904 SE 3rd Ter · Lee's Summit, MO 64063

$349,900

8 bd · 7.0 ba · 6,448 sqft · MultiFamily · 1 Days on market

Built 1965 Good condition 0.31 ac lot $54/sqft · 21% below area Est $441k · 21% under

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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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Livability +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

Fantastic investment opportunity in the highly sought-after Lee’s Summit School District! This all-brick ranch duplex is fully leased and income-producing, making it a great addition to any investment portfolio. Each unit features 2 bedrooms with a full bath, kitchen and family room upstairs. Downstairs has a non-conforming 1 bedroom with a half bath, a living room space with a walkout, and a deep 1-car garage, offering tenants functional space and desirable amenities. Situated on a large lot with a spacious backyard and ample parking, this property is conveniently located near Highway 291, parks, shopping, and major commuter routes—helping support strong tenant demand and long-term rental stability. Whether you’re expanding your rental portfolio or purchasing your first multi-family property, this turnkey investment offers immediate cash flow in a consistently desirable location. Lease Details: • Unit A: lease ends 05/31/2026 then Month-to-month beginning 6/1/26 at $1,414.50/month • Unit B: Lease through 11/30/26 at $1,326/month

Key facts

• 0.31 acre lot
• Garage
• Built 1965

🏷️ Possibly a rental listed for sale. The $349,900 price doesn't fit this home's estimated sale value (~$440,566) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/3.5-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $619/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Cap rate 10.7% vs local median 2.6% in Lee's Summit — 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.
• Lee'S Summit R-VII (suburban): math 46% / reading 55% proficiency, ranked #23 of 324 in MO (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.0%/yr); 103 active listings in the ZIP; solid renter incomes; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $4,698/mo this rent would consume 70% of the median local household income ($80k/yr) (locally 573% 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 $2k of loan paydown is wiped out by about $10k 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 + 5.0% rent growth), your $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 19y ago; this cycle's ask is 100% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $349,900

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 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.84%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $440,566
• List price: $349,900
• Delta: -20.58%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.95% rent growth · sell at horizon

5-year hold

• IRR: 8.1%
• Equity multiple: 1.32×
• Total profit: $31,639
• Equity at exit: $52,171

10-year hold

• IRR: 19.0%
• Equity multiple: 2.73×
• Total profit: $169,618
• Equity at exit: $30,253

Cash invested: $97,972 (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 64063

• Rents YoY: 5.0%
• Active inventory: 103
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $4,698 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,248/yr
• Insurance: −$146
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$987
• Net cashflow: $1,238

Break-even live

Break-even rent $3,131

Max offer price $349,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	3.5	$4,698
Total (2 units)			$4,698

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-22
   price $349,900 1075-char remark

   Show marketing remark (1075 chars)

   Fantastic investment opportunity in the highly sought-after Lee’s Summit School District! This all-brick ranch duplex is fully leased and income-producing, making it a great addition to any investment portfolio. Each unit features 2 bedrooms with a full bath, kitchen and family room upstairs. Downstairs has a non-conforming 1 bedroom with a half bath, a living room space with a walkout, and a deep 1-car garage, offering tenants functional space and desirable amenities. Situated on a large lot with a spacious backyard and ample parking, this property is conveniently located near Highway 291, parks, shopping, and major commuter routes—helping support strong tenant demand and long-term rental stability. Whether you’re expanding your rental portfolio or purchasing your first multi-family property, this turnkey investment offers immediate cash flow in a consistently desirable location. Lease Details: • Unit A: lease ends 05/31/2026 then Month-to-month beginning 6/1/26 at $1,414.50/month • Unit B: Lease through 11/30/26 at $1,326/month

2. 2026-04-22
   historical $350,000 1075-char remark

   Show marketing remark (1075 chars)

