135 S Fuller St · Independence, MO 64050

$200,000

4 bd · None ba · — sqft · MultiFamily · 1 Days on market

Built 1959 Fair condition 6,534 sqft lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Coming Soon

Key facts

• 6,534 sq ft lot
• Built 1959

Property features AI

Finance

• Other: Maintenance not provided
• Financial info: Gross income reported at $12,000; Operating expenses include maintenance, insurance, and real estate tax

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Separate meters for units
• Home design: Duplex (residential income property); Single-story building
• Construction: Brick/mortar construction; Composition roof
• Exterior features: Off-street parking; Property in unknown flood plain status; Lot approximately 0.15 acres

Interior

• Kitchen: Each unit includes range/oven and refrigerator
• Bedrooms: Two-bedroom units (2 units total)
• Heating & cooling: Natural gas heating; Electric cooling (central cooling present)
• Interior features: Basement present
• Laundry & utility: Separate utility meters

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 8.8% 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 (+3.8%/yr); 125 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $2,287/mo this rent would consume 56% of the median local household income ($49k/yr) (locally 972% 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 $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 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 S Crysler Ave	0.10mi	3/9.0 (-1)	—	2mo	$240,000	—	76
1214 W Waldo Ave	0.41mi	4/3.0	—	13mo	$159,500	—	57
1611 - 1613 S Claremont N/A	0.62mi	4/2.0	—	2mo	$265,000	—	57
1109 W Truman Rd	0.24mi	3/2.0 (-1)	—	20mo	$169,950	—	55
724 S Crysler Ave	0.47mi	4/—	—	17mo	$225,000	—	52
11306-11308 E Winner Rd	0.66mi	4/3.0	—	8mo	$219,500	—	50
11300 & 11302 E 15th St S	0.61mi	4/2.0	1,496	12mo	$199,950	$134	49
1617 S Claremont Ave	0.62mi	4/4.0	—	12mo	$249,000	—	48
316 S Spring St	0.67mi	4/13.0	—	15mo	$3,950,000	—	44
11402 E 10th St	0.62mi	3/2.0 (-1)	—	14mo	$200,000	—	42
701 N Delaware St	0.68mi	5/2.5 (+1)	2,108	19mo	$299,900	$142	35

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 · 3.79% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,501
• Equity at exit: $29,821

10-year hold

• IRR: 8.9%
• Equity multiple: 1.71×
• Total profit: $39,552
• Equity at exit: $17,292

Cash invested: $56,000 (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 64050

• Home prices YoY: -15.5%
• Rents YoY: 3.8%
• Active inventory: 125
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,287 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $425

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,288
Total (2 units)			$2,287

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 S Crysler Ave Independence, MO	3.0	2.0	—	$1,350	—	16d	1	0.07mi
118 S Crysler Ave Unit 1/2 Independence, MO	3.0	1.0	—	$1,100	—	43d	1	0.07mi
11709 E Winner Rd Independence, MO	3.0	1.5	1300	$1,195	$0.92	16d	1	0.44mi
523 W Maple Ave Unit 2 A Independence, MO	3.0	2.0	964	$995	$1.03	43d	1	0.53mi
11601 E US Highway 24 Unit A Independence, MO	3.0	1.0	—	$1,800	—	43d	1	0.83mi
2356 S Crysler Ave Independence, MO	3.0	2.0	1881	$1,653	$0.88	23d	1	0.92mi
321 W South Ave Unit 11 Independence, MO	3.0	2.0	1000	$1,275	$1.27	21d	1	0.93mi
2110 S Sterling Ave Independence, MO	3.0	2.0	1722	$1,849	$1.07	16d	1	0.97mi
1425 S Northern Blvd Independence, MO	3.0	1.5	1275	$1,200	$0.94	7d	1	0.98mi
2256 S Sterling Ave Independence, MO	3.0	1.5	1284	$1,399	$1.09	16d	1	1.03mi
10817 E 19th Ter S Independence, MO	3.0	1.0	1428	$1,801	$1.26	16d	1	1.04mi
11323 E Thompson St Sugar Creek, MO	3.0	2.5	1794	$1,800	$1.00	12d	1	1.05mi
1109 S Appleton Ave Independence, MO	3.0	2.0	1200	$1,195	$1.00	16d	1	1.08mi
182 Novak St Sugar Creek, MO	3.0	2.0	1350	$1,800	$1.33	17d	1	1.08mi
1207 N McCoy St Independence, MO	3.0	2.0	972	$1,295	$1.33	7d	1	1.09mi
1223 N Pleasant St Independence, MO	3.0	2.0	—	$1,395	—	43d	1	1.15mi
1502 S Pleasant St Independence, MO	3.0	2.0	1200	$1,399	$1.17	43d	1	1.24mi
11500 E Anderson St Independence, MO	3.0	2.0	1200	$1,599	$1.33	17d	1	1.24mi
1404 S Osage St Independence, MO	4.0	2.0	1300	$1,750	$1.35	14d	1	1.25mi
1416 S Hardy Ave Independence, MO	5.0	2.0	1328	$1,625	$1.22	43d	1	1.26mi
630 N Hocker Ave Independence, MO	3.0	1.0	864	$1,325	$1.53	23d	1	1.30mi
10323 E 20th St S Independence, MO	3.0	1.0	936	$1,400	$1.50	43d	1	1.38mi
830 S Hardy Ave Independence, MO	3.0	1.0	—	$1,345	—	43d	1	1.38mi
628 E Lexington Ave Independence, MO	4.0	1.5	—	$1,675	—	7d	1	1.46mi

Listing history 2 events

1. 2026-06-08
   remarks 11-char remark
2. 2026-06-08
   listed $200,000 Coming Soon 1 DOM

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $27,444
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,196
• − Management: −$2,196
• − Depreciation: −$5,818
• Taxable income: $2,032
• Est. tax owed @ 24.0%: −$488
• After-tax cash flow: $4,607/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 · 1 photo

Fair 40/100 Moderate rehab

The property requires moderate repairs and maintenance to improve its curb appeal and value. Repainting the exterior and repairing the siding would be the highest-ROI updates.

Repairs flagged

• Major siding — Signs of wear and tear
• Minor landscaping — Some overgrown areas

Value-add opportunities

• Both paint exterior walls — Enhances curb appeal and value
• Both repair and paint siding — Improves appearance and value
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Signs of wear and tear	Major	$15,000–50,000
landscaping · Some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint exterior walls — Enhances curb appeal and value ↑
• Both repair and paint siding — Improves appearance and value ↑
• Both landscaping — Enhances curb appeal and value ↑

ⓘ 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): 21,079
• Household income: $48,834
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 972.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Two or more races 9% Black 7% Pacific Islander 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Serbian 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% 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: ▼ -56.24%
• Current HPI: 305.796
• Rent YoY: ▲ 3.79%
• 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

1 event — show timeline

• 2026-06-08 Coming Soon $200,000 Heartland MLS as Distributed by MLS Grid