Investor · Baton Rouge, LA · Member since 2014 · 142 posts · 49 votes
I'm evaluating a few turnkey opportunities in KC, MO market and need some comps done so I can evaluate pro-forma's in light of real market value. In addition, I would appreciate feedback on neighborhoods. I prefer B neighborhoods that are mostly owner occupied that are in the path of growth and appreciating.
Here are are the streets and communities I'm reviewing.
Elm Ave
Raytown
MO
64138
Norton Ave
Kansas City
Missouri
64127
Bristol Ave
Grandview
MO
64030
S Haden Dr., Independence, MO 64055
If you can assist me with comps or know any real estate agents who would be willing that would be fantastic. Thank you.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
9y
@Fred Stevenson It can be hard to find a real estate agent willing to run comps out of the goodness of their hearts. You might have to pay them a small fee but why can't your turn key provider get you comps? I'm sure you're concerned about objectivity but as long as the comps they provide you are recent (within 6 mths) and within a 1/2 mile to a mile, The comps are what they are and will give you an objective value estimate. If the turn key company gives you one comp that supports their price and it's 5 miles away, that might tell you something about who you're dealing with so I would ask your turn key provider for their comps to test them. Be sure to ask for the full MLS listing sheet however as they will usually have a lot more details about the properties that will help you make an apples to apples comparison. We provide comps to our Indianapolis and Kansas City investors any time they ask. Your provider should do the same, after all, you're relying on their expertise and if you can't trust them to provide honest comps, you probably don't want to be dealing with them to begin with.
Investor · Baton Rouge, LA · Member since 2014 · 142 posts · 49 votes
9y
@Mike D'Arrigo Thanks Mike, the turnkey provider is willing to provide comps. However, I was burned in the past when I bought turnkey properties in another state, and the comps that the turnkey provider gave me were fraudulent on two different houses I bought. He gave me comps on that overinflated their actual value by 30k each. Eventually, I had to switch PM companies because this particular provider went out of business. When I switched to a new PM, I asked them to run comps for because I wanted to sell the house and that is when I recognized that the first set of comps I received were fake. Since then, I've made it a rule of thumb to always get independent comps. I'd be more than happy to pay a nominal fee for comps. Would you be willing to run comps for me on two of the properties on the list? Also, any opinion about the streets and neighborhoods from my OP?
Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
9y
Raytown and Grandview are solid markets, but Norton in the 64127 zip code is pretty sketchy. The 64055 zip code in Independence is generally OK. It's hard to provide any sort of comps since I don't know the size and condition of the properties. But that's my broad take on the areas.
Investor · Baton Rouge, LA · Member since 2014 · 142 posts · 49 votes
9y
@Andrew Syrios Thanks for information Andrew. I sent you a private message please respond when you get a moment. Thanks for The insight into these neighborhoods. I really appreciate it.