Read First
- This is new construction – should be fully completed by now.
- Dani Beit-Or was on-site Mon. 10/4/2021 – see video below.
- This property can be purchased in a few ways:
- One transaction: one buyer buys the 10 units as one title/one property (commercial loan will be required).
- Three transactions: one or more buyer/s buy one or more building/s, i.e. one duplex, one fourplex, or more than one building*.
- 10 transactions: one or more buyer/s buy one or more units, i.e. four buyers each buy one unit and three buyers each buy 2 units – a total of 7 buyers.
- Each unit has its own meter/s.
- 6 units are rented
* In case of multiple transactions (option 3.2. & 3.3. above), an HOA will need to be created and established which will add approx. $15k-20K to the price (estimated $1500-$2000 more per unit).
Buying Preference
- Priority will be given to a one-buyer who can buy all the units (either as 1, 3, or 10 separate transactions).
- Secondary priority will be given to a buyer that can buy multiple units. The more units you can buy, the higher on the list you will be.
Pricing
| Building | Type | # of units | Asking | Per Door |
| 05 | 4-plex | 4 | $1,080,000 | $270,000 |
| 03 | 4-plex | 4 | $1,080,000 | $270,000 |
| 01 | 2-plex | 2 | $540,000 | $270,000 |
| Total | 10 | $2,700,000 |
About the City/Area
- Schools are B (B+)
- Located approx. 45 mins from downtown Kansas City
- Growth is coming from nearby cities where people feel it is getting too crowded and they want more space.
- Located 10 minutes drive from the City Lake (a 100-acre park)
Current Occupancy
- There are 6 units that have been leased.
- Lease rates are $1750 per unit per month.
- Projected market rents are $1850-$1950 per unit per month.
Each unit is equipped with
- 3 bedrooms and 3 full baths:
- Main floor: kitchen, living room, 2 bedrooms, 2 bathrooms
- Basement: 1 bedroom, 1 bath, 2nd living room
- Stainless Steel appliances, granite countertops, large living areas with open floor plans, LVP (Luxury Vinyl Plank) throughout (basement included)
About the image below
- The satellite image is NOT up-to-date.
- Units dividers (dashed lines) are not exact and are for illustration only.
- The “future playground” will be developed at a later time, possibly in the spring/after the winter – The seller is willing to escrow funds for it.
Site tour – Oct. 4 2021
Video #1
Video #2
Financial Analysis – Important
- This analysis shows the performance of 4 units (one building) and NOT the entire 10 doors.
- Rents used in the analysis are $1750-$1950 per unit per month.
- HOA is not factored in as it is either $0 or unknown at this time.
Property Specifications
| 4 | Per Door | |
| Bedrooms | 12 | 3 |
| Bathrooms | 12 | 3 |
| Square Feet | 6800 | 1700 |
| Year Built | 2020 | |
| Garage Size | 4 | 1 |
Purchase Assumptions
| Per Door | ||
| Asking | $1,080,000 | $270,000 |
| Suggested Offer | $1,080,000 | $270,000 |
| Market Value | $1,080,000 | $270,000 |
| Improvements (Lower) | $1,500 | |
| Improvements (Upper) | $2,500 | |
| Estimated Closing Costs | $6,000 | |
| Estimated Mortgage Costs | $6,000 |
Financing Assumptions
| Down Payment (%) | 25% | ||
| Down Payment Amount | $270,000 | ||
| Financed Amount | $810,000 | ||
| Interest Rate | 3.50% | ||
| Mortgage Term (Years) | 30 | ||
| Monthly Mortgage Payment | $3,637 | ||
| Cash Outlay (Total Out of Pocket) | $284,000 | ||
Financial Assumptions
| Monthly | Yearly | |||
| Rent (Upper) | $7,400 | $7,800 | $93,600 | |
| Rent (Lower) | $7,000 | $84,000 | ||
| Property Tax Rate (Approx.) | 1.40% | |||
| Property Taxes | $1,008 | $12,096 | ||
| Insurance | $220 | $2,640 | ||
| Repairs | $220 | $2,640 | ||
| Variable-Cost PM | 7.2% | |||
| Property Management Fee | $529 | $6,349 | ||
| Leasing Fee | 68% | $208.1 | $2,498 | |
| HOA | $0 | $0 | ||
| Vacancy Rate | 4.0% | |||
| Total Fixed Expenses | $2,460 | $29,521 | ||
| Total Expenses (Fixed + Mortgage) | $6,097 | $73,168 | ||
Financial Analysis / Deal Attractiveness
| Years: | 5 | 10 |
| Cap Rate | 6.4% | 7.5% |
| Net Cash Flow | $90,256 | $212,620 |
| Equity Increase | $317,439 | $701,506 |
| Total Gain | $407,695 | $914,126 |
| Average Cash Flow/Year | $18,051 | $21,262 |
| Average Cash Flow/Month | $1,504 | $1,772 |
| Average Gain/Year | $81,539 | $91,413 |
| Average ROI | 143.6% | 321.9% |
| Annual ROI | 28.7% | 32.2% |
| Projected Property Value | $1,313,985 | $1,598,664 |
| Per unit/yr | $4,513 | $5,316 |
| Per unit/mo | $376 | $443 |
Availability
| Type | Building | # | Status |
| Duplex | 01 | A | |
| 01 | B | ||
| 4-plex | 03 | A | |
| 03 | B | ||
| 03 | C | ||
| 03 | D | ||
| 4-plex | 05 | A | |
| 05 | B | ||
| 05 | C | ||
| 05 | D |
FAQ
- How much is the HOA?
- We don’t know yet but anticipate not high as it needs to maintain common grounds.
- Is any warranty provided?
- No warranty is offered by the builder.
- Can I buy with a mortgage?
- Yes, and we have preferred lenders for you to use if you wish.
- Do you have a local property manager we can use?
- Yes, we sure do.
- Can I buy cash?
- Yes, of course.
- Can I buy more than 1 property?
- Yes.
- Is there a way for me to buy all and get financing for all of them under 1 mortgage?
- Generally speaking yes, and we have a lender who may be able to do it.
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.
- Updated On:
- May 2, 2023
- Year Built: 2021
Property Id : 38321
Year Built: 2021
$ 1.00
per month- Principal and Interest
- Property Tax
- HOA fee
$ 0.00
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