4230 Locust St · Kansas City, MO 64110

$225,000

3 bd · 2.0 ba · 1,733 sqft · MultiFamily public records · 76 Days on market

Built 1910 6,796 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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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

Charming bungalow duplex in the heart of Midtown Kansas City! This 2,145 sq ft property features two separate units—lower unit offers 2 bedrooms, 1 bath with beautiful hardwood floors and original woodwork, while the upper unit includes 1 bedroom, 1 bath with a recently updated bathroom, each unit has its own private entrance. The property showcases timeless character with a stunning stone exterior, covered front porch, built-ins, and classic architectural details throughout. Situated on a 0.16-acre lot in a prime location near Gillham Park, streetcar stops, and Westport, offering convenient access to dining and entertainment. NOTE: The property is currently owned by a local nonprofit and is subject to an existing Missouri Housing Development Commission (MDHC) agreement through June 5, 2028. Buyer must be approved by MDHC and will be required to maintain reduced rental rates in accordance with the agreement until its expiration. Upon expiration, the property may be transitioned to market-rate rents.

Key facts

• 6,796 sq ft lot
• Built 1910
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive. Per door: $261/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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.
• Kansas City 33 (urban): math 12% / reading 24% proficiency, ranked #308 of 324 in MO (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+4.0%/yr); tight market (median 1 DOM); 126 active listings in the ZIP; 40 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 $2,630/mo this rent would consume 50% of the median local household income ($63k/yr) (locally 962% 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 $7k 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 + 4.0% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — 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. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.96%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $622,254
• List price: $225,000
• Delta: -63.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4014 Oak St	0.22mi	2/2.0 (-1)	1,844 (+6%)	24mo	$261,000	$142	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 · 3.95% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-587
• Equity at exit: $33,548

10-year hold

• IRR: 10.4%
• Equity multiple: 1.84×
• Total profit: $53,140
• Equity at exit: $19,454

Cash invested: $63,000 (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 64110

• Rents YoY: 4.0%
• Median DOM (111 sales): 1 d
• Active inventory: 126
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,630 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $523

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 75%

Sensitivity live

Price	-10% $678	-5% $601	+0% $523	+5% $445	+10% $367
Rent	-10% $315	-5% $419	+0% $523	+5% $627	+10% $731
Rate	-1.0pp $636	-0.5pp $580	base $523	+0.5pp $464	+1.0pp $405

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,364
1× unit	1	1	$1,267
Total (2 units)			$2,630

