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

(Mark One)

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


For the quarter period ended         May 31, 2003
                                 --------------------

                                       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)

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















                                       1
<PAGE>




                                      INDEX


                                                                            Page
PART I -   FINANCIAL INFORMATION

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

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

ITEM 3.    CONTROLS AND PROCEDURES                                             9

PART II - OTHER INFORMATION                                                    9

ITEM 1.    LEGAL PROCEEDINGS                                                   9
ITEM 2.    CHANGES IN SECURITIES AND 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                                                  10
ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K                                   10


SIGNATURES                                                                    11
EXHIBIT INDEX                                                                 14








                                       2
<PAGE>



PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

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

                                                                           May 31,               November 30,
                                                                            2003                     2002
                                                                        (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,070,000               15,940,000
                                                                        -----------              -----------
                                                                         17,084,000               16,954,000
   Less accumulated depreciation                                         10,764,000               10,456,000
                                                                        -----------              -----------
           Total investment property                                      6,320,000                6,498,000

Cash and cash equivalents                                                   812,000                  911,000
Prepaid expenses                                                             33,000                   86,000
Deferred expenses, less accumulated amortization                             78,000                   82,000
Income tax deposit                                                           18,000                   18,000
                                                                        -----------              -----------
           Total assets                                              $    7,261,000                7,595,000
                                                                        ===========              ===========

LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    233,000                  232,000
   Real estate taxes payable                                                 71,000                  126,000
   Refundable tenant deposits                                                71,000                   75,000
                                                                        -----------              -----------
           Total liabilities                                             10,275,000               10,333,000
Partners' deficit                                                        (3,014,000)              (2,738,000)
                                                                        -----------              -----------
           Total liabilities and partners' deficit                   $    7,261,000                7,595,000
                                                                        ===========              ===========

</TABLE>





                                       3
<PAGE>




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

                                                            Three Months Ended               Six Months Ended
                                                          May 31,        May 31,          May 31,          May 31,
                                                           2003           2002             2003             2002

Revenues:
       Rental                                        $   651,000         668,000        1,333,000        1,324,000
       Other                                              57,000          60,000          108,000          122,000
                                                        --------        --------        ---------        ---------
           Total revenues                                708,000         728,000        1,441,000        1,446,000
                                                        --------        --------        ---------        ---------


Expenses:
       Depreciation and amortization                     156,000         154,000          312,000          304,000
       Repairs and maintenance                            71,000          82,000          143,000          168,000
       Real estate taxes                                  48,000          34,000           84,000           69,000
       Professional fees                                  20,000          29,000           48,000           96,000
       Utilities                                          40,000          33,000           68,000           60,000
       Property management fees - related parties         47,000          43,000           91,000           87,000
       Other                                             139,000         116,000          242,000          229,000
                                                        --------        --------         --------        ---------
              Total expenses                             521,000         491,000          988,000        1,013,000
                                                        --------        --------         --------        ---------
              Net operating income                       187,000         237,000          453,000          433,000
                                                        --------        --------         --------        ---------

              Interest
                Interest income                          (12,000)        (11,000)         (14,000)         (20,000)
                Interest expense                         184,000         184,000          369,000          369,000
                                                        --------       ---------         --------        ---------
                    Net income                      $     15,000          64,000           98,000           84,000
                                                        ========       =========         ========        =========

Net income allocation:
       General partner                              $        ---           1,000            2,000            2,000
       Limited partners                                   15,000          63,000           96,000           82,000
                                                        --------       ---------         --------        ---------
                                                    $     15,000          64,000           98,000           84,000
                                                        ========       =========         ========        =========
Limited partners' data:
       Net income per unit                          $       1.29            5.18             8.22             6.74
                                                        ========       =========         ========        =========

Weighted average limited partnership
       units outstanding                                  11,596          12,173           11,679           12,173
                                                        ========       =========         ========        =========


</TABLE>


                                       4
<PAGE>


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

                                                                                   Six Months Ended
                                                                               May 31,            May 31,
                                                                                2003               2002

