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         August 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 of             (I.R.S. Employer Identification No.)
incorporation or organization)

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

                                 (816) 303-4500
                                 --------------
                           (Issuer's telephone number)




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.    UNREGISTERED SALES OF EQUITY 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                                                          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>

                                                                          August 31,            November 30,
                                                                             2004                   2003
                                                                         (Unaudited)
                                                                         -----------            -----------
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,660,000               16,273,000
                                                                       ------------             ------------
                                                                         17,674,000               17,287,000
   Less accumulated depreciation                                         11,551,000               11,080,000
                                                                       ------------             ------------
           Total investment property                                      6,123,000                6,207,000

Cash and cash equivalents                                                   379,000                  651,000
Prepaid expenses                                                             82,000                   60,000
Deferred expenses, less accumulated amortization                             65,000                   72,000
Accounts receivable                                                          35,000                      ---
Income tax deposit                                                           17,000                   14,000
                                                                       ------------             ------------
           Total assets                                              $    6,701,000                7,004,000
                                                                       ============             ============

LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    360,000                  228,000
   Real estate taxes payable                                                126,000                  144,000
   Refundable tenant deposits                                                56,000                   60,000
                                                                       ------------             ------------
           Total liabilities                                             10,442,000               10,332,000
Partners' deficit                                                        (3,741,000)              (3,328,000)
                                                                       ------------             ------------
           Total liabilities and partners' deficit                   $    6,701,000                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               Nine Months Ended
                                                           ------------------               -----------------
                                                        August 31,      August 31,      August 31,       August 31,
                                                          2004            2003           2004               2003
                                                          ----            ----           ----               ----

Revenues:
       Rental                                        $   622,000         645,000        1,914,000        1,978,000
       Other                                              47,000          57,000          140,000          165,000
                                                      ----------      ----------       ----------       ----------
           Total revenues                                669,000         702,000        2,054,000        2,143,000
                                                      ----------      ----------       ----------       ----------


Expenses:
       Depreciation and amortization                     158,000         160,000          479,000          472,000
       Repairs and maintenance                            68,000          97,000          205,000          240,000
       Real estate taxes                                  34,000          39,000          149,000          123,000
       Professional fees                                  25,000          13,000           74,000           61,000
       Utilities                                          29,000          39,000          109,000          107,000
       Property management fees - related parties         44,000          35,000          133,000          126,000
       Other                                             151,000         139,000          355,000          381,000
                                                      ----------      ----------       ----------       ----------
              Total expenses                             509,000         522,000        1,504,000        1,510,000
                                                      ----------      ----------       ----------       ----------
              Net operating income                       160,000         180,000          550,000          633,000
                                                      ----------      ----------       ----------       ----------

              Interest:
                Interest income                          (20,000)         (1,000)         (26,000)         (15,000)
                Interest expense                         184,000         184,000          553,000          553,000
                                                      ----------      ----------       ----------       ----------
                    Net income                      $     (4,000)         (3,000)          23,000           95,000
                                                      ==========      ==========       ==========       ==========

Net income allocation:
       General partner                              $        ---             ---              ---            2,000
       Limited partners                                   (4,000)         (3,000)          23,000           93,000
                                                      ----------      ----------       ----------       ----------
                                                    $     (4,000)         (3,000)          23,000           95,000
                                                      ==========      ==========       ==========       ==========
Limited partners' data:
       Net income per unit                          $       (.35)           (.26)            2.02             8.00
                                                      ==========      ==========       ==========       ==========

Weighted average limited partnership
       units outstanding                                  11,313          11,517           11,370           11,624
                                                      ==========      ==========       ==========       ==========

</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>

                                                                                  Nine Months Ended
                                                                            August 31,          August 31,
                                                                               2004                2003

Cash flows from operating activities:
    Net income                                                         $      23,000              95,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                479,000             472,000
                Changes in accounts affecting operations:
                     Accounts receivable                                     (35,000)             (2,000)
                     Prepaid expenses                                        (22,000)             72,000
                     Accounts payable and accrued expenses                   132,000             (21,000)
                     Real estate taxes payable                               (18,000)            (16,000)
                     Refundable tenant deposits                               (4,000)             (8,000)
                     Income tax deposit                                       (3,000)              4,000
                                                                         -----------          ----------
                     Net cash provided by operating activities               552,000             596,000
                                                                         -----------          ----------

Cash flows from investing activities:
         Capital expenditures                                               (387,000)           (226,000)
                                                                         -----------          ----------

