UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

(Mark One)

   X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
------  EXCHANGE ACT OF 1934


For the quarter period ended         May 31, 2004
                                    -------------

                                       OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
------  EXCHANGE ACT OF 1934

For the transition period from                To
                                ------------      ------------

                        Commission file number 000-11023

                     MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                     ---------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Missouri                                     43-1250566
      -----------------                             -----------------
(State or other jurisdiction                (I.R.S. Employer Identification No.)
of incorporation or organization)

               104 Armour Road, North Kansas City, Missouri 64116
               --------------------------------------------------
                    (Address of principal executive offices)

                                 (816) 303-4500
                                 --------------
                (Issuer's telephone number, including area code)




Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [X]                    No [   ]








                                       1
<PAGE>




                                      INDEX


                                                                            Page
PART I -   FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS:
               Balance Sheets                                                 3
               Statements of Operations                                       4
               Statements of Cash Flows                                       5

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
               OF OPERATION                                                   7

ITEM 3.    CONTROLS AND PROCEDURES                                            9

PART II -  OTHER INFORMATION                                                  9

ITEM 1.    LEGAL PROCEEDINGS                                                  9
ITEM 2.    CHANGES IN SECURITIES AND
           SMALL BUSINESS ISSUER PURCHASE OF EQUITY SECURITIES                9
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES                                    9
ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                9
ITEM 5.    OTHER INFORMATION                                                 10
ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K                                  10


SIGNATURES                                                                   11
EXHIBIT INDEX                                                                12







                                       2
<PAGE>




PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                            May 31,              November 30,
                                                                             2004                    2003
                                                                         (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,549,000               16,273,000
                                                                       ------------              -----------
                                                                         17,563,000               17,287,000
   Less accumulated depreciation                                         11,396,000               11,080,000
                                                                       ------------              -----------
           Total investment property                                      6,167,000                6,207,000

Cash and cash equivalents                                                   401,000                  651,000
Prepaid expenses                                                            124,000                   60,000
Deferred expenses, less accumulated amortization                             67,000                   72,000
Accounts receivable                                                         252,000                      ---
Income tax deposit                                                           14,000                   14,000
                                                                       ------------              -----------
           Total assets                                              $    7,025,000                7,004,000
                                                                       ============              ===========

LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    550,000                  228,000
   Real estate taxes payable                                                 91,000                  144,000
   Refundable tenant deposits                                                56,000                   60,000
                                                                       ------------              -----------
           Total liabilities                                             10,597,000               10,332,000
Partners' deficit                                                        (3,572,000)              (3,328,000)
                                                                       ------------              -----------
           Total liabilities and partners' deficit                   $    7,025,000                7,004,000
                                                                       ============              ===========

</TABLE>



                                       3
<PAGE>



                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                           Three Months Ended               Six Months Ended
                                                         May 31,         May 31,         May 31,          May 31,
                                                          2004            2003            2004             2003

Revenues:
       Rental                                        $   639,000         651,000        1,292,000        1,333,000
       Other                                              45,000          57,000           93,000          108,000
                                                      ----------      ----------       ----------       ----------
           Total revenues                                684,000         708,000        1,385,000        1,441,000
                                                      ----------      ----------       ----------       ----------


Expenses:
       Depreciation and amortization                     161,000         156,000          321,000          312,000
       Repairs and maintenance                            68,000          71,000          137,000          143,000
       Real estate taxes                                  46,000          48,000          115,000           84,000
       Professional fees                                  26,000          20,000           49,000           48,000
       Utilities                                          36,000          40,000           80,000           68,000
       Property management fees - related parties         44,000          47,000           89,000           91,000
       Other                                             110,000         139,000          204,000          242,000
                                                      ----------      ----------       ----------       ----------
              Total expenses                             491,000         521,000          995,000          988,000
                                                      ----------      ----------       ----------       ----------
              Net operating income                       193,000         187,000          390,000          453,000
                                                      ----------      ----------       ----------       ----------

              Interest
                Interest income                           (5,000)        (12,000)          (6,000)         (14,000)
                Interest expense                         185,000         184,000          369,000          369,000
                                                      ----------      ----------       ----------       ----------
                    Net income                      $     13,000          15,000           27,000           98,000
                                                      ==========      ==========       ==========       ==========

