8828 N Main St · Kansas City, MO 64155

$450,000

10 bd · None ba · — sqft · MultiFamily · 386 Days on market

0.88 ac lot Est $472k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +9.6/15.0
• Rent growth +4.2/5.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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 MLS

SELLER IS OFFERING A SIGNIFICANT RATE BUY DOWN TO QUALIFIED BUYERS. REACH OUT TO LISTING AGENT TO LEARN MORE. THIS OFFER IS OPEN TO HOMEOWNERS AND INVESTORS. Calling all investors! Commercial 5 plex up north great investment in a great area with NEW Septic in 2025. 2 studio apartments. 1 bath. 2, 1 bedroom. 1bath. 1, 2 bedroom. 2 bath. Close to shopping area, off-street concrete parking, some storage, separate electric meters and has a Huge Green Space. Great 1031 exchange property. Unit 1a. 800 rented annual lease Unit 2b 700 rented annual lease unit 3c rented 700 annual lease Unit 4d rented at 725 Unit 5E 2 bed unit 1,000 annual lease $47,100 gross rental income Seller is a licensed salesperson in Missouri.

Key facts

• New septic
• Huge green space
• 0.88 acre lot

Tags

• NEW SEPTIC
• OFF-STREET CONCRETE PARKING
• HUGE GREEN SPACE

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 2×2bd/2ba units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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.
• North Kansas City 74 (urban): math 38% / reading 49% proficiency, ranked #98 of 324 in MO (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.9%/yr); 248 active listings in the ZIP; solid renter incomes; 341 units permitted in Clay County in 2024 (40 in 5+ unit buildings).
• At $6,652/mo this rent would consume 82% of the median local household income ($97k/yr) (locally 635% 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 $14k of value loss. Plan a longer hold.
• Clay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 386 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 386 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.48% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.50%
• DSCR: 2.00
• GRM: 5.6

CMA / ARV

• ARV (median comp): $471,595
• List price: $450,000
• Delta: -4.58%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.92% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.83×
• Total profit: $104,787
• Equity at exit: $67,096

10-year hold

• IRR: 30.3%
• Equity multiple: 4.22×
• Total profit: $406,190
• Equity at exit: $38,908

Cash invested: $126,000 (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 64155

• Rents YoY: 6.9%
• Active inventory: 248
• Price-to-rent: 33.7×

Monthly cashflow live

• Estimated rent: $6,652 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$345 /mo · $4,143/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,397
• Net cashflow: $2,363

Break-even live

Break-even rent $3,661

Max offer price $450,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,342
▸ 2× units	2	2	$3,310
Total (5 units)			$6,652

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $450,000 Active 386 DOM
2. 2026-06-17
   days on market $450,000 Active 385 DOM
3. 2026-06-16
   days on market $450,000 Active 384 DOM
4. 2026-06-15
   days on market $450,000 Active 383 DOM
5. 2026-06-13
   days on market $450,000 Active 381 DOM
6. 2026-06-13
   days on market $450,000 Active 380 DOM
7. 2026-06-09
   days on market $450,000 Active 377 DOM
8. 2026-06-08
   days on market $450,000 Active 376 DOM
9. 2026-06-07
   days on market $450,000 Active 375 DOM
10. 2026-06-05
    days on market $450,000 Active 372 DOM
11. 2026-06-03
    days on market $450,000 Active 371 DOM
12. 2026-06-02
    days on market $450,000 Active 370 DOM
13. 2026-06-01
    days on market $450,000 Active 369 DOM
14. 2026-05-31
    days on market $450,000 Active 368 DOM
15. 2025-05-28
    listed $450,000 Active 723-char remark

    Show marketing remark (723 chars)

    SELLER IS OFFERING A SIGNIFICANT RATE BUY DOWN TO QUALIFIED BUYERS. REACH OUT TO LISTING AGENT TO LEARN MORE. THIS OFFER IS OPEN TO HOMEOWNERS AND INVESTORS. Calling all investors! Commercial 5 plex up north great investment in a great area with NEW Septic in 2025. 2 studio apartments. 1 bath. 2, 1 bedroom. 1bath. 1, 2 bedroom. 2 bath. Close to shopping area, off-street concrete parking, some storage, separate electric meters and has a Huge Green Space. Great 1031 exchange property. Unit 1a. 800 rented annual lease Unit 2b 700 rented annual lease unit 3c rented 700 annual lease Unit 4d rented at 725 Unit 5E 2 bed unit 1,000 annual lease $47,100 gross rental income Seller is a licensed salesperson in Missouri.

