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  February 29, 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 of                     (I.R.S. Employer
 incorporation or organization)                    Identification No.)

               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                                            8

PART - II  OTHER INFORMATION                                                  9

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


SIGNATURES                                                                   10
EXHIBIT INDEX                                                                11




                                       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>

                                                                        February 29,             November 30,
                                                                            2004                     2003
                                                                        (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,399,000               16,273,000
                                                                        -----------              -----------
                                                                         17,413,000               17,287,000
   Less accumulated depreciation                                         11,237,000               11,080,000
                                                                        -----------              -----------
           Total investment property                                      6,176,000                6,207,000

Cash and cash equivalents                                                   477,000                  651,000
Prepaid expenses                                                             47,000                   60,000
Deferred expenses, less accumulated amortization                             70,000                   72,000
Accounts receivable                                                           1,000                      ---
Income tax deposit                                                           14,000                   14,000
                                                                        -----------              -----------
           Total assets                                              $    6,785,000                7,004,000
                                                                        ===========              ===========

LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    247,000                  228,000
   Real estate taxes payable                                                 46,000                  144,000
   Refundable tenant deposits                                                60,000                   60,000
                                                                        -----------              -----------
           Total liabilities                                             10,253,000               10,332,000
Partners' deficit                                                        (3,468,000)              (3,328,000)
                                                                        -----------              -----------
           Total liabilities and partners' deficit                   $    6,785,000                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
                                                                       February 29,     February 28,
                                                                          2004              2003
Revenues:
       Rental                                                        $   653,000          682,000
       Other                                                              48,000           50,000
                                                                       ---------        ---------
           Total revenues                                                701,000          732,000
                                                                       ---------        ---------

Expenses:
       Depreciation and amortization                                     160,000          156,000
       Repairs and maintenance                                            69,000           72,000
       Real estate taxes                                                  69,000           37,000
       Professional fees                                                  23,000           28,000
       Utilities                                                          44,000           28,000
       Property management fees - related parties                         45,000           43,000
       Other                                                              94,000          104,000
                                                                       ---------        ---------
              Total operating expenses                                   504,000          468,000
                                                                       ---------        ---------
              Net operating income                                       197,000          264,000
                                                                       ---------        ---------
              Interest
                Interest income                                           (1,000)          (3,000)
                Interest expense                                         184,000          184,000
                                                                       ---------        ---------
                    Net income                                       $    14,000           83,000
                                                                       =========        =========

Net income allocation:
       General partner                                               $       ---            1,000
       Limited partners                                                   14,000           82,000
                                                                       ---------        ---------
                                                                     $    14,000           83,000
                                                                       =========        =========
Limited partners' data:
       Net income per unit                                           $      1.22             6.97
                                                                       =========        =========
Weighted average limited partnership
       units outstanding                                                  11,430           11,764
                                                                       =========        =========
</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>

                                                                                  Three Months Ended
                                                                             February 29,       February 28,
                                                                                2004               2003

Cash flows from operating activities:
    Net income                                                         $      14,000              83,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                160,000             156,000
                Changes in accounts affecting operations:
                     Accounts receivable                                      (1,000)                ---
                     Prepaid expenses                                         13,000              13,000
                     Accounts payable and accrued expenses                    19,000             (54,000)
                     Real estate taxes payable                               (98,000)           (103,000)
                     Refundable tenant deposits                                  ---              (1,000)
                     Deferred expenses                                        (1,000)                ---
                                                                           ---------           ---------
                        Net cash provided by operating activities            106,000              94,000
                                                                           ---------           ---------

Cash flows from investing activities:
         Capital expenditures                                               (126,000)            (27,000)
                                                                           ---------           ---------

Cash flows from financing activities:
         Distributions                                                      (114,000)           (118,000)
         Repurchase of Partnership Units                                     (40,000)           (142,000)
                                                                           ---------           ---------

                        Net cash used in financing activities               (154,000)           (260,000)
                                                                           ---------           ---------

                        Net decrease in cash
                             and cash equivalents                           (174,000)           (193,000)

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

Cash and cash equivalents, end of period                               $     477,000             718,000
                                                                           =========           =========

Supplemental disclosure of cash flow information -
    cash paid during the period for interest                           $     184,000             184,000
                                                                           =========           =========

</TABLE>


                                       5
<PAGE>




                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
           THREE MONTHS ENDED FEBRUARY 29, 2004 AND FEBRUARY 28, 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 February  29, 2004 and for all periods
presented have been made. The results for the three-month  period ended February
29, 2004 are not necessarily  indicative of the results that may be expected for
the entire year.