Net income allocation:
       General partner                              $        ---             ---              ---            2,000
       Limited partners                                   13,000          15,000           27,000           96,000
                                                      ----------      ----------       ----------       ----------
                                                    $     13,000          15,000           27,000           98,000
                                                      ==========      ==========       ==========       ==========
Limited partners' data:
       Net income per unit                          $       1.14            1.29             2.37             8.22
                                                      ==========      ==========       ==========       ==========

Weighted average limited partnership
       units outstanding                                  11,367          11,596           11,398           11,679
                                                      ==========      ==========       ==========       ==========


</TABLE>







                                       4
<PAGE>



                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                    Six Months Ended
                                                                                May 31,           May 31,
                                                                                 2004              2003

Cash flows from operating activities:
    Net income                                                         $      27,000              98,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                321,000             312,000
                Changes in accounts affecting operations:
                     Accounts receivable                                    (252,000)                ---
                     Prepaid expenses                                        (64,000)             53,000
                     Accounts payable and accrued expenses                   322,000               1,000
                     Real estate taxes payable                               (53,000)            (55,000)
                     Refundable tenant deposits                               (4,000)             (4,000)
                                                                         -----------         -----------
                     Net cash provided by operating activities               297,000             405,000
                                                                         -----------         -----------

Cash flows from investing activities:
         Capital expenditures                                               (276,000)           (130,000)
                                                                         -----------         -----------

Cash flows from financing activities:
         Distributions                                                      (227,000)           (232,000)
         Repurchase of Partnership Units                                     (44,000)           (142,000)
                                                                         -----------         -----------

                        Net cash used in financing activities               (271,000)           (374,000)
                                                                         -----------         -----------

                        Net decrease in cash
                             and cash equivalents                           (250,000)            (99,000)

Cash and cash equivalents, beginning of period                               651,000             911,000
                                                                         -----------         -----------

Cash and cash equivalents, end of period                             $       401,000             812,000
                                                                         ===========         ===========

Supplemental disclosure of cash flow information -
    cash paid during the period for interest                         $       369,000             368,000
                                                                         ===========         ===========

</TABLE>






                                       5
<PAGE>



                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                 SIX MONTHS ENDED MAY 31, 2004 AND MAY 31, 2003


(1) Summary of Significant Accounting Policies

Refer to the financial statements of Maxus Real Property Investors - Four, L.P.,
formerly known as Nooney Real Property Investors - Four, L.P. (the "Partnership"
or the "Registrant"),  for the year ended November 30, 2003, which are contained
in the  Partnership's  Annual Report on Form 10-KSB,  for a  description  of the
accounting policies which have been continued without change. Also, refer to the
footnotes  to those  statements  for  additional  details  of the  Partnership's
financial  condition and results of operations.  The details in those notes have
not changed  except as a result of normal  transactions  in the interim.  In the
opinion of the general  partner,  all  adjustments  (which  include  only normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results  of  operations  and  cash  flows at May 31,  2004  and for all  periods
presented have been made. The results for the periods ended May 31, 2004 are not
necessarily indicative of the results that may be expected for the entire year.

(a) Description of Business

The Partnership is a limited  partnership  organized under the laws of the State
of Missouri  on  February  9, 1982.  The  Partnership  was  organized  to invest
primarily in income-producing  real properties such as shopping centers,  office
buildings and other commercial properties,  apartment buildings, warehouses, and
light  industrial  properties.  The  Partnership's  portfolio  is comprised of a
402-unit  apartment  building  located  in  West  St.  Louis  County,   Missouri
(Woodhollow Apartments).

(b) Basis of Accounting

The financial statements include only those assets, liabilities,  and results of
operations  of the partners  which relate to the business of Maxus Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses  attributable to the partners' individual  activities.  No provision
has been made for  federal  and state  income  taxes  since  these taxes are the
responsibility of the partners.