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
406 E 43rd St Unit 3E Kansas City, MO	2.0	1.0	1100	$1,675	$1.52	44d	1	0.05mi
4138 Locust St Kansas City, MO	4.0	2.0	1763	$2,600	$1.47	8d	1	0.09mi
319 E 43rd St Unit 1 Kansas City, MO	2.0	1.0	1100	$1,470	$1.34	15d	1	0.09mi
4333 Oak St Kansas City, MO	2.0	2.0	1250	$1,295	$1.04	44d	1	0.12mi
4105 Oak St Kansas City, MO	2.0	1.0	1200	$1,250	$1.04	44d	1	0.18mi
404 E 41st St Kansas City, MO	4.0	3.0	1711	$2,650	$1.55	20d	1	0.21mi
4116 Walnut St Kansas City, MO	2.0	2.0	1367	$1,950	$1.43	44d	1	0.26mi
4220 Harrison St Unit 1S Kansas City, MO	3.0	2.0	1200	$1,795	$1.50	8d	1	0.38mi
4154 Harrison St Kansas City, MO	2.0	1.0	1100	$1,395	$1.27	44d	1	0.39mi
3933 Kenwood Ave Kansas City, MO	2.0	2.0	1050	$2,295	$2.19	5d	1	0.39mi
4031 Campbell St Kansas City, MO	4.0	1.5	2074	$2,500	$1.21	17d	1	0.42mi
4111 Broadway Blvd Kansas City, MO	2.0	1.0–2.0	881	$2,090	$2.37	2d	38	0.48mi
3830 Warwick Blvd Unit 1S Kansas City, MO	3.0	2.0	1500	$1,600	$1.07	15d	1	0.51mi
4434 Mill Creek Pkwy Kansas City, MO	3.0	2.0	1196	$1,950	$1.63	44d	1	0.53mi
133 E 46th St Kansas City, MO	2.0	1.0	1300	$1,295	$1.00	8d	1	0.54mi
127 E 46th St Kansas City, MO	2.0	1.0	1300	$1,295	$1.00	5d	1	0.54mi
4117 Forest Ave Kansas City, MO	2.0	2.0	1300	$1,390	$1.07	24d	1	0.56mi
4545 Wornall Rd Kansas City, MO	1.0–2.0	1.0–2.0	954	$1,902	$1.99	44d	3	0.59mi
4545 Wornall Rd Kansas City, MO	2.0	2.0	1062	$1,901	$1.79	24d	2	0.59mi
918 E 39th St Kansas City, MO	2.0	1.0	1050	$1,175	$1.12	44d	1	0.59mi
4228 Virginia Ave Kansas City, MO	3.0	1.0	1200	$1,250	$1.04	11d	1	0.63mi
4232 Virginia Ave Unit 3 Kansas City, MO	3.0	1.0	1296	$1,100	$0.85	13d	1	0.63mi
551 W 44th St Kansas City, MO	1.0–3.0	1.0–3.5	1293	$4,866	$3.76	3d	12	0.67mi
4610 Forest Ave Kansas City, MO	3.0	2.0	1365	$2,450	$1.79	44d	1	0.69mi
4800 Oak St Kansas City, MO	1.0–3.0	1.0–2.0	967	$2,604	$2.69	2d	18	0.69mi
4614 Forest Ave Kansas City, MO	2.0	2.0	1265	$1,995	$1.58	17d	1	0.69mi
333 W 46th Ter Kansas City, MO	2.0	1.0–2.0	941	$5,930	$6.30	12d	1	0.72mi
4551 Pennsylvania Ave Kansas City, MO	1.0–2.0	1.0–2.0	1080	$7,459	$6.90	11d	1	0.73mi
4415 Jefferson St #101 Kansas City, MO	3.0	2.0	1304	$2,125	$1.63	44d	1	0.73mi
701 Westport Rd Kansas City, MO	1.0–2.0	1.0–2.0	961	$1,998	$2.08	3d	17	0.74mi
610 W 46th St Kansas City, MO	3.0	1.0–3.5	1824	$2,600	$1.43	3d	3	0.80mi
229 Ward Pkwy Unit 1 Kansas City, MO	2.0	2.0	1100	$2,400	$2.18	44d	1	0.85mi
4505 Summit St Kansas City, MO	2.0	2.0	1288	$2,980	$2.31	44d	1	0.85mi
641 W 39th Ter Kansas City, MO	3.0	2.5	2187	$2,790	$1.28	8d	1	0.86mi
235 Ward Pkwy Kansas City, MO	1.0–2.0	1.0–2.0	831	$1,800	$2.16	24d	1	0.87mi
4445 Madison Ave Kansas City, MO	1.0–3.0	1.0–2.0	978	$2,472	$2.53	2d	18	0.88mi
760 W 46th St Kansas City, MO	1.0–3.0	1.0–2.0	1342	$3,140	$2.34	15d	1	0.88mi
301 E Armour Blvd Kansas City, MO	2.0	1.0–2.0	1023	$2,050	$2.00	2d	9	0.91mi
301 E Armour Blvd Kansas City, MO	2.0	1.0–2.0	1023	$2,105	$2.06	44d	8	0.91mi
4541 Madison Ave Kansas City, MO	2.0	2.5	1500	$2,150	$1.43	44d	1	0.92mi

