S Lee's Summit Road, Independence MO 64050
(3) Duplexes / two 2 bed/1 bath units / 1,176 sq ft
About the projects
Built in 1964, these are three nearly identical duplexes containing two 2-bed/1-bath units in a predominantly owner occupied “B” neighborhood. They require minimal updating and are currently rented at below market rent. Tenants are TAW and there is an opportunity to value-add through raising rents and the addition of a legal third bedroom in the basement level. The Cap Rate at 8.8% is very attractive for a property in a B neighborhood. We believe there is 18% built-in equity on each duplex. This would be a great addition to your portfolio – multiple duplexes with strong growth opportunities.
Price: $146,000
Renovation: $0
Total All In: $146,000
Rent: $1,600/mo
Property Mgmt (10%): $160
Insurance: $77
Taxes: $100
Maintenance (5%): $80
Vacancy (7%): $112
Total Expenses: $529
NOI per month: $1,071
Cap Rate: 8.8%
GRM: 7.60
Comps*: $172,000
* Comps are NOT a guarantee, but an estimation of after repair value (ARV)