Get a Taste of Real Estate Bliss [Code: 6639]
- ~$566/mo. cash flow once you can refi to 6.5%
- Cash flows at ~$449/mo. at today's rates of 6.875%
- Duplex with 6 bedrooms and 2 full bathrooms (each unit is a 3 bedroom, 1 bathroom)
- Recent price drop of $20K on 6/4/2024
- Parcel split approved in process with another duplex
- Great location with quick access to major commuting routes, shopping and schools
- Detached 2-car garage
- Highly appreciating area with strong rental market
- Roof and gutters new in 2021, new siding siding in 2021
- New fence. Installed garage door opener. New windows upstairs
- One unit is needing some upgrades
- Property has been on the market for 74 days so there could be room for negotiations
- Good schools
- Partially finished basement in one unit. Can be completed to add additional living space
- You can potentially double your money in 5-6 years!
- Rents are very conservative for what the market is showing
- Owner lives in one side and wants to leaseback from new owner
- No HOA charges
- #cashflow #appreciation #valueadd
Why should you consider this house / what makes it a good investment?
- Built: 1960
- Size: 2,056 square foot home
- Low Crime, Desirable Community, B Rated Schools
What's next?
Email/text for address, analysis and to get connected to Simply Do It's local team that handles this transaction.
Metro: Kansas City
Team: Chris – email directly at kc3@simplydoit.net
Code: 6639
| Property Specifications | 2 | Per Door |
| Bedrooms | 6 | 3 |
| Bathrooms | 2 | 1.0 |
| Square Feet | 2056 | 1028 |
| Year Built | 1960 | |
| Garage Size | 2 | 1 |
| Schools Rating (scale 3-30, 30 is best) | 12 | |
| Lot size (sq ft) | 19,716 |
| Purchase Assumptions | My Offer | Per Door |
| Offer used for analysis | $419,000 | $209,500 |
| Suggested offer (low) | $420,000 | $210,000 |
| Suggested offer (high) | $429,000 | $214,500 |
| Asking | $429,000 | $214,500 |
| Market Value (after improvements) | $435,000 | |
| Estimated Improvements (lower) | $6,000 | $3,000 |
| Estimated Improvements (upper) | $12,000 | $6,000 |
| Estimated Closing Costs | $4,190 | |
| Estimated Mortgage Costs | $3,373 | $1,686 |
| Other Fees At Closing (pts, . . . ) | $2,933 | 7% |
| Total Cost (estimated) | $438,496 | $1,686 |
| Original listing date | 4/5/2024 |
| Financing Assumptions | |||
| Down Payment (%) | 30% | ||
| Down Payment Amount | $125,700 | ||
| Financed Amount | $293,300 | ||
| Interest Rate | 6.875% | ||
| Mortgage Term (Years) | 30 | ||
| Monthly Mortgage Payment | 58.4% | $1,927 | |
| Cash Outlay (Total Out of Pocket) | $145,196 | ||
| Estimated Financial Assumptions | Monthly | Yearly | ||
| $3,300 | $3,400 | $40,800 | |
| Rent (actual)* | $3,200 | $38,400 | ||
| Property Taxes | $275 | $3,300 | ||
| Insurance | $150 | $1,800 | ||
| Repairs | 75 | $200 | $2,400 | |
| Property Management Monthly (%) | 7.2% | |||
| Property Management Monthly ($) | $236 | $2,831 | ||
| Leasing Fee | 68% | $92.8 | $1,114 | |
| HOA or Fixed Costs | $0 | $0 | ||
| Vacancy Rate | 4.0% | |||
| Total Fixed Expenses | 32.6% | $1,076 | $12,916 | |
| Total Expenses (Fixed + Mortgage) | $3,003 | $36,037 | ||
| Financial Analysis / Deal Attractiveness | |||||
| Years: | 5 | 10 | 15 | 20 | |
| Cap Rate | 3.7% | 5.4% | 7.4% | 9.5% | |
| Net Cash Flow | $26,968 | $79,120 | $160,722 | $276,750 | |
| Equity Increase | $111,828 | $251,263 | $425,669 | $644,567 | |
| Total Gain | $138,796 | $330,383 | $586,390 | $921,317 | |
| Average Cash Flow/Year | $5,394 | $7,912 | $10,715 | $13,837 | |
| Average Cash Flow/Month | $449 | $659 | $893 | $1,153 | |
| Average Gain/Year | $27,759 | $33,038 | $39,093 | $46,066 | |
| Average ROI | 95.6% | 227.5% | 403.9% | 634.5% | |
| Annual ROI | 19.1% | 22.8% | 26.9% | 31.7% | |
| Projected Property Value | $529,244 | $643,906 | $783,410 | $953,139 | |
| Property Ratings Suggestions | |||||
| Item | Suggested Criteria (Min.) | This Property | FAVORABLE / INSUFFICIENT | ||
| Schools (scale of 3-30, 30 is the best) | 14 | 12 | INSUFFICIENT | ||
| Square Feet | 1,000 | 2,056 | FAVORABLE | ||
| Bedrooms | 3 | 6 | FAVORABLE | ||
| Bathrooms | 2 | 2 | FAVORABLE | ||
| Year Built | 1970 | 1960 | INSUFFICIENT | ||
| Average Cash Flow (at year 5) | $125 | $449 | FAVORABLE | ||
| Average ROI (at year 5) | 15% | 19.1% | FAVORABLE | ||
Disclaimer
Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.
The analysis 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. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info.