Price/Unit for Small Multi-Family in Independence, MO

[Matt Hendrickson]

Fellow BPers,

I've reached out to a few resources/people already, but thought it would be interesting to see what BP has to say. I'm under contract for a 5-plex in Independence, MO (near Kansas City). This 5-plex will need some substantial rehab but I'm hoping that my post rehab appraisal will be roughly $50,000/unit. I'm curious, am I off here? Rents are in the $650-$700 range and the building was constructed as an actual 5-plex (no jenky retro-fit). Any appraisers,brokers, or anyone have their own project in this area that have any thoughts & could support my thinking?

Thanks in advance!