273-277 NE Adams Dairy Pkwy · Blue Springs, MO 64014

$500,000

7 bd · 6.0 ba · 4,154 sqft · MultiFamily public records · 195 Days on market

Built 2006 2,515 sqft lot Est $345k · 45% over $327/mo HOA · 18% of rent

---

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 +19.6/30.0
• DSCR +6.2/10.0
• 1% rule +5.9/10.0
• Schools +5.1/10.0
• Livability +4.1/5.0
• Rent growth +3.8/5.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This a great income & equity producing property. If you are looking for a completely passive investment with upside this is for you. The onsite property management handles everything! Sit back and get your mailbox money. The seller has recently replaced 2 HVAC systems and most of the appliances. The HOA is responsible for roof replacements and exterior maintenance.

Key facts

• 2,515 sq ft lot
• Garage
• Built 2006

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $500k).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.2% in Blue Springs — 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 (#11 in MO, #1,297 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Blue Springs R-IV (suburban): math 55% / reading 60% proficiency, ranked #17 of 324 in MO (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.1%/yr); 239 active listings in the ZIP; solid renter incomes; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• At $5,440/mo this rent would consume 72% of the median local household income ($90k/yr) (locally 888% 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 $15k 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

• It's been on market 195 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $50k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $440,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 1.09% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $344,782
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 NE Knox St	0.44mi	8/4.0 (+1)	3,980 (-4%)	6mo	$330,000	$83	54

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 · 5.12% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-32,209
• Equity at exit: $74,552

10-year hold

• IRR: 6.2%
• Equity multiple: 1.51×
• Total profit: $71,009
• Equity at exit: $43,231

Cash invested: $140,000 (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 64014

• Rents YoY: 5.1%
• Active inventory: 239
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $5,440 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$564 /mo · $6,764/yr
• Insurance: −$208
• HOA: −$327
• Vacancy / Maint / Mgmt: −$1,142
• Net cashflow: $577

Break-even live

Break-even rent $4,710

Max offer price $500,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$5,439
Total (3 units)			$5,440

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $327 · $3,924/yr
• Likely covers: exterior maint.

Listing history 23 events

1. 2026-06-18
   days on market $500,000 Active 195 DOM
2. 2026-06-17
   days on market $500,000 Active 194 DOM
3. 2026-06-16
   days on market $500,000 Active 193 DOM
4. 2026-06-15
   days on market $500,000 Active 192 DOM
5. 2026-06-13
   days on market $500,000 Active 190 DOM
6. 2026-06-13
   days on market $500,000 Active 189 DOM
7. 2026-06-09
   days on market $500,000 Active 186 DOM
8. 2026-06-08
   days on market $500,000 Active 185 DOM
9. 2026-06-07
   days on market $500,000 Active 184 DOM
10. 2026-06-05
    days on market $500,000 Active 181 DOM
11. 2026-06-03
    days on market $500,000 Active 180 DOM
12. 2026-06-02
    days on market $500,000 Active 179 DOM
13. 2026-06-01
    days on market $500,000 Active 178 DOM
14. 2026-05-31
    days on market $500,000 Active 177 DOM
15. 2026-05-06
    price $500,000 373-char remark

    Show marketing remark (373 chars)

    This a great income & equity producing property. If you are looking for a completely passive investment with upside this is for you. The onsite property management handles everything! Sit back and get your mailbox money. The seller has recently replaced 2 HVAC systems and most of the appliances. The HOA is responsible for roof replacements and exterior maintenance.

16. 2025-12-05
    listed $549,900 Active 373-char remark

    Show marketing remark (373 chars)

    This a great income & equity producing property. If you are looking for a completely passive investment with upside this is for you. The onsite property management handles everything! Sit back and get your mailbox money. The seller has recently replaced 2 HVAC systems and most of the appliances. The HOA is responsible for roof replacements and exterior maintenance.

17. 2025-11-23
    historical
18. 2025-09-26
    price $549,900
19. 2025-05-23
    listed $600,000 Active
20. 2025-03-11
    historical
21. 2024-09-11
    listed $600,000 Active
22. 2022-04-16
    price $1,199
23. 2007-08-20
    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: $6,764 · $564/mo
• Projected year-2 tax: $6,764 · $564/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,280
• − Mortgage interest: −$28,008
• − Property taxes: −$6,764
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,222
• − Management: −$5,222
• − HOA: −$3,924
• − Depreciation: −$14,545
• Taxable loss: −$906
• Est. tax savings @ 24.0%: +$218
• After-tax cash flow: $7,136/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: Blue Springs R-IV
• NCES district ID: 2905310
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $67,959
• Composite: 50.71/100
• National rank: #1819
• State rank: #17 of 324 in MO

Livability — Blue Springs

• Score: 82/100
• State rank: #11
• US rank: #1297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blue Springs, MO
• County: Jackson County · 687,798 people
• City population: 61,033
• Metro: Kansas City, MO-KS
• Population (ZIP): 28,788
• Household income: $90,337
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 888.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 10% Two or more races 8% Black 8% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 10% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5%

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: ▼ -187.52%
• Current HPI: 236.8685
• Rent YoY: ▲ 5.12%
• 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

+41601.4% since first listed

9 events — show timeline

• 2026-05-06 Price Changed $500,000 Heartland MLS as Distributed by MLS Grid
• 2025-12-05 Listed $549,900 Heartland MLS as Distributed by MLS Grid
• 2025-11-23 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-09-26 Price Changed $549,900 Heartland MLS as Distributed by MLS Grid
• 2025-05-23 Listed $600,000 Heartland MLS as Distributed by MLS Grid
• 2025-03-11 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-09-11 Listed $600,000 Heartland MLS as Distributed by MLS Grid
• 2022-04-16 Price Changed $1,199 RENT.
• 2007-08-20 Sold (Public Records) — Public Records

Property tax history

+6.2%/yr

Latest (2025): $6,764 · +15.4% YoY. Source: county tax records.