Cash flows from financing activities:
         Distributions                                                      (342,000)           (347,000)
         Repurchase of Partnership Units                                     (95,000)           (198,000)
                                                                         -----------          ----------
                      Net cash used in financing activities                 (437,000)           (545,000)
                                                                         -----------          ----------

                      Net decrease in cash
                             and cash equivalents                           (272,000)           (175,000)

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

Cash and cash equivalents, end of period                               $     379,000             736,000
                                                                         ===========          ==========

Supplemental disclosure of cash flow information -
    cash paid during the period for interest                           $     553,000             553,000
                                                                         ===========          ==========
</TABLE>



                                       5
<PAGE>


                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
              NINE MONTHS ENDED AUGUST 31, 2004 AND AUGUST 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 August  31,  2004 and for all  periods
presented  have been made. The results for the periods ended August 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. In connection with the
offer, the Partnership  redeemed 95 limited  partnership units at $450 per unit.
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
expired on July 16, 2004. In connection with the offer, the Partnership redeemed
100 units of the  Partnership  at $507 per unit during the quarter  ended August
31,  2004.  As  of  August  31,  2004  there  were  11,256  outstanding  limited
partnership units.










                  (Remainder of page left intentionally blank)



                                       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 and cash  equivalents  as of August 31,  2004 was  $379,000,  a decrease of
$272,000 from November 30, 2003. Cash provided from operating activities for the
nine months ended August 31, 2004 was $552,000,  comparable with the same period
in 2003. Investing activities used $387,000 primarily due to a renovation of the
clubhouse  for $108,000 and pool and deck  improvements  for $45,000  along with
other investments in property improvements including carpet,  flooring, HVAC and
appliance  replacements  of  $178,000.  Cash used in  financing  activities  was
$437,000,  comprised  primarily of $342,000 of  distributions of $10 per limited
partner  unit,  which were paid in each of January,  April,  and July 2004,  and
$95,000 to repurchase 195 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 and nine  month  periods  ended May 31,  2004,  the  Partnership's
revenues  were  $669,000 and  $2,054,000,  respectively.  Revenues  decreased by
$33,000  (4.7%) and $89,000  (4.2%)  respectively  for the three and  nine-month
periods  ended August 31, 2004 as compared to the same periods  ended August 31,
2003.  This decrease was primarily due to an increase in vacancy loss of $40,000
and  $81,000  for the  three and  nine-month  periods  ended  August  31,  2004,
respectively.

For the three and nine month  periods ended August 31, 2004,  the  Partnership's
operating expenses were $509,000 and $1,504,000,  respectively. Expenses for the
three and nine month  periods  ended August 31, 2004 are  comparable in total to
the same periods ended August 31, 2003. However,  several expense categories had
offsetting  increases or decreases  caused by changes in several expenses within
those categories significant only as a whole.

Woodhollow  was 89% occupied at August 31, 2004, as compared to 92% as of August
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 most of the
damages  (estimated  to be $260,000)  are covered by  insurance,  less a $10,000
deductible  and  approximately  $10,000 of  make-ready  expenses.  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  were  substantially
completed in September  2004,  and the units will be available  for rental after
inspection by the city is complete in early October.

Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in fiscal 2003 or the nine months  ended August 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.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Equity Repurchases for Quarter Ended August 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    6/1/04-6/30/04        ---         ---               ---                  ---
Limited Partnership Units    7/1/04-7/31/04       $507         100               ---                  ---
Limited Partnership Units    8/1/04-8/31/04        ---         ---               ---                  ---
                                                            ---------     -----------------     ----------------
                                                               100               ---                  ---
</TABLE>

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
expired on July 16, 2004. In connection with the offer, the Partnership redeemed
100 units of the  Partnership  at $507 per unit during the quarter  ended August
31,  2004.  As a result,  as of August 31,  2004 there were  11,256  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, April 1, July 1, and October 1, 2004, that
were paid on January 10, April 10, July 10, 2004, and are payable on October 10,
2004,   respectively.   The  Partnership   anticipates,   subject  to  continued
performance and availability of funds, continuing such quarterly  distributions,
at least in the near future.


                                       9
<PAGE>


ITEM 6.  EXHIBITS

         See Exhibit Index on Page 12






                                       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: October 04, 2004        By:  /s/ David L. Johnson
                                    --------------------
                                    David L. Johnson
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

Dated: October 04, 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
     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


                                       12