1113 Corby St · St. Joseph, MO 64501

$149,000

16 bd · None ba · 1,572 sqft · MultiFamily public records · 525 Days on market

Built 1885 5,663 sqft lot Est $125k · 19% over

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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 +30.0/30.0
• 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
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Calling all investors! This partially finished quadplex is halfway there! Rent out the downstairs unit on the west side of the building and put some sweat equity into the units on the east side for a multi-family that should rent for $650/unit. Upstairs unit on the west side is already occupied! With fresh paint and hardwood floors on the east side, your tenants will be comfortable in the large units. Build out the east side units to your liking! Start building your investment portfolio or add these doors to your current properties today!

Key facts

• Fresh paint
• Large units
• Hardwood floors

Tags

• PARTIALLY FINISHED QUADPLEX
• FRESH PAINT
• HARDWOOD FLOORS
• LARGE UNITS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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 C — 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: 97 active listings in the ZIP; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).
• At $3,079/mo this rent would consume 79% of the median local household income ($47k/yr) (locally 721% 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 $4k 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 525 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 5y 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: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 525 days. Have you received any prior offers? Is the seller open to a 12% 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 1885 — 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: 2.07% ✓
• Cap rate: 18.60%
• Cash-on-cash: 43.94%
• DSCR: 2.96
• GRM: 4.0

CMA / ARV

• ARV (median comp): $125,478
• List price: $149,000
• Delta: 18.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 40.9%
• Equity multiple: 2.75×
• Total profit: $73,131
• Equity at exit: $22,216

10-year hold

• IRR: 47.1%
• Equity multiple: 5.53×
• Total profit: $188,855
• Equity at exit: $12,883

Cash invested: $41,720 (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 64501

• Active inventory: 97
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,079 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $1,528

Break-even live

Break-even rent $1,145

Max offer price $149,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,612	-5% $1,570	+0% $1,528	+5% $1,486	+10% $1,443
Rent	-10% $1,285	-5% $1,406	+0% $1,528	+5% $1,649	+10% $1,771
Rate	-1.0pp $1,603	-0.5pp $1,566	base $1,528	+0.5pp $1,489	+1.0pp $1,450

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,080
Total (4 units)			$3,079

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-19
   days on market $149,000 Active 525 DOM
2. 2026-06-18
   days on market $149,000 Active 524 DOM
3. 2026-06-17
   days on market $149,000 Active 523 DOM
4. 2026-06-16
   days on market $149,000 Active 522 DOM
5. 2026-06-15
   days on market $149,000 Active 521 DOM
6. 2026-06-14
   days on market $149,000 Active 519 DOM
7. 2026-06-12
   days on market $149,000 Active 518 DOM
8. 2026-06-09
   days on market $149,000 Active 515 DOM
9. 2026-06-08
   days on market $149,000 Active 514 DOM
10. 2026-06-07
    days on market $149,000 Active 513 DOM
11. 2026-06-03
    days on market $149,000 Active 509 DOM
12. 2026-06-02
    days on market $149,000 Active 508 DOM
13. 2026-06-01
    days on market $149,000 Active 507 DOM
14. 2026-05-31
    days on market $149,000 Active 506 DOM
15. 2026-05-30
    days on market $149,000 Active 505 DOM
16. 2025-06-16
    price $149,000 544-char remark

    Show marketing remark (544 chars)

    Calling all investors! This partially finished quadplex is halfway there! Rent out the downstairs unit on the west side of the building and put some sweat equity into the units on the east side for a multi-family that should rent for $650/unit. Upstairs unit on the west side is already occupied! With fresh paint and hardwood floors on the east side, your tenants will be comfortable in the large units. Build out the east side units to your liking! Start building your investment portfolio or add these doors to your current properties today!

17. 2025-02-01
    status Active 544-char remark

    Show marketing remark (544 chars)

    Calling all investors! This partially finished quadplex is halfway there! Rent out the downstairs unit on the west side of the building and put some sweat equity into the units on the east side for a multi-family that should rent for $650/unit. Upstairs unit on the west side is already occupied! With fresh paint and hardwood floors on the east side, your tenants will be comfortable in the large units. Build out the east side units to your liking! Start building your investment portfolio or add these doors to your current properties today!