   Fantastic investment opportunity in the highly sought-after Lee’s Summit School District! This all-brick ranch duplex is fully leased and income-producing, making it a great addition to any investment portfolio. Each unit features 2 bedrooms with a full bath, kitchen and family room upstairs. Downstairs has a non-conforming 1 bedroom with a half bath, a living room space with a walkout, and a deep 1-car garage, offering tenants functional space and desirable amenities. Situated on a large lot with a spacious backyard and ample parking, this property is conveniently located near Highway 291, parks, shopping, and major commuter routes—helping support strong tenant demand and long-term rental stability. Whether you’re expanding your rental portfolio or purchasing your first multi-family property, this turnkey investment offers immediate cash flow in a consistently desirable location. Lease Details: • Unit A: lease ends 05/31/2026 then Month-to-month beginning 6/1/26 at $1,414.50/month • Unit B: Lease through 11/30/26 at $1,326/month

3. 2018-08-15
   soldstatus Sold 410-char remark

   Show marketing remark (410 chars)

   Excellent Rental or Investment Property for this 3 bedroom & 1.5 bath, 1 car garage in Lower Level walk-out Basement area. Duplex is full brick exterior and great location in Lee's Summit with great schools. Positive cash flow or you can live in one side and rent other side. Fully rented at this point. Driveway is on west side of units with parking and garage spaces in each unit. Unit #'s A & B.

4. 2018-08-08
   status Pending 410-char remark

   Show marketing remark (410 chars)

   Excellent Rental or Investment Property for this 3 bedroom & 1.5 bath, 1 car garage in Lower Level walk-out Basement area. Duplex is full brick exterior and great location in Lee's Summit with great schools. Positive cash flow or you can live in one side and rent other side. Fully rented at this point. Driveway is on west side of units with parking and garage spaces in each unit. Unit #'s A & B.

5. 2018-08-03
   listed $175,000 Active 410-char remark

   Show marketing remark (410 chars)

   Excellent Rental or Investment Property for this 3 bedroom & 1.5 bath, 1 car garage in Lower Level walk-out Basement area. Duplex is full brick exterior and great location in Lee's Summit with great schools. Positive cash flow or you can live in one side and rent other side. Fully rented at this point. Driveway is on west side of units with parking and garage spaces in each unit. Unit #'s A & B.

6. 2007-07-25
   soldstatus
7. 2007-04-26
   listed $159,900

ⓘ 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) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,376
• − Mortgage interest: −$19,600
• − Property taxes: −$5,248
• − Insurance: −$2,416
• − Repairs & maintenance: −$4,510
• − Management: −$4,510
• − Depreciation: −$10,179
• Taxable income: $9,913
• Est. tax owed @ 24.0%: −$2,379
• After-tax cash flow: $12,475/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 · 7 photos

Good 75/100 Cosmetic rehab

This well-maintained, fully leased multi-family property in Lee's Summit, MO, offers a good investment opportunity with minimal repairs and updates needed.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value.
• Rental HVAC maintenance — A well-maintained HVAC system ensures tenant comfort and reduces utility costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Rental HVAC maintenance — A well-maintained HVAC system ensures tenant comfort and reduces utility costs. ↑

ⓘ 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: Lee'S Summit R-VII
• NCES district ID: 2918300
• Math proficiency: 46% ▼ -12.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $77,031
• Composite: 45.75/100
• National rank: #2570
• State rank: #23 of 324 in MO

Livability — Lee's Summit

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lee's Summit, MO
• County: Jackson County · 687,798 people
• City population: 86,407
• Metro: Kansas City, MO-KS
• Population (ZIP): 21,863
• Household income: $80,459
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 573.0

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 (77%)
• Race & ethnicity: White 77% Black 9% Two or more races 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 4% Arabic 2% Tagalog/Filipino 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: ▼ -192.98%
• Current HPI: 264.8368
• Rent YoY: ▲ 4.95%
• 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

+118.8% since first listed

7 events — show timeline

• 2026-04-22 Price Changed $349,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-22 Coming Soon $350,000 Heartland MLS as Distributed by MLS Grid
• 2018-08-15 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2018-08-08 Pending — Heartland MLS as Distributed by MLS Grid
• 2018-08-03 Listed $175,000 Heartland MLS as Distributed by MLS Grid
• 2007-07-25 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2007-04-26 Listed $159,900 Heartland MLS as Distributed by MLS Grid