St. Louis brick two-family flats and Kansas City fourplexes give Missouri investors a deep supply of 2-4 unit rentals at moderate prices.
In short: You can finance a Missouri duplex, triplex or fourplex with a LendingStreet DSCR loan that qualifies on the building's combined rent, with no tax returns. Loans start at $150,000 with no stated maximum, leverage goes up to 80% LTV on purchases and 75% on cash-out, and the standard minimum is a 1.0x ratio with 620 credit. In Missouri, plan for rental inspection programs in both big cities and appraisals that rely on MLS data because sale prices are not public.
St. Louis has brick two-family flats in Tower Grove South, Dutchtown, Bevo Mill, Soulard, Benton Park and the Shaw neighborhood. Kansas City has fourplexes and duplexes in Westport, Midtown, Waldo and Brookside.
Springfield (Missouri State), Columbia (Mizzou) and towns near Fort Leonard Wood offer more markets.
St. Louis two-family flats are typically brick buildings from the 1900s through the 1930s, with one unit per floor and separate entrances. Brick construction holds up well, but roofs, tuckpointing and older electrical service are common repair items.
Kansas City fourplexes are common in Midtown and Westport, often brick buildings from the early 1900s. Springfield and Columbia have student duplexes, and towns near Fort Leonard Wood have duplexes leased to military families.
St. Louis County suburbs such as Maplewood, Richmond Heights and University City also have two-family homes, with steady demand from nearby universities and hospitals.
| Area | Typical 2-4 unit stock | What to check |
|---|---|---|
| St. Louis City | Brick two-family flats | Occupancy inspections; lead paint |
| Kansas City | Fourplexes and duplexes | Healthy Homes rental permit |
| Springfield and Columbia | Student duplexes | Lease cycles |
| Fort Leonard Wood area | Duplexes for military | Steady demand |
Every unit's rent counts. The underwriter adds up the leases or market rents for all units, then divides by the monthly payment: principal and interest plus taxes, insurance and any association dues. If the result is at least 1.0x, the building meets the standard minimum; sub-1.0 programs exist for files that fall short.
Your personal income is not part of the calculation. Instead of W-2s and tax returns, the file rests on the rent roll, the appraisal, a 620 or higher credit score, reserves and, if you use one, your LLC documents.
Because the payment drives the ratio, small cost changes matter. A Missouri building that clears 1.0x on the seller's tax bill and an old insurance renewal can fall short once the bill is reassessed and a new policy is written, so price both before you commit.
Missouri assesses residential property at a 19% assessment ratio of market value and reassesses in odd years.
Missouri has no transfer tax and is a non-disclosure state.
Missouri reassesses residential property in odd-numbered years, and counties have seen significant increases. Rates vary by county, city and school district, and St. Louis City and Jackson County have relatively high combined rates.
Missouri has no real estate transfer tax, and it is a non-disclosure state, so sale prices are not in public records. Appraisers rely on MLS data and other sources.
This example is illustrative and not a quote. An investor buys a brick two-family flat in Tower Grove South, St. Louis for $280,000. Rent is $1,150 per unit, or $2,300 a month across both units. Taxes reflect the 19% assessment ratio.
At 80% LTV, the loan is $224,000, estimated principal and interest is about $1,490, taxes are $332 a month and insurance is $175, for a total payment of about $1,997 and a DSCR of about 1.15x. The building clears 1.0x.
| Item | Amount |
|---|---|
| Purchase price | $280,000 |
| Combined monthly rent | $2,300 |
| Loan amount (80% LTV) | $224,000 |
| Estimated principal and interest | $1,490 |
| Property taxes (monthly) | $332 |
| Insurance (monthly) | $175 |
| Total monthly payment | $1,997 |
| DSCR | About 1.15x |
Hail and tornadoes are the main risks. Older brick buildings need tuckpointing and roof maintenance.
Hail, wind and tornadoes are common in Missouri. Older brick buildings may need tuckpointing and roof work, and some still have older electrical service. Get a full insurance quote early.
Kansas City requires rental permits under its Healthy Homes program, and St. Louis requires inspections for many rentals when occupants change. Missouri preempts rent control.
Check permits and inspections before closing.
Kansas City's Healthy Homes program requires rental permits and allows inspections in response to complaints. St. Louis requires an occupancy inspection when tenants change in many rentals. Buildings built before 1978 may contain lead paint, which matters in St. Louis.
Missouri preempts local rent control. Check permits and inspections for each unit before closing.
Loan size, leverage and the 1.0x standard minimum DSCR do not change between a duplex and a fourplex. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV and cash-out refinances up to 75% LTV. More units simply mean more rent to cover the payment and less exposure to any single vacancy.
Small apartment buildings with five to eight units are financed under residential programs too, though leverage can be lower and review deeper, depending on the program. At nine units and up, the loan becomes commercial.
A complete package gets a faster, clearer answer.
LendingStreet finances business-purpose DSCR loans on 2-4 unit rentals across Missouri. Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rents and target leverage, and we will run the ratio on realistic taxes and insurance and come back with options. You can call (877) 298-1001 or use the form below.
Yes. Kansas City requires a rental permit under its Healthy Homes program, and the city can inspect units in response to complaints.
Yes. Sale prices are not public records in Missouri, so appraisers rely on MLS data and other sources to find comparable sales.
Yes. Brick two-family flats are one of the most common 2-4 unit properties in St. Louis, and we qualify them on combined rent.
Yes. We finance 2-4 unit rentals throughout Missouri, qualified on combined rent.
Yes. An empty unit is typically counted at appraised market rent. Leasing it before closing, or showing it is rent-ready, helps the file.
Our investor loans are business-purpose loans on non-owner-occupied property, so these DSCR programs are not for a building you will live in.
Yes, up to 75% LTV, as long as the combined rent covers the new payment at the program minimum. Seasoning rules vary by program.
No. The loan qualifies on the combined rent of the units. You need a credit score of 620 or higher, reserves and, if you borrow in an LLC, your entity documents.
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