16. 2025-04-30
    historical
17. 2025-03-12
    price $475,000
18. 2025-01-03
    price $479,900
19. 2024-07-24
    price $485,000
20. 2024-06-27
    status Active
21. 2024-05-31
    historical
22. 2024-05-01
    price $490,000
23. 2024-04-10
    price $500,000
24. 2024-04-03
    price $515,000
25. 2024-03-07
    price $520,000
26. 2024-02-05
    price $533,000
27. 2024-01-31
    price $535,000
28. 2024-01-15
    price $540,000
29. 2023-12-29
    listed $550,000 Active
30. 2020-11-19
    soldstatus
31. 2020-10-27
    soldstatus
32. 2015-01-05
    listed $209,999
33. 2014-03-12
    listed $219,999
34. 2006-08-11
    soldstatus
35. 2006-08-11
    soldstatus
36. 2006-01-12
    listed $210,000

ⓘ 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: $4,143 · $345/mo
• Projected year-2 tax: $4,365 · $364/mo
• Expected delta: +$222/yr (+$19/mo · 5.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $79,824
• − Mortgage interest: −$25,207
• − Property taxes: −$4,143
• − Insurance: −$2,250
• − Repairs & maintenance: −$6,386
• − Management: −$6,386
• − Depreciation: −$13,091
• Taxable income: $22,362
• Est. tax owed @ 24.0%: −$5,367
• After-tax cash flow: $22,983/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: North Kansas City 74
• NCES district ID: 2922800
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 49% ▼ -3.00%
• Median HH income: $55,444
• Composite: 37.88/100
• National rank: #4321
• State rank: #98 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: Clay County · 220,651 people
• City population: 439,467
• Metro: Kansas City, MO-KS
• Population (ZIP): 28,824
• Household income: $97,471
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 635.0

Population outlook (Clay County) Hauer SSP2

• Today (2025): 266,022 people
• By 2030: 280,057 · +5.3%
• By 2040: 306,153 · +15.1%
• By 2050: 328,630 · +23.5%
• By 2075: 375,182 · +41.0%
• By 2100: 392,861 · +47.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Black 8% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Lithuanian 3% Iranian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 3% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Clay

• 2024 margin: Lean R (+5.6) · D 46.4% · R 52.0% · Other 1.6%
• 2008→2024 swing: -4.9pp toward R · 2008: -0.7pp · 2024: -5.6pp
• All cycles: 2024: R+5.6 2020: R+4.1 2016: R+11.1 2012: R+8.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -234.09%
• Current HPI: 219.9706
• Rent YoY: ▲ 6.92%
• 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

+114.3% since first listed

22 events — show timeline

• 2025-05-28 Listed $450,000 Heartland MLS as Distributed by MLS Grid
• 2025-04-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-03-12 Price Changed $475,000 Heartland MLS as Distributed by MLS Grid
• 2025-01-03 Price Changed $479,900 Heartland MLS as Distributed by MLS Grid
• 2024-07-24 Price Changed $485,000 Heartland MLS as Distributed by MLS Grid
• 2024-06-27 Relisted — Heartland MLS as Distributed by MLS Grid
• 2024-05-31 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-05-01 Price Changed $490,000 Heartland MLS as Distributed by MLS Grid
• 2024-04-10 Price Changed $500,000 Heartland MLS as Distributed by MLS Grid
• 2024-04-03 Price Changed $515,000 Heartland MLS as Distributed by MLS Grid
• 2024-03-07 Price Changed $520,000 Heartland MLS as Distributed by MLS Grid
• 2024-02-05 Price Changed $533,000 Heartland MLS as Distributed by MLS Grid
• 2024-01-31 Price Changed $535,000 Heartland MLS as Distributed by MLS Grid
• 2024-01-15 Price Changed $540,000 Heartland MLS as Distributed by MLS Grid
• 2023-12-29 Listed $550,000 Heartland MLS as Distributed by MLS Grid
• 2020-11-19 Sold (Public Records) — Public Records
• 2020-10-27 Sold (Public Records) — Public Records
• 2015-01-05 Listed $209,999 Heartland MLS as Distributed by MLS Grid
• 2014-03-12 Listed $219,999 Heartland MLS as Distributed by MLS Grid
• 2006-08-11 Sold (Public Records) — Public Records
• 2006-08-11 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2006-01-12 Listed $210,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2025): $4,143 · +29.9% YoY. Source: county tax records.