524 E Walnut St · Independence, MO 64050

$210,000

4 bd · 2.0 ba · 1,430 sqft · MultiFamily public records · 57 Days on market

Built 1960 7,840 sqft lot Est $244k · 14% under

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Why this score? — see what drove the D+ 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 +15.1/30.0
• ARV discount +13.7/15.0
• DSCR +4.6/10.0
• Livability +4.1/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

Key facts

• 7,840 sq ft lot
• Garage
• Built 1960

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $67 ($809/yr) — positive. Per door: $34/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (15.9% below list).
• Recommended offer: $177k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.0% in Independence — 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 82/100 on livability (#10 in MO, #1,296 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D+, crime F.
• Independence 30 (suburban): math 26% / reading 38% proficiency, ranked #252 of 324 in MO (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.8%/yr); 125 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• This rent runs 43% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $176,600 (15.9% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 16% 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.38%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (median comp): $243,627
• List price: $210,000
• Delta: -13.80%
• 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
722 S Harkless St	0.52mi	4/2.0	1,560 (+9%)	14mo	$125,000	$80	49

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 · 3.79% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-28,371
• Equity at exit: $31,312

10-year hold

• IRR: -3.3%
• Equity multiple: 0.77×
• Total profit: $-13,478
• Equity at exit: $18,157

Cash invested: $58,800 (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 64050

• Home prices YoY: -15.5%
• Rents YoY: 3.8%
• Active inventory: 125
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $1,766 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$139 /mo · $1,668/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $67

Break-even live

Break-even rent $1,681

Max offer price $210,000

Occupancy floor 91%

Sensitivity live

Price	-10% $186	-5% $127	+0% $67	+5% $8	+10% $-51
Rent	-10% $-72	-5% $-2	+0% $67	+5% $137	+10% $207
Rate	-1.0pp $173	-0.5pp $121	base $67	+0.5pp $13	+1.0pp $-42

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,766
Total (2 units)			$1,766

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	44d	1	0.24mi
315 S Crane St Unit A Independence, MO	3.0	1.0	1150	$1,250	$1.09	24d	1	0.24mi
523 W Maple Ave Unit 2 A Independence, MO	3.0	2.0	964	$995	$1.03	44d	1	0.85mi
321 W South Ave Unit 11 Independence, MO	3.0	2.0	1000	$1,275	$1.27	22d	1	0.90mi
1021 N Kiger Rd Independence, MO	3.0	2.0	1200	$1,500	$1.25	18d	1	0.96mi
1404 S Osage St Independence, MO	4.0	2.0	1300	$1,750	$1.35	15d	1	1.22mi
718 E Gudgell Ave Independence, MO	4.0	2.0	1624	$1,775	$1.09	17d	1	1.27mi
1207 N McCoy St Independence, MO	3.0	2.0	972	$1,295	$1.33	8d	1	1.28mi
1502 S Pleasant St Independence, MO	3.0	2.0	1200	$1,399	$1.17	44d	1	1.34mi
1612 N Dodgion Ave Independence, MO	3.0	1.0	1000	$1,345	$1.34	44d	1	1.39mi

Listing history 23 events

1. 2026-05-10
   status Pending 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

2. 2026-04-15
   price $210,000 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

3. 2026-03-17
   status Active 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

4. 2026-03-08
   status Pending 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

5. 2026-03-08
   price $217,000 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

6. 2026-03-06
   listed $210,000 Active 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

7. 2026-03-06
   historical $210,000 791-char remark

   Show marketing remark (791 chars)

   Turnkey Investment in Independence perfect for an owner occupant as 1 side is vacant or an investor! Check out this list of new items - 2 new AC units, 1 new furnace, 1 new water heater, sewer line repaired, roof less than 5 years old! This all-brick duplex has a strong occupancy history—cash flowing from day one. Each side features 2 bedrooms, 1 full bath, an eat-in kitchen, and spacious family room. Recent upgrades include a completely rehabbed kitchen on one side plus new flooring and paint on the other. Laundry is conveniently located in the basement with garage access. With a reliable tenants already in place and major updates complete, this property is truly turnkey and ready for its next investor owner. Attractive Independence location adds even more long-term upside.

8. 2026-02-25
   historical
9. 2026-01-07
   status Active
10. 2025-12-21
    status Pending
11. 2025-11-10
    listed $210,000 Active
12. 2025-10-30
    historical
13. 2025-08-27
    price $210,000
14. 2025-08-06
    status Active
15. 2025-07-28
    status Pending
16. 2025-06-20
    listed $215,000 Active
17. 2015-10-05
    historical
18. 2015-08-20
    listed $89,950
19. 2013-05-07
    soldstatus
20. 2013-04-12
    soldstatus
21. 2012-11-19
    listed $79,950
22. 1998-10-14
    soldstatus
23. 1985-08-26
    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: $1,668 · $139/mo
• Projected year-2 tax: $2,037 · $170/mo
• Expected delta: +$369/yr (+$31/mo · 22.1%)

ⓘ 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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,192
• − Mortgage interest: −$11,763
• − Property taxes: −$1,668
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$6,109
• Taxable loss: −$2,789
• Est. tax savings @ 24.0%: +$669
• After-tax cash flow: $1,478/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: Independence 30
• NCES district ID: 2915480
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $41,843
• Composite: 27.04/100
• National rank: #7054
• State rank: #252 of 324 in MO

Livability — Independence

• Score: 82/100
• State rank: #10
• US rank: #1296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, MO
• County: Jackson County · 687,798 people
• City population: 117,675
• Metro: Kansas City, MO-KS
• Population (ZIP): 21,079
• Household income: $48,834
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 972.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 11% Two or more races 9% Black 7% Pacific Islander 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Serbian 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Asian/Pacific 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: ▼ -56.24%
• Current HPI: 305.796
• Rent YoY: ▲ 3.79%
• 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

+162.7% since first listed

23 events — show timeline

• 2026-05-10 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $210,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-17 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-03-08 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-03-08 Price Changed $217,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-06 Listed $210,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-06 Coming Soon $210,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-25 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-01-07 Relisted — Heartland MLS as Distributed by MLS Grid
• 2025-12-21 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-11-10 Listed $210,000 Heartland MLS as Distributed by MLS Grid
• 2025-10-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-08-27 Price Changed $210,000 Heartland MLS as Distributed by MLS Grid
• 2025-08-06 Relisted — Heartland MLS as Distributed by MLS Grid
• 2025-07-28 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-06-20 Listed $215,000 Heartland MLS as Distributed by MLS Grid
• 2015-10-05 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2015-08-20 Listed $89,950 Heartland MLS as Distributed by MLS Grid
• 2013-05-07 Sold (Public Records) — Public Records
• 2013-04-12 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2012-11-19 Listed $79,950 Heartland MLS as Distributed by MLS Grid
• 1998-10-14 Sold (Public Records) — Public Records
• 1985-08-26 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,668 · +18.6% YoY. Source: county tax records.