SDI’s D.I.R – Diamond in the Rough in KC [code: 3403]

Hi,

I found this one that could be relevant for what you're looking for.

Metro: Kansas City

Asking price: 312,900.00

Market value: 310,000.00

Our suggested price: 275,000.00 – this is an equity play more than a cashflow one

Original listing date: 1/6/2024

• This is a Ranch style house – locally a very desirable floor plan!
• The house has a total of 2,814 square feet.
  • Main Level (Above Ground): 1,564 square feet of living space.
  • There are 3 bedrooms & 2.5 bathrooms on this level.
  • The laundry area and a half bath are located next to the kitchen.
• Finished Basement (Below Ground): This area provides an additional 1,250 square feet.
  • Has Family Room, a non-conforming bedroom (this is why they call it a 4 bedroom house), a Wet Bar, a Workshop, and a Full Bath with a jacuzzi tub.
  • There’s also an extra half bath near the wet bar.
  • The basement could benefit from some new flooring and your personal touches.

So what's the opportunity?

1. It's been on the market for 70 plus days
2. It is dated it needs a lot of updating, as you'll be able to tell from the photos – we roughly estimate between 15,000 to $25,000 depending on what decided to be done. But very likely all paints all floor or carpets, and we are not sure about the HVAC and the roof at this point. The house from 1985 probably have gone through a roof replacement and HVAC replacement by now – if you decide to proceed, we can definitely ask before moving forward.
3. The basement is large and practically finish, it is missing a carpet or floor, and could use some paints to freshen it up – and it has its own wet bars / “~kitchen” – Unfortunately, I cannot see a way to add another entrance directly to the basement that could have created a second unit as a rental or an in-law suite.
4. If moving forward is it worth checking that the bathrooms and what bar we're done with the permit.
5. It does look like the house went under contract beginning of February and approximately 10 days later came back on the market – which May indicate something with inspection – we can ask for an inspection report if one exists.
   

Low price offer due to:

1. House looks very dated
2. Photos are terrible
3. The house does not show well at all (which is good for us)
4. It is incorrectly advertised: it should say three bedrooms + half bath 
5. It's been sitting on the market for a very long time
6. I think this house can be an opportunity for someone looking for added value, and if for some reason you're able to make a cash offer, and bring the financing approximately one month later it may enable you even a lower offer price.

Let us know if this is of an interest if you would like to possibly proceed and we will start digging up more info.