(2) Repurchase of Partnership Interests

On November 25, 2003, the Partnership  commenced an odd-lot offer to purchase up
to 3,887 of the  Partnership's  limited  partnership units from limited partners
holding 15 units or fewer (the "Offer"). The Offer expired on December 26, 2003.
In connection with the Offer,  the Partnership  redeemed 95 limited  partnership
units of the  Partnership  at $450 per unit.  The  Partnership  also redeemed an
additional  5 units from a previous  odd-lot  offer,  which had been pending the
receipt of complete  documentation.  As a result, as of June 15, 2004, there are
11,361 outstanding limited partnership units.

On June 14, 2004, the  Partnership  commenced an odd-lot offer to purchase up to
4,874 of the  Partnership's  limited  partnership  units from  limited  partners
holding 25 units or fewer (the  "June  Offer") at $507 per unit.  The June Offer
expires on July 16, 2004 unless extended.



                                       6
<PAGE>



ITEM 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This  10-QSB  contains  forward-looking  information  (as defined in the Private
Securities  Litigation  Reform Act of 1995) that involves risk and  uncertainty,
including  trends  in  the  real  estate  investment   market,   general  market
conditions,   projected   leasing  and  sales,  and  future  prospects  for  the
Partnership.  Actual results could differ materially from those  contemplated by
such statements.

CRITICAL ACCOUNTING POLICIES

Refer to the Financial Statements of the Partnership for the year ended November
30, 2003, which are contained in the Partnership's Annual Report in Form 10-KSB,
for a description of the accounting policies,  which have been continued without
change, unless otherwise noted herein.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and  assumptions  that affect  amounts  reported in the  accompanying  financial
statements.  The most  significant  assumptions and estimates  relate to revenue
recognition for leases, treatment of capital expenditures,  depreciable lives of
investment  property,  capital  expenditures  and the  valuation  of  investment
property.  Application of these assumptions requires the exercise of judgment as
to future uncertainties and, as a result, actual results could differ from these
estimates.

Revenue Recognition

The  Partnership  leases its property  pursuant to  operating  leases with terms
generally of six or twelve  months.  Rental income is recognized  when received;
this method  approximates  recognition using the  straight-line  method over the
related lease term.

Investment Property Useful Lives

The  Partnership  is required to make  subjective  assessments  as to the useful
lives of its property for the purposes of determining the amount of depreciation
to reflect on an annual basis with respect to the  property.  These  assessments
have a direct impact on the Partnership's net income.

Investment  property is depreciated  over its estimated  useful life of 30 years
using the straight-line method.  Furnishings and appliances are depreciated over
periods ranging from 5 to 7 years using the straight-line method.

Capital Expenditures

For  reporting  purposes,   the  Partnership   capitalizes  all  carpet,  vinyl,
appliance,   and  HVAC   replacements.   The  Partnership   expenses  all  other
expenditures  that  total  less than  $10,000.  Expenditures  over  $10,000  and
expenditures  related to contracts over $10,000 are evaluated  individually  for
capitalization.

Impairment of Investment Property Values

The Partnership is required to make  subjective  assessments as to whether there
are impairments in the value of its investment property.  Management's estimates
of  impairment in the value of the  investment  property have a direct impact on
the Partnership's net income.

The  Partnership  follows the  provisions  of Statement of Financial  Accounting
Standards  (SFAS)  No.  144,  "Accounting  for the  Impairment  or  Disposal  of
Long-Lived  Assets".   The  Partnership  assesses  the  carrying  value  of  its
long-lived asset whenever events or changes in  circumstances  indicate that the
carrying amount of the underlying asset may not be recoverable.  Certain factors
that may occur and  indicate  that an  impairment  exists  include,  but are not
limited to: significant  underperformance relative to projected future operating
results;  significant  changes  in the  manner  of the  use  of the  asset;  and
significant adverse industry or market economic trends. If the carrying value of
the property may not be  recoverable  based upon the existence of one or more of
the above indicators of impairment,  management measures the impairment based on
projected  discounted  cash flows using a discount rate determined by management
to be  commensurate  with the risk  inherent  in the  property,  compared to the
property's current carrying value.


