Bank Teller/Personal Finance Educator · Columbus, OH · Member since 2015 · 50 posts · 4 votes
I was just curious as to what the average market rent is for duplexes in the Grandview area in Kansas City, more specifically the Calico Farms neighborhood. There is a duplex in that neighborhood I am wanting to potentially house hack as my first investment property.
Investor · Shawnee Mission, KS · Member since 2013 · 82 posts · 12 votes
11y
Josiah, the best way I have found to figure out market rent is to go to rentometer.com and put in the bedrooms and it will give you an average of properties that have rented in the area. Then I also go to padmapper.com and put in the address as well and filter to the same number of beds/baths and can see properties currently on the market and what condition they are in and price. These two will give you a great picture of what you should price rent at.
Investor · Shawnee Mission, KS · Member since 2013 · 82 posts · 12 votes
11y
Josiah, the best way I have found to figure out market rent is to go to rentometer.com and put in the bedrooms and it will give you an average of properties that have rented in the area. Then I also go to padmapper.com and put in the address as well and filter to the same number of beds/baths and can see properties currently on the market and what condition they are in and price. These two will give you a great picture of what you should price rent at.
Real Estate Agent · Overland Park, KS · Member since 2012 · 17 posts · 1 vote
11y
I'd also suggest: Craigslist and calling For Rent signs in the neighborhood. If you're not local, you could have your real estate agent handle some of the preliminary research for you. Knocking on doors and asking as many people as possible is the best way to get this data. I'm not familiar with the area, but I'm seeing rents listed in the MLS from $675 all the way up to $1000/mo (take that for what it's worth).
Salisbury, NC · Member since 2014 · 10 posts · 0 votes
11y
how do i make a offer to a owner who owes 60,000 on their mortgage but says he will accept 25,000 and asks for buyer to take over payments? house is in good condition older man just wants to be done with the house. i spoke with the son and the older man just moved closer to the son so the motivation is there to sell. please help this is my first time.
I would highly recommend you talk to a broker. For a duplex an online tool can be way off because a 3 bedroom house is going to rent for a much different price than a 3 bedroom duplex in most cases. As such, the tools can be misleading unless you find one that lets you compare apples to apples.
It sounds like the owner wants $25K and for you to take the house subject to the existing mortgage. Is the house work $85K or more? If not, just move on to the next one. If it is, run your numbers and see how much of a discount you would be getting it at.
Investor · Shawnee Mission, KS · Member since 2013 · 82 posts · 12 votes
11y
@Derrick Dunn- Do you know what the house would rent for? One option would be to do an assignment and just take over the payments at $60k if it would cash flow.
Option 2 is a much longer process, but the seller would have to initiate the short sale process with his lender to try to get the payoff amount lowered. It is very unlikely the bank would accept $25k though, more like $45-50 prob. Also this option would only work if he is far behind on his payments on his mortgage.
Option #3-Does the seller have any cash on hand? If he says he is willing to accept $25k, does he have $35k to bring to the table at closing to pay off his loan?
Where is the property located at?
There are several unknowns here, but those are your options.