1502 N Grant Ave · Springfield, MO 65803

$375,000

11 bd · None ba · 3,553 sqft · MultiFamily · 120 Days on market

Built 1918 Good condition 9,583 sqft lot $106/sqft · 25% above area Est $300k · 25% over ↓ 5% since listing

---

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
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• 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: 1 unit. 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

Completely Remodeled Exterior and Gutted down to the studs, Zoned Med Density MF 7 Units or 11BR Group housing Project. See attached Zoning for guidelines. Over 100 Million in development within 3 Block Radius. Located Near Price Cutter Dollar General and Historic Commercial St and Cox Hospital. Owner is Selling due to Health Reasons.

Key facts

• Remodeled exterior
• Zoned med density mf
• 9,583 sq ft lot

Tags

• REMODELED EXTERIOR
• ZONED MED DENSITY MF
• LOCATED NEAR PRICE CUTTER
• LOCATED NEAR DOLLAR GENERAL
• LOCATED NEAR COX HOSPITAL

Property features AI

Finance

• Other: Zoned for multi-family
• Financial info: Annual tax amount listed

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Duplex
• Exterior features: Corner lot (corner of Grant and Division); Subdivision: Jenkins

Interior

• Heating & cooling: No central heating; No central cooling
• Interior features: Has a view

What this means for you Summary

Snapshot

• This is a 11-bed/?-bath multifamily listed at $375k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $341k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 4.6% in Springfield — 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 75/100 on livability (#57 in MO, #4,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Springfield R-XII (urban): math 32% / reading 46% proficiency, ranked #174 of 324 in MO (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Weaver Elem. (math 27% / reading 47%, grade F, #611 of 1,115 statewide, top 59%, 224 students, 91% FRL); Central High (math 42% / reading 62%, grade D+, #92 of 521 statewide, top 20%, 1,464 students, 51% FRL) — zoned schools average 71% FRL vs 46% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 394 active listings in the ZIP; 1,302 units permitted in Greene County in 2024 (250 in 5+ unit buildings).
• At $6,079/mo this rent would consume 144% of the median local household income ($51k/yr) (locally 1305% 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 $11k of value loss. Plan a longer hold.
• Greene County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $105k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $341,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.62% ✓
• Cap rate: 13.37%
• Cash-on-cash: 25.27%
• DSCR: 2.12
• GRM: 5.1

CMA / ARV

• ARV (median comp): $300,056
• List price: $375,000
• Delta: 24.98%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.84×
• Total profit: $87,815
• Equity at exit: $55,914

10-year hold

• IRR: 29.3%
• Equity multiple: 3.77×
• Total profit: $290,469
• Equity at exit: $32,423

Cash invested: $105,000 (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 65803

• Home prices YoY: -29.8%
• Rents YoY: 4.2%
• Active inventory: 394
• Price-to-rent: 36.0×

Monthly cashflow live

• Estimated rent: $6,079 high
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,277
• Net cashflow: $2,211

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$6,076
Total (7 units)			$6,079

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $375,000 Active 120 DOM
2. 2026-06-17
   days on market $375,000 Active 119 DOM
3. 2026-06-16
   days on market $375,000 Active 118 DOM
4. 2026-06-15
   days on market $375,000 Active 117 DOM
5. 2026-06-14
   days on market $375,000 Active 115 DOM
6. 2026-06-10
   days on market $375,000 Active 112 DOM
7. 2026-06-09
   days on market $375,000 Active 111 DOM
8. 2026-06-08
   days on market $375,000 Active 110 DOM
9. 2026-06-07
   days on market $375,000 Active 109 DOM
10. 2026-06-03
    days on market $375,000 Active 105 DOM
11. 2026-06-02
    days on market $375,000 Active 104 DOM
12. 2026-06-01
    days on market $375,000 Active 103 DOM
13. 2026-05-31
    days on market $375,000 Active 102 DOM
14. 2026-05-30
    days on market $375,000 Active 101 DOM
15. 2026-04-15
    price $375,000
16. 2026-02-18
    listed $395,000 Active

ⓘ 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 5/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,948
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$5,836
• − Management: −$5,836
• − Depreciation: −$10,909
• Taxable income: $21,861
• Est. tax owed @ 24.0%: −$5,247
• After-tax cash flow: $21,284/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 · 12 photos

Good 75/100 Gut rehab

This property is in good condition with a gut renovation in progress. It offers significant potential for value increase through comprehensive interior finishing and updates.

Repairs flagged

• Minor Exterior siding — Some areas may need touch-up paint.
• Major Interior walls — Exposed framing indicates extensive renovation needed.

Value-add opportunities

• Both Complete interior finishing and drywall installation — Creates move-in ready condition, ideal for both resale and rental.
• Both Kitchen and bathroom updates — Modern kitchens and bathrooms attract more buyers and renters.
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability.
• Both HVAC and mechanical updates — Ensures comfort and energy efficiency, important for both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Some areas may need touch-up paint.	Minor	$500–3,000
Interior walls · Exposed framing indicates extensive renovation needed.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Complete interior finishing and drywall installation — Creates move-in ready condition, ideal for both resale and rental. ↑
• Both Kitchen and bathroom updates — Modern kitchens and bathrooms attract more buyers and renters. ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability. ↑
• Both HVAC and mechanical updates — Ensures comfort and energy efficiency, important for both buyers and renters. ↑

ⓘ 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: Springfield R-XII
• NCES district ID: 2928860
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 46% ▼ -3.00%
• Median HH income: $37,886
• Composite: 32.45/100
• National rank: #5717
• State rank: #174 of 324 in MO

Livability — Springfield

• Score: 75/100
• State rank: #57
• US rank: #4121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, MO
• County: Greene County · 244,327 people
• City population: 223,044
• Metro: Springfield, MO
• Population (ZIP): 42,882
• Household income: $50,572
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 1305.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 319,054 people
• By 2030: 335,135 · +5.0%
• By 2040: 366,186 · +14.8%
• By 2050: 397,431 · +24.6%
• By 2075: 477,035 · +49.5%
• By 2100: 520,828 · +63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Greene

• 2024 margin: Strong R (+20.8) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -5.0pp toward R · 2008: -15.8pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+20.1 2016: R+27.4 2012: R+24.4 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.08%
• Current HPI: 205.0439
• Rent YoY: ▲ 4.24%
• Metro: Springfield, MO
• 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

-5.1% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $375,000 SOMO
• 2026-02-18 Listed $395,000 SOMO