                                       7
<PAGE>



Liquidity and Capital Resources

Cash as of May 31, 2004 was  $401,000,  a decrease of $250,000 from November 30,
2003. Cash  provided from operating  activities for the six months ended May 31,
2004 was  $297,000,  a decrease  of $108,000  from the same  period in 2003.  An
accounts payable for a contract related to the fire damage of $262,000 is offset
by an accounts  receivable for estimated  insurance proceeds related to the fire
damage of  $252,000.  Investing  activities  used  $276,000  primarily  due to a
renovation  of the  clubhouse  for $103,000 and pool and deck  improvements  for
$40,000 along with other investments in property improvements  including carpet,
flooring, HVAC and appliance replacements. Cash used in financing activities was
$271,000,  comprised  primarily of $227,000 of  distributions of $10 per limited
partner  unit,  which  were  paid  in each  of  January  2004  and  April  2004.

Contractual Obligations

The mortgage  note  payable is secured by  Woodhollow  Apartments  and calls for
monthly  interest  payments  of  $61,000,  with  interest  fixed at  7.45%.  The
principal  balance is due December 1, 2010.  In the event of  prepayment  by the
Partnership, the note requires a substantial prepayment penalty.

Management  believes the Partnership's  current cash position and the property's
ability to provide  operating  cash flow should enable the  Partnership  to fund
anticipated capital expenditures and meet debt obligations.

RESULTS OF OPERATIONS

For the three and six  month  periods  ended  May 31,  2004,  the  Partnership's
revenues  were  $684,000 and  $1,385,000,  respectively.  Revenues  decreased by
$24,000  (3.4%) and  $56,000  (3.9%)  respectively  for the three and  six-month
periods  ended May 31, 2004 as compared to the same periods  ended May 31, 2003.
This  decrease was  primarily  due to an increase in vacancy loss of $18,000 and
$41,000 for the three and six-month periods ended May 31, 2004, respectively.

For the three and six  month  periods  ended  May 31,  2004,  the  Partnership's
operating expenses were $491,000 and $995,000, respectively.  Expenses decreased
by $30,000 (5.8%) for the  three-month  period ended May 31, 2004 as compared to
the same period ended May 31, 2003.  The decrease in expenses was  primarily due
to a decrease in other  expenses of $29,000.  Expenses for the six-month  period
ended May 31, 2004 are  comparable  to those for the same  period  ended May 31,
2003.

Woodhollow  was 88% occupied at May 31,  2004,  as compared to 94% as of May 31,
2003. Twenty-two (22) units, or approximately 5% of the property, are vacant due
to the  fire  described  below.  Based  on  industry  information,  the  average
occupancy of the  sub-market  Woodhollow  competes with is in the low to mid 90%
range. Interest rates remain low, which normally increases losses of tenants who
move out of apartments when they purchase homes.

On April 16, 2004,  Woodhollow  incurred a fire in one building.  The damage was
limited to the 22 units in that building.  Management estimates that the damages
are covered by insurance,  less a $10,000 deductible.  The insurance policy also
covers  loss of rents  and  management  is  currently  in  discussions  with the
insurance  company  as to the  amount of  rental  loss the  partnership  will be
reimbursed  for.  Management  believes  that the repairs  will be  completed  in
September 2004, and the units will be available for rental at that time.

INFLATION

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in fiscal  2003 or the six  months  ended  May 31,  2004 and are not
expected to materially  affect the  Registrant's  operations in the remainder of
2004.

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not have any "off-balance sheet arrangements" as defined in
Item 303 (c) of Regulations S-B promulgated under the Securities Exchange Act of
1934, as amended.


                                       8
<PAGE>


ITEM 3:  CONTROLS AND PROCEDURES

Under the  supervision  and with the  participation  of the  management of Maxus
Capital Corp.,  including the  Partnership's  Chief Executive  Officer and Chief
Financial  Officer,  the  Partnership  has  established a system of controls and
other procedures designed to ensure that information required to be disclosed in
its periodic reports filed under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), is recorded, processed, summarized and reported within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms.  These  disclosure  controls and procedures have been evaluated under the
direction of the Chief Executive  Officer and Chief Financial  Officer as of May
31,  2004.  Based on such  evaluations,  the Chief  Executive  Officer and Chief
Financial Officer have concluded that the disclosure controls and procedures (as
defined in the Exchange Act Rule  13a-15(e) and Rule  15d-15(e))  are effective.
There has been no change in internal  control over financial  reporting that has
materially   affected  or  is  reasonably  likely  to  materially   affect,  the
Partnership's  internal  control  over  financial  reporting  during  the period
covered by this report.

