click to enable zoom
loading...
We didn't find any results
open map
View Roadmap Satellite Hybrid Terrain My Location Fullscreen
Advanced Search

Kansas City New Const. Multiple Units. 220k-230k. Ann. Cashflow $5,000+

$ 230,000
Favorite
Your search results
SOLD

Overview

  • Updated On:
  • March 8, 2021
  • 3 Bedrooms
  • 2.5 Bathrooms
  • 1,559.00 ft2
  • Year Built: 2020

Property Description

About Parkville

Great city and location, close to the river, military base, KC, airport (ongoing major reno).

Offer/Info

 

The Community

  • 176 doors in the community.
  • 15 building being built
  • 14 more are planned
  • Brand new construction
  • 2-3 units are sold weekly
  • According to the builder/developer: ~90% owner-occupied
  • High demand for housing
  • The pool is coming next years
  • HOA 150/unit/mo
  • HOA includes: Club House, Lawn Maintenance, Maintenance Free, Pool, Snow Removal

Benchmark

  • Leavenworth military renters (2 years training)
  • Rent 2k+/mo (info from the seller on another 4 units that were purchased and rented)
  • Seller will contribute $2,000 – $3,000 towards closing.

 

The Units

  • $2,000 – $3,000 seller closing contribution
  • Warranty DescriptionBuilder-1 yr
  • $5,000 non-refundable deposit
  • Included: gas range, oven, dishwasher, garage door opener
  • Not included: fridge
  • Property taxes (est. at 1.6%) include a ~$315/year city development fee for 14 years.
Unit Inner/

Otter

Price Statues Seller Closing cost contribution Bedrooms Full Bath 1/2 Bath Sq. Ft. BSMNT Garage
A
*UC
Outer $229,900 Ready July/August $2,000 3 2.5 1,559 none 2
B Inner $219,900 Ready July/August $3,000 3 2.5 1,559 none 2
C
*UC
Inner $219,900 Ready July/August $3,000 3 2.5 1,559 none 2
D
*UC
Outer $229,900 Ready July/August $2,000 3 2.5 1,559 none 2

* UC – Under contract

 

Financial Analysis – $219,900

Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $54,975
 Financed Amount $164,925
 Interest Rate 3.30%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $722
 Cash Outlay (Total Out of Pocket) $60,725

 

Financial Assumptions Monthly Yearly
Rent (upper) $2,050 $24,600
Rent (lower) $1,950 $23,400
 Property Tax Rate (Approx.) 1.60%
 Property Taxes $293 $3,518
 Insurance $70 $840
 Repairs $50 $600
Variable-Cost PM 7.2%
Property Management Fee $97 $1,158
 Leasing Fee $56.3 $675
 HOA $150 $1,800
 Vacancy Rate 4.0%
 Total Fixed Expenses $792 $9,505
 Total Expenses (Fixed + Mortgage) $1,514 $18,173

 

Financial Analysis / Deal Attractiveness
Years: 5 10
 Net Cash Flow $32,093 $72,036
 Equity Increase $65,148 $143,753
 Total Gain $97,241 $215,790
 Average Cash Flow/Year $6,419 $7,204
 Average Cash Flow/Month $535 $600
 Average Gain/Year $19,448 $21,579
 Average ROI 160.1% 355.4%
 Annual ROI 32.0% 35.5%
 Projected Property Value $267,542 $325,506

Financial Analysis – $229,900

Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $57,475
 Financed Amount $172,425
 Interest Rate 3.30%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $755
 Cash Outlay (Total Out of Pocket) $63,225

Financial Assumptions Monthly Yearly
Rent (upper) $2,050 $24,600
Rent (lower) $1,950 $23,400
 Property Tax Rate (Approx.) 1.60%
 Property Taxes $307 $3,678
 Insurance $70 $840
 Repairs $50 $600
Variable-Cost PM 7.2%
Property Management Fee $97 $1,158
 Leasing Fee $56.3 $675
 HOA $150 $1,800
 Vacancy Rate 4.0%
 Total Fixed Expenses $805 $9,665
 Total Expenses (Fixed + Mortgage) $1,561 $18,727

