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Diamond in the VERY Rough – HIGH Upside Potential Kansas City [code: 11820]

Posted by on April 14, 2023

This property is an auction situation with the starting bid at $150,000. Listed square footage is 4,440 (needs to be verified). There is a lot of work to be done to this property. Has new oven and newer HVAC. No sellers disclosures available at this time. We are suggesting a cash bid of $175,000 with estimated $60-$68K worth of improvements (mostly cosmetic that we can see at this time). The home is HUGE and comes with an adjacent lot on a quiet residential corner which makes for a great buy! This property has a partially finished basement, with a full 2nd kitchen as well as plenty of unfinished space that could be finished to add even more square footage. It has 2 master suites with attached bathrooms and a potential 5th bedroom in the basement.

This neighborhood has A-rated schools, low crime and high appreciation and is in close proximity to Kansas City. Simply Do It clients have purchased several properties in this town. This should be a cash offer to remain competitive. If you come in with a full cash offer, this property will cashflow around $1,500/mo. OR if you refinance after closing, you can expect around $650/mo. cash flow. Either way, this place is a great opportunity!

IMPORTANT: this opportunity has a $7,500 unique opportunity fee to Simply Do It (invoiced and paid after closing)

Location: metro Kansas City, approx. 25 minutes from downtown

This opportunity is in the numbers!

* Numbers below are estimated on a preliminary evaluation.

  • Purchase price $175,000
  • Improvement estimates $60-$65K*
  • SDI opportunity fee: $7500
  • Total investment (out of pocket) $246,500
  • Project house value $385K-$415K (smaller house across the street currently asking $415K)
  • Value Gain $146K-$176K (after improvements)

* we rough estimate the renovation as: 15k for paint + 15k for flooring + 10k for crack & mold + 20k misc. +5k for extras = ~65k. (budget doesn’t include full redoing of baths or kitchen). Roof condition is unknown at this time.

Property Specifications  

  • Bedrooms 4
  • Bathrooms 4.5  
  • Square Feet 4,442  
  • Year Built 1979  
  • Garage Size 2  
  • Schools Rating (on scale of A-C): A

Financial Assumptions

  • Monthly Rent $2,300 $2,400
  • Property Taxes   $350/mo.
  • Insurance   $100/mo.
  • Repairs   $100/mo.
  • Property Management Fee $168
  • Leasing Fee $66/mo.
  • HOA   $0
  • Vacancy Rate   4.0%  
  • Total Fixed Expenses $871


This analysis spreadsheet is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. The author of this analysis spreadsheet is not responsible nor liable for any damages arising from the use of the tool.

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