Real Estate Agent with The Nichols/Ersery Home Team, RE/MAX Heartland
David Nichols | The Nichols/Ersery Home Team | 816-536-1334
6008 South Benton, Kansas City, MO
3 Great Rental Properties for $75,000.00
or $25,000.00 each
2BR/1BA Single Family House
offered at $25,000
Year Built
1955
Sq Footage
959
Bedrooms
2
Bathrooms
1 full, 0 partial
Floors
Unspecified
Parking
Unspecified
Lot Size
8,712 sqft
HOA/Maint
$0 per month
DESCRIPTION
I currently have three properties that my client would like to wholesale.
They appraised at about twice the value we are offering them for here.
They were all rented at approximately 500-600 per month and are in pretty good shape.
The following is a list of repairs that I know needs to be made in order to get them rented. I do not know if the furnaces are in operating condition as the gas is off. Currently, these properties have NOT been vandalized so most of the work is minor or cosmetic in nature.
These are ROUGH estimates, but I tried to make them on the high side. A person could do most the work themselves and save thousands of $$$$
House #1
Gutters need replacing $750.00
Interior Paint $500.00
Lawn $200.00
Clean out $250.00
Power wash $250.00
General caulking $50.00
total $2000.00
We may need to bring in some top-soil to put around the foundation so we can divert water. We wont know for sure until the new gutters are on and we have our first rain. Currently minor amounts of water are getting into the basement when it rains. The cost of dirt is cheap and the labor would be minimal. This property would take about 7-10 days to get in rentable condition as long as there are no surprises.
This house would seem like a good investment if you could pick it up for around $30,000.00
House #2
Garage Door $800.00
Interior paint $500.00
Lawn $200.00
Plumber $200.00 *The bathroom in basement needs something done... it appears to be clogged.
Clean out $250.00
Furnace $2000.00 *This looks to have been vandalized at some point.
Appliances $800.00
*The appliances are missing so we would need a stove and refrigerator. We could probably get some scratch and dent items at Ray's for less$$$.
Total $4750.00
This property would take 7-10 days to get into rentable condition but our contractors may not be able to start until after the first one is completed.
This property would seem like a good investment if you could pick it up for around $30,000.00
I would budget an additional $500.00 per unit for any surprises and would strongly consider a warranty that covers plumbing, electrical and furnace.
I have not been in the property #3 as we are in the process of evecting the tenants.
so I do not know what it would cost for repairs. I know the furnace does not work. Hopefully it would require a repair and not replacement.
Depending on the condition of this property, a deal where you purchased all three for around 75-80k would seem like a wise investment.
At a purchase price of 75k and rents of $500.00 each, it would take about 55 months to pay them off. You will not have 100% rental over that 50 month period and there will some repairs and the cost to manage them. I would think you would have a 100% recoup of your investment in about 60 months. Then you would profit about 15-20k per year.
The bank has indicated that they would consider holding the note on these for the right investor with 20% down. We could potentially get you in them for 15k plus closing cost and repairs... I think the total would be about 22k. You could recoup the 22k in about 15 months.
In a perfect world we would find some rent-to-own tenant.
I am confident in our ability to locate potential tenants and get them rented.
This is a fantastic oppertunity!
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