 

Financial Analysis / Deal Attractiveness
Years: 5 10
 Net Cash Flow $29,289 $66,343
 Equity Increase $68,111 $150,291
 Total Gain $97,400 $216,634
 Average Cash Flow/Year $5,858 $6,634
 Average Cash Flow/Month $488 $553
 Average Gain/Year $19,480 $21,663
 Average ROI 154.1% 342.6%
 Annual ROI 30.8% 34.3%
 Projected Property Value $279,709 $340,308

Site Visit (Oct 2020)

 

Notes from the property manager:

“Our leasing agent walked the property. They are nice units.  A little distanced from anything commercial, but very easy access from the freeway. She got to walk through the model but they wouldn’t let us drive through the neighborhood because of the construction going on. The model is very nice, a bit small feeling, but nice. We see other rental units listed online for that subdivision (same specs) for $1,895/mo so I’m guessing that’s the going rate or has been recent.

overall the impression was very good and she is excited to have these units available.

I think that $2,000 is certainly in the range for these properties.

The extra half bath is probably not a huge moneymaker, but the 450 additional square feet might be where you see the benefit. “

Floor Plans

1559 Sq Ft Model

Community Plat

FAQ

Q: Can I buy more than one?
A: Yes

Q: Cash or financing?
A: Either is ok

Q: Are there installment payments when buying a new home from a builder?
A: Typically a buyer will pay the earnest money and then no other payment will be needed until the property is ready for closing an has occupancy permit. The lender will need to verify it is ready to close as well.

Q: Do I need to hold an inspection when buying a new home?
A: While you don’t have to we do suggest you conduct an inspection.

Q: HOA’s insurance policy – what’s covered?
A: Simply put – anything on the exterior of the unit but not the inside. Consult w/ a pro about it before making a decsion.

 

DISCLAIMER
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.
State/County:
Zip: 64152
Country: United States
Open In Google Maps
Property Id : 25328
Price: $ 230,000
Property Size: 1,559.00 ft2
Bedrooms: 3
Bathrooms: 2.5
Year Built: 2020
Garage: Cars
Garage Size: 2
Rent (mo): 2000
ROI (ann): 17.5
Cashflow (mo): 450
Property Taxes (mo): 273
Insurance (mo): 60
Repairs (mo): 50
Management Fee (mo): 105
Leasing Fee (ann): 625
HOA (mo): 150
Vacancy Rate (ann): 4
Other Features
back yard
balcony
walkscore0 / Car-Dependent more details here

Other Agents

Similar Listings

New Construction Two Story 4 Bedroom Home &#...

Asking $ 284,000
Wood-Look Vinyl Flooring throughout downstairs. Kitchen open to Formal Dining and Family. [more]
Wood-Look Vinyl Flooring throughout downstairs. Kitchen open to Formal Dining and Family. Kitchen features Granite [more]
4 2.5 1,884.00 ft2details
Package
Rented
SOLD

Rented: 3 Triplexes & 1 Duplex Central ...

$ 300,000
The DFW (Dallas-Ft.-Worth) metro had been a very hot real estate metro in the last year. I [more]
The DFW (Dallas-Ft.-Worth) metro had been a very hot real estate metro in the last year. In recent months Simply Do [more]
Powered by Simply Do It
SOLD

New Build Free Standing Two Story have Every...

Asking $ 284,900
Schedule your showing today! Welcome to Sylvester Landing located in the up and coming Nor [more]
Schedule your showing today! Welcome to Sylvester Landing located in the up and coming North Downtown area. Your fr [more]
3 2.5 1,792.00 ft2details

New Construction 3 Bedroom Home Living Just ...

Asking $ 211,900
This 3 bedroom 2 bathroom ranch gives you an open floor plan living. With its vaulted ceil [more]
This 3 bedroom 2 bathroom ranch gives you an open floor plan living. With its vaulted ceilings in the living room a [more]
3 2 1,160.00 ft2details

Simply Do It

CEO

Contact Me

    Compare Listings

    Simply Do It