance: −$1,877
• − Management: −$1,877
• − Depreciation: −$5,818
• Taxable loss: −$1,981
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $1,757/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to update the kitchens and bathrooms, which would significantly increase its value for both resale and rental purposes.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — basic and outdated

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters
• Both update bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters
• Both landscaping and curb appeal — improving the landscaping would enhance the home's curb appeal and attract more potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and outdated	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters ↑
• Both landscaping and curb appeal — improving the landscaping would enhance the home's curb appeal and attract more potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Independence 30
• NCES district ID: 2915480
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $41,843
• Composite: 27.04/100
• National rank: #7054
• State rank: #252 of 324 in MO

Livability — Independence

• Score: 82/100
• State rank: #10
• US rank: #1296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, MO
• County: Jackson County · 687,798 people
• City population: 117,675
• Metro: Kansas City, MO-KS
• Population (ZIP): 22,138
• Household income: $59,007
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 965.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 62% Hispanic / Latino 23% Two or more races 15% Black 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 12% Slovak 2% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 13% Other Asian/Pacific 1%

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: ▼ -160.06%
• Current HPI: 302.1124
• Rent YoY: ▲ 5.43%
• 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

+29.1% since first listed

8 events — show timeline

• 2026-06-05 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2026-05-18 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-05-14 Listed $199,995 Heartland MLS as Distributed by MLS Grid
• 2019-08-22 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2019-08-16 Pending — Heartland MLS as Distributed by MLS Grid
• 2019-08-03 Contingent — Heartland MLS as Distributed by MLS Grid
• 2019-07-20 Price Changed $154,500 Heartland MLS as Distributed by MLS Grid
• 2019-07-12 Listed $154,900 Heartland MLS as Distributed by MLS Grid