Cash flows from operating activities:
    Net income                                                         $      98,000              84,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                312,000             304,000
                Changes in accounts affecting operations:
                     Accounts receivable                                         ---              30,000
                     Prepaid expenses                                         53,000              21,000
                     Accounts payable and accrued expenses                     1,000             (45,000)
                     Real estate taxes payable                               (55,000)            (68,000)
                     Refundable tenant deposits                               (4,000)             (6,000)
                     Income tax deposit                                          ---              91,000
                                                                           ---------           ---------
                        Net cash provided by operating activities            405,000             411,000
                                                                           ---------           ---------

Cash flows from investing activities:
         Capital expenditures                                               (130,000)           (143,000)
                                                                           ---------           ---------

Cash flows from financing activities:
         Distributions                                                     (232,000)            (243,000)
         Repurchase of Partnership Units                                   (142,000)                 ---
                                                                           --------            ---------

                        Net cash used in financing activities              (374,000)            (243,000)
                                                                           --------            ---------

                        Net increase (decrease) in cash                     (99,000)              25,000

Cash and cash equivalents, beginning of period                              911,000            1,048,000
                                                                           --------            ---------

Cash and cash equivalents, end of period                             $      812,000            1,073,000
                                                                           ========            =========

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



</TABLE>






                                       5
<PAGE>



                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED MAY 31, 2003 AND 2002


(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, 2002, which are contained
in the  Partnership's  Annual Report on Form 10-KSB,  for a  description  of the
accounting policies which have been continued without change. Also, refer to the
footnotes  to those  statements  for  additional  details  of the  Partnership's
financial  condition and results of operations.  The details in those notes have
not changed  except as a result of normal  transactions  in the interim.  In the
opinion of the general  partner,  all  adjustments  (which  include  only normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results  of  operations  and  cash  flows at May 31,  2003  and for all  periods
presented  have been made. The results for the three and six month periods ended
May 31, 2003 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 May 23, 2003,  the  Partnership  commenced an odd-lot offer to purchase up to
3,468 of the  Registrant's  limited  partnership  units  from  limited  partners
holding 12 units or fewer (the "Offer").  The Offer expired on June 27, 2003. In
connection with the Offer, the Registrant redeemed 100 limited partnership units
of the Registrant at $430 per unit. The redemptions of units held by ten limited
partners,  totaling 55 units,  are being held pending  receipt of all  necessary
documents to satisfy the Registrant's redemption requirements.  Previously,  the
Partnership  commenced  an  odd-lot  offer  to  purchase  up  to  3,840  of  the
Registrant's limited partnership units from limited partners holding 12 units or
fewer, which expired on December 31, 2002. At that time, the Registrant redeemed
332 limited  partnership units at $430 per unit. As a result, as of July 1, 2003
there are 11,496 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, 2002, 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 May 31, 2003 was  $812,000,  a decrease of $99,000 from  November 30,
2002.  Cash provided from operating  activities for the six months ended May 31,
2003 was  $405,000,  which is  consistent  with  results from the same period in
2002.   Investing  activities  used  $130,000  due  to  investment  in  property
improvements  including roof  replacements  of $62,000 and HVAC  replacements of
$25,000.  Cash used in financing activities was $374,000,  comprised of $232,000
of distributions of $10 per limited partner unit, which were paid in January and
April of 2003, and $142,000 to repurchase 332 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 six  month  periods  ended  May 31,  2003,  the  Partnership's
revenues  were  $708,000 and  $1,441,000,  respectively.  Revenues  decreased by
$20,000 (2.7%) and $5,000 (.4%) respectively for the three and six-month periods
ended May 31, 2003 as  compared to the same  periods  ended May 31,  2002.  This
decrease was primarily due to an increase in vacancy loss of $24,000 and $10,000
for the three and six-month periods ended May 31, 2003, respectively.