18. 2025-01-11
    status Pending 544-char remark

    Show marketing remark (544 chars)

    Calling all investors! This partially finished quadplex is halfway there! Rent out the downstairs unit on the west side of the building and put some sweat equity into the units on the east side for a multi-family that should rent for $650/unit. Upstairs unit on the west side is already occupied! With fresh paint and hardwood floors on the east side, your tenants will be comfortable in the large units. Build out the east side units to your liking! Start building your investment portfolio or add these doors to your current properties today!

19. 2024-12-20
    listed $150,000 Active 544-char remark

    Show marketing remark (544 chars)

    Calling all investors! This partially finished quadplex is halfway there! Rent out the downstairs unit on the west side of the building and put some sweat equity into the units on the east side for a multi-family that should rent for $650/unit. Upstairs unit on the west side is already occupied! With fresh paint and hardwood floors on the east side, your tenants will be comfortable in the large units. Build out the east side units to your liking! Start building your investment portfolio or add these doors to your current properties today!

20. 2024-02-21
    historical
21. 2024-01-27
    listed $149,900 Active
22. 2022-07-07
    soldstatus Closed
23. 2022-05-23
    status Pending
24. 2022-05-14
    status Active
25. 2022-04-23
    status Pending
26. 2022-04-22
    price $29,000
27. 2022-04-18
    price $40,000
28. 2022-04-13
    listed $49,000 Active
29. 2022-03-06
    historical
30. 2022-02-02
    listed $29,900 Active
31. 2022-01-31
    historical
32. 2022-01-13
    price $29,900
33. 2021-12-14
    soldstatus
34. 2021-11-29
    price $49,000
35. 2021-11-17
    price $79,000
36. 2021-11-04
    listed $29,900
37. 2021-11-04
    listed $85,000 Active
38. 2020-09-14
    soldstatus
39. 1992-08-11
    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: $734 · $61/mo
• Projected year-2 tax: $1,445 · $120/mo
• Expected delta: +$711/yr (+$59/mo · 96.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $36,948
• − Mortgage interest: −$8,346
• − Property taxes: −$734
• − Insurance: −$745
• − Repairs & maintenance: −$2,956
• − Management: −$2,956
• − Depreciation: −$4,335
• Taxable income: $16,877
• Est. tax owed @ 24.0%: −$4,050
• After-tax cash flow: $14,283/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
• County: Buchanan County · 32,150 people
• City population: 44,382
• Metro: St. Joseph, MO-KS
• Population (ZIP): 10,689
• Household income: $46,731
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 721.0

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 (69%)
• Race & ethnicity: White 69% Black 12% Hispanic / Latino 11% Two or more races 9%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 7% Arabic 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: ▼ -150.20%
• Current HPI: 157.8706
• Rent YoY: —
• Metro: St. Joseph, 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

+398.3% since first listed

24 events — show timeline

• 2025-06-16 Price Changed $149,000 Heartland MLS as Distributed by MLS Grid
• 2025-02-01 Relisted — Heartland MLS as Distributed by MLS Grid
• 2025-01-11 Pending — Heartland MLS as Distributed by MLS Grid
• 2024-12-20 Listed $150,000 Heartland MLS as Distributed by MLS Grid
• 2024-02-21 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-01-27 Listed $149,900 Heartland MLS as Distributed by MLS Grid
• 2022-07-07 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-05-23 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-05-14 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-04-23 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-04-22 Price Changed $29,000 Heartland MLS as Distributed by MLS Grid
• 2022-04-18 Price Changed $40,000 Heartland MLS as Distributed by MLS Grid
• 2022-04-13 Listed $49,000 Heartland MLS as Distributed by MLS Grid
• 2022-03-06 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-02-02 Listed $29,900 Heartland MLS as Distributed by MLS Grid
• 2022-01-31 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-01-13 Price Changed $29,900 Heartland MLS as Distributed by MLS Grid
• 2021-12-14 Sold (Public Records) — Public Records
• 2021-11-29 Price Changed $49,000 Heartland MLS as Distributed by MLS Grid
• 2021-11-17 Price Changed $79,000 Heartland MLS as Distributed by MLS Grid
• 2021-11-04 Listed $85,000 Heartland MLS as Distributed by MLS Grid
• 2021-11-04 Listed $29,900 MRAOR
• 2020-09-14 Sold (Public Records) — Public Records
• 1992-08-11 Sold (Public Records) — Public Records

Property tax history

+4.6%/yr

Latest (2025): $734 · +23.8% YoY. Source: county tax records.