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 28, 2005
                               -------------------

                                       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                10
ITEM 5.    OTHER INFORMATION                                                  10
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>


                                                                        February 28,            November 30,
                                                                            2005                    2004
                                                                        (Unaudited)
                                                                       ------------             ------------
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,753,000               16,699,000
                                                                       ------------             ------------
                                                                         17,767,000               17,713,000
   Less accumulated depreciation                                         11,806,000               11,655,000
                                                                       ------------             ------------
           Total investment property                                      5,961,000                6,058,000

Cash and cash equivalents                                                   340,000                  278,000
Escrows and reserves                                                        102,000                  192,000
Accounts receivable                                                             ---                  110,000
Prepaid expenses                                                             24,000                   54,000
Deferred expenses, less accumulated amortization                             59,000                   62,000
Income tax deposit                                                           17,000                   17,000
                                                                       ------------             ------------
           Total assets                                              $    6,503,000                6,771,000
                                                                       ============             ============
LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    368,000                  490,000
   Real estate taxes payable                                                 29,000                  162,000
   Refundable tenant deposits                                                47,000                   52,000
                                                                       ------------             ------------
           Total liabilities                                             10,344,000               10,604,000
Partners' deficit                                                        (3,841,000)              (3,833,000)
                                                                       ------------             ------------
           Total liabilities and partners' deficit                   $    6,503,000                6,771,000
                                                                       ============             ============

</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 28,     February 29,
                                                                          2005             2004
                                                                          ----             ----
Revenues:
       Rental                                                  $         601,000          653,000
       Other                                                              43,000           48,000
                                                                    ------------     ------------
           Total revenues                                                644,000          701,000
                                                                    ------------     ------------

Expenses:
       Depreciation and amortization                                     154,000          160,000
       Repairs and maintenance                                            62,000           71,000
       Apartment turnover and leasing costs                               27,000           22,000
       Property management fees - related parties                         42,000           45,000
       Utilities                                                          32,000           40,000
       Real estate taxes                                                  44,000           69,000
       Insurance                                                          27,000           17,000
       Professional fees                                                  19,000           23,000
       Other                                                              62,000           57,000
                                                                    ------------     ------------
              Total expenses                                             469,000          504,000
                                                                    ------------     ------------
              Net operating income                                       175,000          197,000
                                                                    ------------     ------------
              Interest:
                Interest income                                           (1,000)          (1,000)
                Interest expense                                         184,000          184,000
                                                                    ------------     ------------
                    Net income (loss)                           $         (8,000)          14,000
                                                                    ============     ============
Net income (loss) allocation:
       General partner                                          $            ---              ---
       Limited partners                                                   (8,000)          14,000
                                                                    ------------     ------------
                                                                $         (8,000)          14,000
                                                                    ============     ============
Limited partners' data:
       Net income (loss) per unit                               $           (.71)            1.22
                                                                    ============     ============
Weighted average limited partnership
       units outstanding                                                  11,249           11,430
                                                                    ============     ============
</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 28,        February 29,
                                                                            2005                2004
                                                                        ------------        ------------
Cash flows from operating activities:
    Net income (loss)                                                  $      (8,000)             14,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                154,000             160,000
                Changes in accounts affecting operations:
                     Accounts receivable                                     110,000              (1,000)
                     Escrows and reserves                                     90,000              99,000
                     Prepaid expenses                                         30,000              13,000
                     Accounts payable and accrued expenses                  (122,000)             19,000
                     Real estate taxes payable                              (133,000)            (98,000)
                     Refundable tenant deposits                               (5,000)                ---
                     Deferred expenses                                           ---              (1,000)
                                                                        ------------        ------------
                     Net cash provided by operating activities               116,000             205,000
                                                                        ------------        ------------
Cash flows from investing activities:
         Capital expenditures                                                (54,000)           (126,000)
                                                                        ------------        ------------
Cash flows from financing activities:
         Distributions                                                           ---            (114,000)
         Repurchase of Partnership Units                                         ---             (40,000)
                                                                        ------------        ------------
                        Net cash used in financing activities                    ---            (154,000)
                                                                        ------------        ------------
                        Net increase (decrease) in cash
                             and cash equivalents                             62,000             (75,000)

Cash and cash equivalents, beginning of period                               278,000             467,000
                                                                        ------------        ------------
Cash and cash equivalents, end of period                              $      340,000             392,000
                                                                        ============        ============
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 28, 2005 AND FEBRUARY 29, 2004


(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, 2004, 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  28, 2005 and for all periods
presented have been made. The results for the three-month  period ended February
28, 2005 are not necessarily  indicative of the results that may be expected for
the entire year.

Certain classifications 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. No units were redeemed in the quarter
ended  February 29, 2005.  As of April 11,  2005,  there are 11,249  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,  competition and future prospects for
the Partnership.  Actual results could differ materially from those contemplated
by such statements. Reader should carefully review the risk factors described in
the Partnership's  Annual Report on  Form 10-KSB for the year ended November 30,
2004.

CRITICAL ACCOUNTING POLICIES

Refer to the Financial Statements of the Partnership for the year ended November
30, 2004, 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 to 31
years using the straight-line method. Furnishings and appliances are depreciated
over periods  ranging  from 5 to 7 years using the  straight-line  method.  Land
improvements are depreciated over the estimated useful life of 15 years.

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


                                       7
<PAGE>

management to be commensurate  with the risk inherent in the property,  compared
to the property's current carrying value.

