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Value-Add Gem in Kansas City Metro [Code: 621]

Posted by Powered by Simply Do It on April 16, 2024
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Why THIS deal??
  • ~$631/mo. cash flow once you can refi to 6.0% 
  • Cash flows at ~$400/mo. at today's rates of 7.25%
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  • Duplex with 6 bedrooms and 2 bathrooms (3 bedrooms/1 bath each unit)
  • Currently under-rented at $2,190/mo in rents
  • Great location with quick access to major commuting routes, shopping and schools
  • Highly appreciating area and strong rental market
  • Rents can be drastically increased once improvements are made
  • Good schools!
  • No HOA charges
  • Hard flooring in all major living spaces. Perfect for families and pets!
  • Attached 2-car garage (1-car garage for each unit)
  • #valueadd

Why should you consider this house / what makes it a good investment?

  • Built: 1971
  • Size: 2,088 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/Andrea  – email directly at kc3@simplydoit.net

Code: 621

Property Specifications2Per Door
 Bedrooms63
 Bathrooms21.0
 Square Feet20881044
 Year Built1971 
 Garage Size21
 Schools Rating (scale 3-30, 30 is best)15 
Lot size (sq ft)                 9,504 

Purchase AssumptionsMy OfferPer Door
Offer used for analysis$399,000$199,500
Suggested offer (low)$390,000$195,000
Suggested offer (high)$400,000$200,000
Asking$399,000$199,500
Market Value (after improvements)$400,000 
Estimated Improvements (lower)$8,000$4,000
Estimated Improvements (upper)$18,000$9,000
Estimated Closing Costs$3,990 
Estimated Mortgage Costs$3,212$1,606
Other Fees At Closing (pts, . . . )$2,7937%
Total Cost (estimated)$421,995$1,606

Financing Assumptions 
 Down Payment (%) 30%
 Down Payment Amount$119,700
 Financed Amount$279,300
 Interest Rate 7.250%
 Mortgage Term (Years)30
 Monthly Mortgage Payment59.5%$1,905
 Cash Outlay (Total Out of Pocket) $142,695

Estimated Financial AssumptionsMonthlyYearly

Rent (upper)*
$3,200$3,400$40,800
Rent (lower)*$3,000$36,000
    
Property Taxes $220$2,640
Insurance $185$2,220
Repairs75$200$2,400
Property Management Monthly (%)7.2% 
Property Management Monthly ($)$229$2,746
Leasing Fee68%$90.0$1,080
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses32.6%$1,043$12,512
Total Expenses (Fixed + Mortgage)$2,948$35,376

Estimated Financial AssumptionsMonthlyYearly

Rent (upper)*
$3,200$3,400$40,800
Rent (lower)*$3,000$36,000
    
Property Taxes $220$2,640
Insurance $185$2,220
Repairs75$200$2,400
Property Management Monthly (%)7.2% 
Property Management Monthly ($)$229$2,746
Leasing Fee68%$90.0$1,080
HOA or Fixed Costs$0$0
Vacancy Rate 4.0% 
Total Fixed Expenses32.6%$1,043$12,512
Total Expenses (Fixed + Mortgage)$2,948$35,376

Financial Analysis / Deal Attractiveness   
Years:5101520
 Cap Rate3.4%5.1%7.0%9.1%
 Net Cash Flow$24,001$72,429$149,423$259,809
 Equity Increase$102,361$230,333$390,959$593,459
 Total Gain$126,363$302,763$540,382$853,268
      
 Average Cash Flow/Year$4,800$7,243$9,962$12,990
 Average Cash Flow/Month$400$604$830$1,083
 Average Gain/Year$25,273$30,276$36,025$42,663
 Average ROI88.6%212.2%378.7%598.0%
 Annual ROI17.7%21.2%25.2%29.9%
 Projected Property Value$486,661$592,098$720,377$876,449

Property Ratings Suggestions
 Item   Suggested Criteria (Min.)This PropertyFAVORABLE /
INSUFFICIENT
 Schools (scale of 3-30, 30 is the best) 1415FAVORABLE
 Square Feet  1,0002,088FAVORABLE
 Bedrooms  36FAVORABLE
 Bathrooms  22FAVORABLE
 Year Built  19701971FAVORABLE
 Average Cash Flow (at year 5)  $125$400FAVORABLE
 Average ROI (at year 5)  15%17.7%FAVORABLE
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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. 

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