So I am planning to buy OOS small MF (4 plex probably) and am considering Kansas City. I'm always drawn to historic architecture, and came across the Scarritt Renaissance neighborhood in KC.
Does anyone have experience or opinions about this area? Is it a decent place to invest in or do I have rocks in my head? I don't know the area so have no context. I did live in Philly during late 90s, which had neighborhoods that were architectural goldmines but looked like burned-out Beirut at the time. So I do get that just because it has fabulous hardwood floors and historic details, doesn't mean its a good hood for investing. (I'm trying not to let my aesthetic "emotions" get the best of me..I'm a designer..) Any input appreciated!
@Tina Huffman I think you have already self - assess my biggest concern. As an OOS investor, i would encourage to hold your designer self and attraction to historical districts out of the investment analysis if you are looking for self sustaining long term cash flow MF investment strategy. This is a conversation we have with OOS investors of your like during our initial consultations and property scouting and acquisition. But even with that said, we also recognize every investor has their own tastes, desires, goals, intent and financial means of investing. For example, a investors with excess means and simply looking for a hobby interest may seek target properties much differently than a upstart, young executive millennial seeking their first passive income investment properties. Both scenarios paint a much different reality and call for a different drip / scout campaign for target properties.
All that said, your Scarritt Renaissance area is part of the 64123 district. It is a buyer beware district of Kansas City. There are some good pockets in 64123 and other area I would encourage to stay away. Secure a good set of local eyes if you are set on this area. There is a good inventory of 4 - 8 plex units in the area, some of which are available in off market channels, but depending on your goals, budgets and risk assessment levels, the target properties may be fewer than what appears from OOS. Good luck in the search.
Hi @Tina Huffman I've become very familiar with this neighborhood over the last several months. I was the selling agent on a 6 plex on Gladstone Blvd to a fellow BP member and currently have a 12 unit listed for sale on St. John. Both are in the Scarritt Renaissance neighborhood and have gorgeous old architecture. The area has a few rough streets but there is definitely a revival going on. Two bed and breakfasts have opened on Gladstone. There was a remodel of a large park and new commercial is starting to trickle in. In talking with renters and owners, people are happy with the proximity to downtown and the kitchy vibe thats starting to happen. Im a fan and encourage you to keep looking there.
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