106-108 Bellaire Ave · Kansas City, MO 64123

$275,000

4 bd · 2.0 ba · 2,240 sqft · MultiFamily public records · 448 Days on market

Built 1916 2,161 sqft lot Est $277k · at est. ↓ 8% since listing

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.7/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• 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: 4 units. confirmed

Listing remarks MLS

100% occupied. Great income producing 4 plex. Priced to beat the 1% rule, current rents total $3577, with seller paying utilities for 2 of the 4 units averaging $300-400/month. This fantastic investment features 4 one bed, one bath units, each with living room, kitchen with separate eating area, and large closet. 2 of the units are currently enrolled in a federally funded program through a local hospital, so there is a line of would be tenants! This could be the perfect next addition to your investment portfolio. Property being sold AS-IS

Key facts

• 2,161 sq ft lot
• Built 1916
• Listed 448 days

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $368/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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: 59 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $3,971/mo this rent would consume 88% of the median local household income ($54k/yr) (locally 338% 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 $8k 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 + 3.0% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 448 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 448 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 1916 — 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: 1.44% ✓
• Cap rate: 12.71%
• Cash-on-cash: 22.93%
• DSCR: 2.02
• GRM: 5.8

CMA / ARV

• ARV (median comp): $276,502
• List price: $275,000
• Delta: -0.54%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
435 N Hardesty Ave	0.46mi	4/2.0	2,240 (0%)	19mo	$245,000	$109	63
117 Chelsea Ave	0.60mi	4/2.0	2,180 (-3%)	6mo	$240,000	$110	62
123-125 N Van Brunt Blvd	0.66mi	4/2.0	2,400 (+7%)	15mo	$335,000	$140	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 1.64×
• Total profit: $49,073
• Equity at exit: $41,003

10-year hold

• IRR: 24.5%
• Equity multiple: 3.12×
• Total profit: $163,068
• Equity at exit: $23,777

Cash invested: $77,000 (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 64123

• Home prices YoY: -8.3%
• Active inventory: 59
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $3,971 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$109 /mo · $1,307/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$834
• Net cashflow: $1,471

Break-even live

Break-even rent $2,108

Max offer price $275,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,972
Total (4 units)			$3,971

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 N Wheeling Ave Kansas City, MO	3.0	2.0	1474	$1,495	$1.01	16d	1	0.16mi
216 N Wheeling Ave Kansas City, MO	3.0	2.0	1474	$1,495	$1.01	19d	1	0.16mi
441 N Hardesty Ave Kansas City, MO	4.0	1.0	1511	$1,550	$1.03	23d	1	0.47mi
4405 Norledge Ave Kansas City, MO	3.0	1.0	1510	$1,600	$1.06	43d	1	0.94mi
3523 Saint John Ave Kansas City, MO	3.0	1.0	1500	$995	$0.66	23d	1	1.41mi
3510 Garner Ave Kansas City, MO	3.0	2.0	1536	$1,400	$0.91	3d	1	1.46mi
3429 Morrell Ave Kansas City, MO	4.0	1.5	1800	$1,650	$0.92	7d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $275,000 Active 448 DOM
2. 2026-06-17
   days on market $275,000 Active 447 DOM
3. 2026-06-16
   days on market $275,000 Active 446 DOM
4. 2026-06-15
   days on market $275,000 Active 445 DOM
5. 2026-06-13
   days on market $275,000 Active 443 DOM
6. 2026-06-09
   days on market $275,000 Active 439 DOM
7. 2026-06-08
   days on market $275,000 Active 438 DOM
8. 2026-06-07
   days on market $275,000 Active 437 DOM
9. 2026-06-05
   days on market $275,000 Active 434 DOM
10. 2026-06-03
    days on market $275,000 Active 433 DOM
11. 2026-06-02
    days on market $275,000 Active 432 DOM
12. 2026-06-01
    days on market $275,000 Active 431 DOM
13. 2026-05-31
    days on market $275,000 Active 430 DOM
14. 2025-06-27
    price $275,000 544-char remark

    Show marketing remark (544 chars)

    100% occupied. Great income producing 4 plex. Priced to beat the 1% rule, current rents total $3577, with seller paying utilities for 2 of the 4 units averaging $300-400/month. This fantastic investment features 4 one bed, one bath units, each with living room, kitchen with separate eating area, and large closet. 2 of the units are currently enrolled in a federally funded program through a local hospital, so there is a line of would be tenants! This could be the perfect next addition to your investment portfolio. Property being sold AS-IS

15. 2025-03-27
    listed $300,000 Active 544-char remark

    Show marketing remark (544 chars)

    100% occupied. Great income producing 4 plex. Priced to beat the 1% rule, current rents total $3577, with seller paying utilities for 2 of the 4 units averaging $300-400/month. This fantastic investment features 4 one bed, one bath units, each with living room, kitchen with separate eating area, and large closet. 2 of the units are currently enrolled in a federally funded program through a local hospital, so there is a line of would be tenants! This could be the perfect next addition to your investment portfolio. Property being sold AS-IS

16. 2022-12-01
    soldstatus
17. 2020-01-29
    soldstatus
18. 2020-01-15
    soldstatus
19. 2004-04-16
    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: $1,307 · $109/mo
• Projected year-2 tax: $2,668 · $222/mo
• Expected delta: +$1,361/yr (+$113/mo · 104.1%)

ⓘ 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 ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,652
• − Mortgage interest: −$15,404
• − Property taxes: −$1,307
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,812
• − Management: −$3,812
• − Depreciation: −$8,000
• Taxable income: $13,942
• Est. tax owed @ 24.0%: −$3,346
• After-tax cash flow: $14,312/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): 11,833
• Household income: $54,443
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 338.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 48% White 34% Two or more races 25% Black 10% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 37% Puerto Rican 1% Cuban 3%
• Common ancestry: Italian 2% Arab 2% Romanian 1%
• Foreign-born: 22% · Canada, Vietnam, Philippines
• Languages at home: 58% English-only · Spanish 35% Arabic 2% Vietnamese 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: ▼ -35.35%
• Current HPI: 392.4402
• Rent YoY: —
• 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

-8.3% since first listed

6 events — show timeline

• 2025-06-27 Price Changed $275,000 Heartland MLS as Distributed by MLS Grid
• 2025-03-27 Listed $300,000 Heartland MLS as Distributed by MLS Grid
• 2022-12-01 Sold (Public Records) — Public Records
• 2020-01-29 Sold (Public Records) — Public Records
• 2020-01-15 Sold (Public Records) — Public Records
• 2004-04-16 Sold (Public Records) — Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,307 · -70.9% YoY. Source: county tax records.