2601 Patee St · St. Joseph, MO 64507

$119,900

5 bd · None ba · 1,054 sqft · MultiFamily public records · 181 Days on market

Built 1912 2,614 sqft lot Est $148k · 19% under ↓ 17% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Take a look at this excellent opportunity to start your investment portfolio or add to an existing one! This two-unit, multi-family home is located in midtown on a quiet street that provides quick access to all parts of St. Joseph. These recently remodeled upstairs and downstairs units are occupied with long term tenants. The downstairs unit is a three-bedroom, one bathroom unit. The upstairs unit is a two-bedroom, one bathroom unit. Both tenants have access to the shared laundry in the basement. Set up a showing today and head into the new year with an investment property that will put some extra money in your pocket!

Key facts

• Quiet street
• Recently remodeled
• 2,614 sq ft lot

Tags

• RECENTLY REMODELED
• QUIET STREET

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 4.7% in St. Joseph — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• St. Joseph (urban): math 28% / reading 38% proficiency, ranked #241 of 324 in MO (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mark Twain Elem. (math 12% / reading 32%, grade F, #910 of 1,115 statewide, top 83%, 315 students, 99% FRL); Truman Middle (math 17% / reading 27%, grade F, #332 of 391 statewide, top 86%, 482 students, 99% FRL); Central High (math 28% / reading 50%, grade F, #287 of 521 statewide, top 55%, 1,728 students, 40% FRL) — zoned schools average 80% FRL vs 53% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 96 active listings in the ZIP; 70 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.97%
• DSCR: 1.93
• GRM: 5.8

CMA / ARV

• ARV (median comp): $148,177
• List price: $119,900
• Delta: -19.08%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.4%
• Equity multiple: 1.53×
• Total profit: $17,934
• Equity at exit: $17,877

10-year hold

• IRR: 22.2%
• Equity multiple: 2.90×
• Total profit: $63,698
• Equity at exit: $10,367

Cash invested: $33,572 (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 64507

• Active inventory: 96
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,716 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$90 /mo · $1,081/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $587

Break-even live

Break-even rent $973

Max offer price $119,900

Occupancy floor 61%

Sensitivity live

Price	-10% $655	-5% $621	+0% $587	+5% $553	+10% $519
Rent	-10% $451	-5% $519	+0% $587	+5% $655	+10% $722
Rate	-1.0pp $647	-0.5pp $617	base $587	+0.5pp $556	+1.0pp $524

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$874
1× unit	2	1	$842
Total (2 units)			$1,716

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $119,900 Active 181 DOM
2. 2026-06-18
   days on market $119,900 Active 180 DOM
3. 2026-06-17
   days on market $119,900 Active 179 DOM
4. 2026-06-16
   days on market $119,900 Active 178 DOM
5. 2026-06-15
   days on market $119,900 Active 177 DOM
6. 2026-06-14
   days on market $119,900 Active 175 DOM
7. 2026-06-12
   pricedays on market $119,900 Active 174 DOM
8. 2026-06-09
   days on market $124,900 Active 171 DOM
9. 2026-06-08
   days on market $124,900 Active 170 DOM
10. 2026-06-07
    days on market $124,900 Active 169 DOM
11. 2026-06-03
    days on market $124,900 Active 165 DOM
12. 2026-06-02
    days on market $124,900 Active 164 DOM
13. 2026-06-01
    days on market $124,900 Active 163 DOM
14. 2026-05-31
    days on market $124,900 Active 162 DOM
15. 2026-05-30
    days on market $124,900 Active 161 DOM
16. 2025-12-20
    listed $124,900 Active 626-char remark

    Show marketing remark (626 chars)

    Take a look at this excellent opportunity to start your investment portfolio or add to an existing one! This two-unit, multi-family home is located in midtown on a quiet street that provides quick access to all parts of St. Joseph. These recently remodeled upstairs and downstairs units are occupied with long term tenants. The downstairs unit is a three-bedroom, one bathroom unit. The upstairs unit is a two-bedroom, one bathroom unit. Both tenants have access to the shared laundry in the basement. Set up a showing today and head into the new year with an investment property that will put some extra money in your pocket!

17. 2024-01-23
    historical
18. 2024-01-10
    price $139,900
19. 2023-11-03
    listed $149,900 Active
20. 2022-11-18
    soldstatus
21. 2022-11-16
    soldstatus
22. 1995-05-23
    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: $1,081 · $90/mo
• Projected year-2 tax: $1,163 · $97/mo
• Expected delta: +$82/yr (+$7/mo · 7.6%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,592
• − Mortgage interest: −$6,716
• − Property taxes: −$1,081
• − Insurance: −$600
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − Depreciation: −$3,488
• Taxable income: $5,412
• Est. tax owed @ 24.0%: −$1,299
• After-tax cash flow: $5,743/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: St. Joseph
• NCES district ID: 2927060
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 38% ▼ -1.00%
• Median HH income: $43,007
• Composite: 27.99/100
• National rank: #6853
• State rank: #241 of 324 in MO

Livability — St. Joseph

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Joseph, MO
• City population: 44,382
• Population (ZIP): 14,159

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 89,041 people
• By 2030: 88,401 · -0.7%
• By 2040: 86,220 · -3.2%
• By 2050: 83,603 · -6.1%
• By 2075: 76,750 · -13.8%
• By 2100: 67,623 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 8% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.0) · D 35.2% · R 63.3% · Other 1.5%
• 2008→2024 swing: -28.2pp toward R · 2008: 0.1pp · 2024: -28.0pp
• All cycles: 2024: R+28.0 2020: R+24.6 2016: R+26.2 2012: R+8.7 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.49%
• Current HPI: 165.1511
• Rent YoY: —
• Metro: —
• 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

-16.7% since first listed

7 events — show timeline

• 2025-12-20 Listed $124,900 Heartland MLS as Distributed by MLS Grid
• 2024-01-23 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-01-10 Price Changed $139,900 Heartland MLS as Distributed by MLS Grid
• 2023-11-03 Listed $149,900 Heartland MLS as Distributed by MLS Grid
• 2022-11-18 Sold (Public Records) — Public Records
• 2022-11-16 Sold (Public Records) — Public Records
• 1995-05-23 Sold (Public Records) — Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,081 · +48.1% YoY. Source: county tax records.