Certain  reclassifications have been made to the prior period amounts to conform
to the current period presentation.

(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  Registrant'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 Registrant  redeemed 90 limited  partnership
units of the  Registrant at $450 per unit.  The  redemptions  of units held by 2
limited  partners,  totaling  10 units,  are being held  pending  receipt of all
necessary documents to satisfy the Registrant's  redemption  requirements.  As a
result, as of April 9, 2004, there are 11,371  outstanding  limited  partnership
units.

                                       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 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  Partnership,  compared to the
property's current carrying value.

                                       7
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

Cash as of February 29, 2004 was $477,000,  a decrease of $174,000 from November
30, 2003.  Cash provided from  operating  activities  for the three months ended
February 29, 2004 was  $106,000,  which is  comparable  to results from the same
period in 2003. Investing activities used $126,000 primarily due to a renovation
of  the  clubhouse  for  $96,000  along  with  other   investments  in  property
improvements including carpet,  flooring, HVAC and appliance replacements.  Cash
used  in  financing   activities   was   $154,000,   comprised  of  $114,000  of
distributions  of $10 per limited partner unit, which were paid in January 2004,
and $40,000 to repurchase 90 limited partner units.

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-month  period ended February 29, 2004, the Partnership's  revenues
were $701,000.  Revenues  decreased by $31,000 (4.2%) for the three-month period
ended  February 29, 2004 as compared to the same period in 2003.  This  decrease
was due primarily to an increase in net concessions and vacancy loss of $26,000.

For the three-month period ended February 29, 2004, the Partnership's  operating
expenses were $504,000. Expenses increased by $36,000 (7.7%) for the three-month
period  ended  February  29, 2004 as  compared  to the same period in 2003.  The
increase in expenses  was  primarily  due to an increase in real estate taxes of
$32,000.

Woodhollow  was 93%  occupied at  February  29,  2004,  as compared to 94% as of
February 28, 2003. 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.

INFLATION

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in fiscal 2003 or the three months  ended  February 29, 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.

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
February 29, 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 have been no significant changes in the system of internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the evaluation by the Chief Executive  Officer and Chief Financial
Officer.

                                       8
<PAGE>


PART II.  OTHER INFORMATION

ITEM 1:   LEGAL PROCEEDINGS

None

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS

On November 25, 2003, the Partnership  commenced an odd-lot offer to purchase up
to 3,887 of the  Registrant'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  Registrant  redeemed 90
limited partnership units of the Registrant at $450 per unit. The redemptions of
units held by 2 limited  partners,  totaling  10 units,  are being held  pending
receipt of all  necessary  documents  to  satisfy  the  Registrant's  redemption
requirements.  As a result,  as of April 9, 2004,  there are 11,371  outstanding
limited partnership units.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None

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

None

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, 2004,  April 1, 2004,  that were paid on
January 10, 2004 and April 9, 2004  respectively.  The Partnership  anticipates,
subject to continued  performance  and  availability  of funds,  continuing such
quarterly distributions, at least in the near future.

On March 29, 2004,  Everest  Properties II, LLC a California  limited  liability
company  ("Everest"),  commenced  a tender  offer to purchase up to 570 units of
limited  partnership  interests  ("Units") of the  Registrant at a cash purchase
price of $500 per  Unit,  less  the  amount  of  distributions  made to  limited
partners  after the date of the offer and less any transfer  fees imposed by the
Registrant for each  transfer,  upon the terms and subject to the conditions set
forth in Everest's  Offer to Purchase for Cash dated March 29, 2004. On April 9,
2004, the Registrant  filed a response on Schedule 14D-9 with the Securities and
Exchange  Commission  ("SEC")  and sent a  letter  to the  Registrant's  limited
partners in which the Registrant  expressed no opinion and is remaining  neutral
toward Everest's tender offer. For more information  regarding  Everest's tender
offer or the Registrant's  response,  the SEC maintains a world wide web site at
http://www.sec.gov  that  includes  Everest's  and the  Registrant's  electronic
filings with respect to the tender offer.

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
               first quarter of 2004.


                                       9
<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: April 9, 2004        By:     /s/ Danley K. Sheldon
                                    ------------------------------
                                    Danley K. Sheldon
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

Dated: April 9, 2004        By:     /s/ John W. Alvey
                                    ------------------------------
                                    John W. Alvey
                                    Vice President, Treasurer and
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)



                                       10
<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
       January  21, 2000 under the  Securities Act of 1933 (File No. 000-11023).

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



                                       11