Listing history 22 events

1. 2026-06-21
   days on market $225,000 Active 76 DOM
2. 2026-06-18
   days on market $225,000 Active 73 DOM
3. 2026-06-17
   days on market $225,000 Active 72 DOM
4. 2026-06-16
   days on market $225,000 Active 71 DOM
5. 2026-06-15
   days on market $225,000 Active 70 DOM
6. 2026-06-13
   days on market $225,000 Active 68 DOM
7. 2026-06-09
   days on market $225,000 Active 64 DOM
8. 2026-06-08
   days on market $225,000 Active 63 DOM
9. 2026-06-07
   days on market $225,000 Active 62 DOM
10. 2026-06-05
    days on market $225,000 Active 59 DOM
11. 2026-06-03
    days on market $225,000 Active 58 DOM
12. 2026-06-02
    days on market $225,000 Active 57 DOM
13. 2026-06-01
    days on market $225,000 Active 56 DOM
14. 2026-05-31
    days on market $225,000 Active 55 DOM
15. 2026-04-07
    listed $225,000 Active 1020-char remark

    Show marketing remark (1020 chars)

    Charming bungalow duplex in the heart of Midtown Kansas City! This 2,145 sq ft property features two separate units—lower unit offers 2 bedrooms, 1 bath with beautiful hardwood floors and original woodwork, while the upper unit includes 1 bedroom, 1 bath with a recently updated bathroom, each unit has its own private entrance. The property showcases timeless character with a stunning stone exterior, covered front porch, built-ins, and classic architectural details throughout. Situated on a 0.16-acre lot in a prime location near Gillham Park, streetcar stops, and Westport, offering convenient access to dining and entertainment. NOTE: The property is currently owned by a local nonprofit and is subject to an existing Missouri Housing Development Commission (MDHC) agreement through June 5, 2028. Buyer must be approved by MDHC and will be required to maintain reduced rental rates in accordance with the agreement until its expiration. Upon expiration, the property may be transitioned to market-rate rents.

16. 2026-04-06
    historical $225,000 1020-char remark

    Show marketing remark (1020 chars)

    Charming bungalow duplex in the heart of Midtown Kansas City! This 2,145 sq ft property features two separate units—lower unit offers 2 bedrooms, 1 bath with beautiful hardwood floors and original woodwork, while the upper unit includes 1 bedroom, 1 bath with a recently updated bathroom, each unit has its own private entrance. The property showcases timeless character with a stunning stone exterior, covered front porch, built-ins, and classic architectural details throughout. Situated on a 0.16-acre lot in a prime location near Gillham Park, streetcar stops, and Westport, offering convenient access to dining and entertainment. NOTE: The property is currently owned by a local nonprofit and is subject to an existing Missouri Housing Development Commission (MDHC) agreement through June 5, 2028. Buyer must be approved by MDHC and will be required to maintain reduced rental rates in accordance with the agreement until its expiration. Upon expiration, the property may be transitioned to market-rate rents.

17. 2021-02-25
    historical
18. 2021-02-24
    status Active
19. 2020-11-07
    status Pending
20. 2020-10-22
    listed $225,000 Active
21. 1997-06-30
    soldstatus
22. 1984-02-01
    soldstatus

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,560
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,525
• − Management: −$2,525
• − Depreciation: −$6,545
• Taxable income: $2,861
• Est. tax owed @ 24.0%: −$687
• After-tax cash flow: $5,587/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: Kansas City 33
• NCES district ID: 2916400
• Math proficiency: 12% ▼ -8.00%
• Reading proficiency: 24% ▬ 0.00%
• Median HH income: $35,227
• Composite: 14.8/100
• National rank: #9387
• State rank: #308 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): 16,878
• Household income: $63,044
• Rent vs Own: 52.2% rent · 47.8% own
• Severe rent burden: 962.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 34% Two or more races 10% Hispanic / Latino 9% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -514.37%
• Current HPI: 371.8501
• Rent YoY: ▲ 3.95%
• 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

+0.0% since first listed

8 events — show timeline

• 2026-04-07 Listed $225,000 Heartland MLS as Distributed by MLS Grid
• 2026-04-06 Coming Soon $225,000 Heartland MLS as Distributed by MLS Grid
• 2021-02-25 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2021-02-24 Relisted — Heartland MLS as Distributed by MLS Grid
• 2020-11-07 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-10-22 Listed $225,000 Heartland MLS as Distributed by MLS Grid
• 1997-06-30 Sold (Public Records) — Public Records
• 1984-02-01 Sold (Public Records) — Public Records