For the three and six  month  periods  ended  May 31,  2003,  the  Partnership's
operating expenses were $521,000 and $988,000, respectively.  Expenses increased
by $30,000 (6.1%) for the  three-month  period ended May 31, 2003 as compared to
the same period ended May 31, 2002.  The increase in expenses was  primarily due
to an  increase  in real  estate  taxes of  $14,000,  insurance  expense  (other
expenses)  of  $27,000,  and  utilities  of  $7,000,  offset  by a  decrease  in
professional  fees of $9,000 and repairs and  maintenance  of $11,000.  Expenses
decreased $25,000 (2.5%) for the six-month period ended May 31, 2003 as compared
to the same period  ended May 31, 2002.  The decrease in expenses was  primarily
due to a decrease in repairs and maintenance of $25,000 and professional fees of
$48,000 offset by an increase in insurance  expense (other  expenses) of $37,000
and taxes of  $15,000.  The  decrease in  professional  fees was the result of a
property tax study  completed in 2002.  This expense was not recurring in nature
and did not recur in 2003. The increase in insurance expense is primarily due to
a rate increase in 2003.

Woodhollow was 94% occupied at May 31, 2003. Based on industry information,  the
average  occupancy of the sub-market  Woodhollow  competes with is in the low to
mid 90% range. In 2002, unemployment rose above 6% in the St. Louis area for the
first time since 1993. The rate is expected to continue to stay at higher levels
until the end of 2003.  Interest  rates  remain low,  which  normally  increases
losses of tenants who move out of apartments when they purchase homes.  Economic
development is expected to continue in St. Louis,  with various projects such as
new  retail   developments  and  an  airport  expansion  being  planned.   These
developments may lead to a decrease in the unemployment rate.

INFLATION

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in  fiscal  2002  and are not  expected  to  materially  affect  the
Registrant's operations in 2003.

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.,  the  Partnership's  managing  general  partner,  including Maxus
Capital  Corp.'s  Chief  Executive  Officer  and Chief  Financial  Officer,  the
Registrant 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,  is recorded,  processed,
summarized and reported within the time periods  specified in the Securities and
Exchange  Commission's ruled and forms. These disclosure controls and procedures
have been evaluated under the direction of the Chief Executive Officer and Chief
Financial Officer within the last 90 days. Based on such evaluations,  the Chief
Executive Officer and Chief Financial Officer have concluded that the disclosure
controls and procedures 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.


PART II.  OTHER INFORMATION


ITEM 1: LEGAL PROCEEDINGS

O. BRUCE MILLS V. MAXUS  CAPITAL CORP.  AND MAXUS REAL  PROPERTY  INVESTORS-FOUR
L.P., CASE NO. 01CC-004237, CIRCUIT COURT OF ST. LOUIS COUNTY, MISSOURI

On April 30, 2003, the Registrant  settled the only remaining issue in this case
with Mills. The terms of the settlement are confidential. The settlement did not
require  the  Registrant  or its  General  Partner to make any payment to Mills.
Moreover, the Court's judgment against Mills on all claims remains in place. The
judgment,  however,  was amended on May 2, 2003 in order to release to Mills the
$7,000  bond he had  posted  to secure a  preliminary  injunction.  The  amended
judgment  also  vacated  the  preliminary  injunction  in this case.  With these
actions by the parties and the Court this matter is now concluded.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

On May 23, 2003,  the  Partnership  commenced an odd-lot offer to purchase up to
3,468 of the  Registrant's  limited  partnership  units  from  limited  partners
holding 12 units or fewer (the "Offer").  The Offer expired on June 27, 2003. In
connection with the Offer, the Registrant redeemed 100 limited partnership units
of the Registrant at $430 per unit. The redemptions of units held by ten limited
partners,  totaling 55 units,  are being held pending  receipt of all  necessary
documents to satisfy the Registrant's redemption requirements.  Previously,  the
Partnership  commenced  an  odd-lot  offer  to  purchase  up  to  3,840  of  the
Registrant's limited partnership units from limited partners holding 12 units or
fewer, which expired on December 31, 2002. At that time, the Registrant redeemed
332 limited  partnership units at $430 per unit. As a result, as of July 1, 2003
there are 11,496 outstanding limited partnership units.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES


None


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


None




                                       9
<PAGE>




ITEM 5. OTHER INFORMATION

The Board of Directors  of the  Partnership's  general  partner  (Maxus  Capital
Corp.) declared cash distributions of $10 per limited  partnership unit, payable
to holders of record as of January 1, 2003, April 1, 2003, and July 1, 2003 that
were  paid  on  January  10,  2003  and  April  10,  2003,  and  July  10,  2003
respectively.    The   Partnership   anticipates   continuing   such   quarterly
distributions, at least in the near future.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


         (a) Exhibits


             See Exhibit Index on Page 14


         (b) Reports on Form 8-K


             No  reports  on  Form 8-K  were  filed by the Registrant during the
             second quarter of 2003.










                                       10
<PAGE>


SIGNATURES

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


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

Dated: July 14, 2003            By: /s/ Danley K. Sheldon
                                    ---------------------
                                    Danley K. Sheldon
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

Dated: July 14, 2003            By: /s/ John W. Alvey
                                    -----------------
                                    John W. Alvey
                                    Vice President, Treasurer and
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)




                                       11
<PAGE>



                      CERTIFICATION OF THE QUARTERLY REPORT
                                       OF
                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.

        I, Danley K. Sheldon, certify that:

     1. I have  reviewed  this  quarterly  report on Form  10-QSB of Maxus  Real
Property Investors-Four, L.P.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

        a) designed  such  disclosure  controls  and  procedures  to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries, is  made  known  to  us  by  others  within  those  entities,
     particularly  during  the  period  in  which this quarterly report is being
     prepared;

         b) evaluated  the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

         c) presented  in  this  quarterly  report  our  conclusions  about  the
     effectiveness  of  the  disclosure  controls  and  procedures  based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board of  directors  (or  persons  performing  the  equivalent
functions):

         a) all  significant deficiencies in the design or operation of internal
     controls  which  could adversely affect the registrant's ability to record,
     process, summarize  and  report  financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

         b) any  fraud,  whether  or  not  material, that involves management or
     other  employees  who  have a significant role in the registrant's internal
     controls; and

     6. The  registrant's  other certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: July 14, 2003                     /s/ Danley K. Sheldon
                                        ---------------------------
                                        Danley K. Sheldon
                                        President and Chief Executive Officer of
                                        Maxus Capital Corp.,
                                        General Partner of the Registrant




                                       12
<PAGE>


                      CERTIFICATION OF THE QUARTERLY REPORT
                                       OF
                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.

        I, John W. Alvey, certify that:

     1. I have  reviewed  this  quarterly  report on Form  10-QSB of Maxus  Real
Property Investors-Four, L.P.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

     4. The  registrant's  other  certifying  officer and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

        a) designed  such  disclosure  controls  and  procedures  to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries, is  made  known  to  us  by  others  within  those  entities,
     particularly  during  the  period  in  which this quarterly report is being
     prepared;

        b) evaluated  the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

        c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date;

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board of  directors  (or  persons  performing  the  equivalent
functions):

        a) all  significant  deficiencies in the design or operation of internal
     controls  which  could adversely affect the registrant's ability to record,
     process,  summarize  and  report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

         b) any  fraud,  whether  or  not  material, that involves management or
     other  employees  who  have a significant role in the registrant's internal
     controls; and

     6. The  registrant's  other certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or in  other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: July 14, 2003                            /s/ John W. Alvey
                                               -----------------
                                               John W. Alvey
                                               Vice President, Treasurer, and
                                               Chief Financial Officer of
                                               Maxus Capital Corp.,
                                               General Partner of the Registrant



                                       13
<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 to the Form 10-K for the year
     ended November 30, 1999 filed by the Registrant under the Securities Act of
     1933 (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)

99.1 Certification  of Chief  Executive  Officer  Pursuant To 18 U.S.C.  Section
     1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002.

99.2 Certification  of Chief  Financial  Officer  Pursuant To 18 U.S.C.  Section
     1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002.