OVERVIEW

The Partnership currently operates one apartment community.  The last commercial
building  was sold in 2000.  Cash is primarily  generated  by renting  apartment
units to tenants, or securing loans with the Partnership's  assets. Cash is used
primarily  to  pay  operating   expenses  (repairs  and  maintenance,   payroll,
utilities,  taxes,  and  insurance),  make  capital  expenditures  for  property
improvements,  repay principal and interest on outstanding  loans or to pay cash
distributions to unit holders.  The key performance  indicators for revenues are
occupancy  rates and rental  rates.  Revenues are also  impacted by  concessions
(discounts)  offered as rental  incentives.  The key  performance  indicator for
operating  expenses is total operating expense per apartment unit. A significant
change in the turnover rate of rental units can also cause a significant  change
in operating  expenses.  Management  also evaluates  total taxes,  utilities and
insurance rates for each property.

General  economic  trends that  management  evaluates  include  construction  of
apartment units (supply),  unemployment  rates,  job growth,  and interest rates
(demand).  The apartment  industry is sensitive to extremely low interest rates,
which tend to increase home ownership and decrease  apartment  occupancy  rates.
The apartment industry is also sensitive to increased  unemployment rates, which
tend to cause  possible  renters  to double  up in a unit or share a  non-rental
dwelling with relatives or  acquaintances.  New construction in an area with low
occupancy rates can cause a further decline in occupancy or rental rates.

Economic  trends appear to indicate  that  interest  rates have bottomed out and
have begun to rise.  It also appears that  unemployment  rates are  beginning to
decline, with job growth beginning to rise. If the trends are correct and if the
trends  continue,  the Partnership  believes it should be able to begin reducing
concessions, raising rental rates and increasing occupancy, which should improve
revenues.  In such case, the Partnership  believes variable  operating  expenses
will tend to increase, but fixed expense coverage would improve.

Liquidity and Capital Resources

Cash and cash  equivalents as of February 28, 2005 was $340,000,  an increase of
$62,000 from November 30, 2004.  Cash provided by operating  activities  for the
three  months  ended  February  28,  2005 was  $116,000,  a decrease  of $89,000
compared to the same period in 2004.  The decrease is primarily due to increased
cash outflows  from real estate taxes  payable of $35,000  along with  increased
cash  outflows  from accounts  payable and accrued  expenses of $141,000.  These
amounts were partially  offset by increased cash flows of $111,000 from accounts
receivable,  primarily  attributable to insurance proceeds received for the fire
described  below.  Investing  activities  used $54,000  primarily due to work on
siding and  guttering  along with other  investments  in  property  improvements
including carpet,  flooring, HVAC and appliance replacements of $23,000. No cash
was used for financing  activities for the quarter ended February 28, 2005. Cash
used in financing activities for the same period in 2004 was $154,000, comprised
primarily 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 28, 2005, the  Partnership's  revenues
were $644,000.  Revenues  decreased by $57,000 (8.1%) for the three month period
ended  February 28, 2005 as compared to the same period ended February 29, 2004.
This  decrease was  primarily  due to an increase in vacancy loss of $46,000 for
the three month period ended February 28, 2005.


                                       8
<PAGE>


For the three month period ended February 28, 2005, the Partnership's  operating
expenses were $469,000. Expenses decreased by $35,000 (6.9%) for the three month
period ended February 28, 2005 as compared to the same period ended February 29,
2004.  This  decrease is  primarily  due to a decrease  in real estate  taxes of
$25,000.

Woodhollow  was 86%  occupied at  February  28,  2005,  as compared to 93% as of
February 29, 2004.  Twenty-two (22) units, or  approximately 5% of the property,
were  unavailable  to rent until October 2004,  after the end of summer  leasing
season,  due to the fire  described  below.  Eight of the 22 fire units remained
vacant  as of  March  25,  2005.  Based on  industry  information,  the  average
occupancy of the sub-market  Woodhollow competes with is in the upper 80% to low
90%  range.  Tenants  lost to  homes  purchased  have  declined  recently.  Most
competitors are offering up to one month rent free. There are no new competitors
in the area.

On April 16, 2004,  Woodhollow  incurred a fire in one building.  The damage was
limited to the 22 units in that building. The damages  (approximately  $310,000)
were covered by insurance,  less a $10,000  insurance  deductible and additional
make-ready expenses of approximately  $10,000.  The insurance policy also covers
loss of rents and the  insurance  company  paid  $30,000  towards  the amount of
rental loss  sustained by the  Partnership.  The units were available for rental
after  inspection  by the city was  completed  in October  2004.  Management  is
offering special concessions to prospective tenants to encourage move-ins to the
building,  which  was  100%  vacant  until  October,  2004.  This  building  has
stabilized moderately and concessions are returning to market levels.

INFLATION

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in  fiscal  2004  and are not  expected  to  materially  affect  the
Registrant's operations in 2005.

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

The  Registrant's  managing  general  partner,  including  the managing  general
partner's  principal  executive officer and principal  financial officer,  after
evaluating the design and effectiveness of the Registrant's  disclosure controls
and procedures  (as defined in Exchange Act Rules  13a-15(e) or 15d-15(e)) as of
the end of the period  covered by this  report  (the  "Evaluation  Date"),  have
concluded that as of the Evaluation Date, the Registrant's  disclosure  controls
and procedures were adequately designed and operating effectively to ensure that
material  information  relating to the Registrant would be made known to them by
others within the Registrant,  particularly during the period in which this Form
10-QSB Quarterly Report was being prepared.

There has been no change in the  Registrant's  internal  control over  financial
reporting during its most recent fiscal quarter that has materially affected, or
is reasonably likely to materially  affect,  its internal control over financial
reporting.

PART II. OTHER INFORMATION

ITEM 1:  LEGAL PROCEEDINGS

None

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None


                                       9
<PAGE>


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

None

ITEM 5.  OTHER INFORMATION

None

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: April 12, 2005         By:   /s/ David L. Johnson
                                    --------------------
                                    David L. Johnson
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)


Dated: April 12, 2005         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