I'm looking for a real estate professional in the KC, MO area that knows the market. I need your advice. We have a duplex in the Waldo area. we bought it a few years ago, put $30k into it and added a bedroom (it's legit, egress windows with a ladder up). It has 3br 2.5 bath, 2 floors, partially finished basement on each side. rents are $1,000/ month and $1,200/ month. Fully leased for 1 year.
We're getting ready to sell it and the RE agent I talked to didn't know how to price it because there are no comps in the area. She said the last time a duplex sold in the area was ours. She talked to a colleague who said it's probably $200k. We bought it for $140k, put $30k into it. It's been assessed at $235k by Jackson County, Zillow (I know not a reliable source) says it's $258k.
We're getting cold calls all the time asking to buy the place, from what I hear Waldo is up and coming. I know inventory is low. But would a full remodel and add a room really only add $60k to the price?
What is the average price of a house in the area?
You can do an income approach or what not. ie: does the other unit offset the rent for the main unit?
Figure out a fair cost per sq foot.
@Carly M. I live in the area and can help. I am a commercial broker but have many connections in the SFR and duplex world. DM me and I'll see if I can point you in the right direction!
Sent you a DM.
location location...assuming that's moderately ok, I would think that 250k mark isn't a terrible asking price...possibly even 265 if you have the time...well done
@Carly M. I own several rental properties in Waldo & know the area well. Honestly your RE agent sounds like an idiot. No way it should only sell for 200k (unless it’s in really bad shape) when it’s gross monthly rents are $2200. At the very least even a 1% rule would put it at 220k ...which houses in Waldo are are selling below the 1% rule. Depending how nice it is & location I would price it between 250-275k. Small Waldo 2 bedroom houses completely renovated are selling for around 150k ....Fixer upper 2 bedrooms 100-120k. Plus multi-families are quite popular at the moment with people wanting to house hack. It should sell quickly & top dollar. If you bought several years ago you’ve done well. Waldo has been on the upswing and the area is getting better and better
@Carly M. I sent you a message but I'd be open to taking a look at your duplex and potentially making a fair cash offer. In Waldo just depends where the property is and if it really qualifies as the Waldo area. Not to mention, consideration of the age of the property and condition of the foundation. All of these variables may be why your realtor told you it's only worth $200k
@Rob Bianco thanks. Link to place is in the original post. But we're not selling it if it's only worth 200k -230k.
@Rob Bianco I think they took out the link in the op. The address is 7731 Kenwood.
@Carly M. Contact me I can help you price it and inform you if the market conditions. Waldo is great and there is a lot of people looking for duplexes there. You can find me on Zillow or google me for all my contact info since I can’t post here
This duplex was listed about two weeks ago and under contract within a day.
@Cameron Pendergraft wow! Thank you!!!