11204-11206 College Ave · Kansas City, MO 64137

$395,000

6 bd · 3.0 ba · 3,778 sqft · MultiFamily public records · 22 Days on market

Built 1974 0.32 ac lot Est $325k · 22% over

---

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).

• Cash flow +22.0/30.0
• DSCR +7.1/10.0
• 1% rule +5.1/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• 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

11204 is Vacant, 11206 is Sect. 8 Occupied. Brand New Carpet & Kitch. Counters in 11204. Units have Vaulted Ceilings, Stone Fireplace, Walk-Out, Finished Basements, 3 good sized Bedrooms. 11206 had New furnace, AC replaced in 2001. New Furnace and AC replaced in 11206 within last 3 years. Ready to receive cash flow on! Walk to IHOP-KC!

Key facts

• Spacious layouts
• Quiet cul-de-sac
• Major updates

Tags

• FULLY REMODELED DUPLEX
• SPACIOUS LAYOUTS
• VAULTED CEILINGS
• MAJOR UPDATES
• QUIET CUL-DE-SAC
• LARGE SHED

Property features AI

Finance

• Other: Zoned R-2; Inside city limits
• Financial info: Gross income reported at $45,240; Operating expenses include maintenance, insurance, and real estate taxes; Estimated property age: 51-75 years; Property tax noted (amount withheld from detailed display)
• HOA & community: No association fees

Exterior

• Parking: Garage parking; Off-street parking
• Security: No security details provided
• Utilities: Public water; Public sewer; High-speed internet available
• Home design: Duplex residential income property; Two-story building
• Construction: Board & batten, vinyl, and wood siding; Composition roof
• Exterior features: Not in a flood plain

Interior

• Kitchen: No appliance details provided
• Bedrooms: Two units with 4+ bedrooms each; Additional unit types listed as 3-bedroom in summary
• Flooring: No flooring details provided
• Bathrooms: Each 4+ bedroom unit has 2 bathrooms; One unit includes an extra half bathroom
• Heating & cooling: Forced air heat; Electric cooling (central cooling available)
• Interior features: Individual heating and air for units; Forced air heating
• Laundry & utility: Laundry room located in the basement

What this means for you Summary

Snapshot

• This is a 1×4bd/2.2ba + 1×5bd/2.2ba units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $395k).
• Recommended offer: $389k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.9% in Kansas City — 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 78/100 on livability (#28 in MO, #2,671 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime F.
• Hickman Mills C-1 (urban): math 8% / reading 18% proficiency, ranked #314 of 324 in MO (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.3%/yr); 58 active listings in the ZIP; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $3,979/mo this rent would consume 72% of the median local household income ($66k/yr) (locally 356% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $111k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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.

Recommended offer $389,075 (1.5% 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. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.01% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.86%
• DSCR: 1.31
• GRM: 8.3

CMA / ARV

• ARV (median comp): $324,626
• List price: $395,000
• Delta: 21.68%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-5,749
• Equity at exit: $58,896

10-year hold

• IRR: 12.3%
• Equity multiple: 2.15×
• Total profit: $127,692
• Equity at exit: $34,152

Cash invested: $110,600 (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 64137

• Rents YoY: 7.3%
• Active inventory: 58
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $3,979 medium
• Mortgage (P&I): −$2,071
• Tax from tax record: −$276 /mo · $3,307/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $632

Break-even live

Break-even rent $3,179

Max offer price $395,000

Occupancy floor 79%

Sensitivity live

Price	-10% $855	-5% $744	+0% $632	+5% $520	+10% $408
Rent	-10% $317	-5% $475	+0% $632	+5% $789	+10% $946
Rate	-1.0pp $831	-0.5pp $732	base $632	+0.5pp $529	+1.0pp $425

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

Units	Beds	Baths	Est. rent
1× unit	4	2.2	$1,899
1× unit	5	2.2	$2,080
Total (2 units)			$3,979

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-04
   listed $395,000 Active 1924-char remark
2. 2025-08-10
   historical
3. 2025-08-05
   price $1,155,000
4. 2025-07-21
   listed $1,195,000 Active
5. 2022-06-22
   price $1,500
6. 2017-05-10
   soldstatus
7. 2013-03-08
   soldstatus
8. 2011-06-30
   historical

   Show marketing remark (346 chars)

   11204 is Vacant, 11206 is Sect. 8 Occupied. Brand New Carpet & Kitch. Counters in 11204. Units have Vaulted Ceilings, Stone Fireplace, Walk-Out, Finished Basements, 3 good sized Bedrooms. 11206 had New furnace, AC replaced in 2001. New Furnace and AC replaced in 11206 within last 3 years. Ready to receive cash flow on! Walk to IHOP-KC!

9. 2010-12-30
   listed $119,900

   Show marketing remark (346 chars)

   11204 is Vacant, 11206 is Sect. 8 Occupied. Brand New Carpet & Kitch. Counters in 11204. Units have Vaulted Ceilings, Stone Fireplace, Walk-Out, Finished Basements, 3 good sized Bedrooms. 11206 had New furnace, AC replaced in 2001. New Furnace and AC replaced in 11206 within last 3 years. Ready to receive cash flow on! Walk to IHOP-KC!

10. 1999-07-01
    soldstatus
11. 1999-06-30
    soldstatus
12. 1999-04-29
    listed $95,000
13. 1990-11-12
    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: $3,307 · $276/mo
• Projected year-2 tax: $3,832 · $319/mo
• Expected delta: +$525/yr (+$44/mo · 15.9%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $47,748
• − Mortgage interest: −$22,126
• − Property taxes: −$3,307
• − Insurance: −$1,975
• − Repairs & maintenance: −$3,820
• − Management: −$3,820
• − Depreciation: −$11,491
• Taxable income: $1,209
• Est. tax owed @ 24.0%: −$290
• After-tax cash flow: $7,292/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: Hickman Mills C-1
• NCES district ID: 2914340
• Math proficiency: 8% ▼ -8.00%
• Reading proficiency: 18% ▼ -4.00%
• Median HH income: $40,908
• Composite: 11.2/100
• National rank: #9725
• State rank: #314 of 324 in MO

Livability — Kansas City

• Score: 78/100
• State rank: #28
• US rank: #2671

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kansas City, MO
• County: Jackson County · 687,798 people
• City population: 439,467
• Metro: Kansas City, MO-KS
• Population (ZIP): 9,422
• Household income: $66,036
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 356.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 7% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 3% Romanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 3% Arabic 3% French/Haitian/Cajun 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: ▼ -145.45%
• Current HPI: 255.0556
• Rent YoY: ▲ 7.33%
• 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

+315.8% since first listed

14 events — show timeline

• 2026-05-26 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-05-04 Listed $395,000 Heartland MLS as Distributed by MLS Grid
• 2025-08-10 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-08-05 Price Changed $1,155,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-21 Listed $1,195,000 Heartland MLS as Distributed by MLS Grid
• 2022-06-22 Price Changed $1,500 RENT.
• 2017-05-10 Sold (Public Records) — Public Records
• 2013-03-08 Sold (Public Records) — Public Records
• 2011-06-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2010-12-30 Listed $119,900 Heartland MLS as Distributed by MLS Grid
• 1999-07-01 Sold (Public Records) — Public Records
• 1999-06-30 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 1999-04-29 Listed $95,000 Heartland MLS as Distributed by MLS Grid
• 1990-11-12 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $3,307 · +18.3% YoY. Source: county tax records.