PART II.  OTHER INFORMATION

ITEM 1:   LEGAL PROCEEDINGS

None

ITEM 2.   CHANGES IN SECURITIES AND SMALL  BUSINESS  ISSUER  PURCHASES OF EQUITY
          SECURITIES

On November 25, 2003, the Partnership  commenced an odd-lot offer to purchase up
to 3,887 of the  Partnership's  limited  partnership units from limited partners
holding 15 units or fewer (the "Offer"). The Offer expired on December 26, 2003.
In connection with the Offer,  the Partnership  redeemed 95 limited  partnership
units of the  Partnership  at $450 per unit.  The  Partnership  also redeemed an
additional  5 units from a previous  odd-lot  offer,  which had been pending the
receipt of complete  documentation.  As a result, as of June 15, 2004, there are
11,361 outstanding limited partnership units.

On June 14, 2004, the  Partnership  commenced an odd-lot offer to purchase up to
4,874 of the  Partnership's  limited  partnership  units from  limited  partners
holding 25 units or fewer (the  "June  Offer") at $507 per unit.  The June Offer
expires on July 16, 2004 unless extended.

Equity Repurchases for Quarter Ended May 31, 2004:
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                                                                Maximum Number
                                                                                                (or Approximate
                                                                          Total Number of       Dollar Value) of
                                               Average      Total         Units Purchased       Units That May
Equity Security                                Price        Number        As Part of Publicly   Yet Be Purchased
Repurchased By               Period of         Paid         of Units      Announced             Under the Plans
Partnership                  Repurchase        Per Unit     Purchased     Plans or Programs     Or Programs
-------------------------    --------------    --------     ---------     -------------------   ----------------
Limited Partnership Units    3/1/04-3/31/04       ---          ---               ---                  ---
Limited Partnership Units    4/1/04-4/30/04      $450            5               ---                  ---
Limited Partnership Units    5/1/04-5/31/04      $430            5               ---                  ---
                                                            ---------     -------------------   ----------------
                                                                10               ---                  ---
</TABLE>


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None


                                       9
<PAGE>


ITEM 5.  OTHER INFORMATION

The Board of Directors  of the  Partnership's  general  partner  (Maxus  Capital
Corp.) declared cash distributions of $10 per limited  partnership unit, payable
to holders of record as of January 1, April 1, and July 1, 2004,  that were paid
on  January  10,  and  April  10,  2004,  and  are  payable  on July  10,  2004,
respectively. The Partnership anticipates,  subject to continued performance and
availability of funds, continuing such quarterly distributions,  at least in the
near future.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


         (a) Exhibits


             See Exhibit Index on Page 12


         (b) Reports on Form 8-K


             No reports on  Form 8-K  were  filed by the  Registrant  during the
             second quarter of 2004.



                                       10
<PAGE>




                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


                              MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                              By:   MAXUS CAPITAL CORP.
                                    General Partner

Dated: July 1, 2004           By:   /s/ David L. Johnson
                                    --------------------
                                    David L. Johnson
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

Dated: July 1, 2004           By:   /s/ John W. Alvey
                                    --------------------
                                    John W. Alvey
                                    Vice President, Treasurer and
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)




                                       11
<PAGE>




                                  EXHIBIT INDEX

Exhibit
Number                             Description

3.1  Amended and Restated Agreement and Certificate of Limited Partnership dated
     April 7, 1982 is  incorporated  by  reference  from Exhibit 3.1 to the Form
     10-K for the fiscal year ended  November  30, 1999 filed by the  Registrant
     (File No. 000-11023).

3.2  Amendment of Certificate of Limited  Partnership dated December 21, 1999 is
     incorporated  by  reference  to the Form 8-K  filed  by the  Registrant  on

31.1 Certification of the Chief Executive Officer Pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002

31.2 Certification of the Chief Financial Officer Pursuant to Section 302 of the
     Sarbanes-Oxley Act of 2002

32.1 Certification of the Chief Executive Officer Pursuant to Section 906 of the
     Sarbanes-Oxley Act of 2002

32.2 Certification of the Chief Financial Officer Pursuant to Section 906 of the
     Sarbanes-Oxley Act of 2002





                                       12