Rehabbed 4-plex, $275k near KU, Kansas City Metro, Lawrence
Turnkey, fully occupied, and newly renovated fourplex located in the lovely university town of Lawrence, Kansas (35 minutes from downtown Kansas City). Class A-B neighborhood. Currently rents for $2,753/month with potential to increase on two units upon turnover of legacy tenants. Tenants pay all utilities except for gas (for hot water and two stoves = $305/mo.).
Trendy North Lawrence location one block from the popular Levee' CAFE, walking/running/biking trails, and excellent restaurants. Three blocks from highly rated elementary school, park/playground, antique shops, and more. Less than one mile from nationally recognized Downtown Lawrence with award winning public Library, aquatic center, shops, restaurants, art galleries, festivals, and nightlife.
One mile from proposed North Lawrence boardwalk development area; a mixed-use boardwalk-style development along the north bank of the Kansas River. One mile from Kansas turnpike (I-70) for easy access to Kansas City and Topeka, and less than 1.5 miles to University of Kansas Main campus.
2018 RENOVATIONS: include but are not limited to; fully renovated 1BR and 3BR units (other two units came with existing tenants) and increased rent to reflect updates. Professionally installed exterior metal siding, LowE/Argon double-pane windows w/ lifetime transferable warranties, new Carrier mini-split HVAC unit (not yet pictured), new steel exterior doors, plank flooring, ceramic tile flooring, barnwood accent wall, corrugated metal shower surround and wainscoting, all new bathroom fixtures, kitchen counters, cabinets, appliances. New hot water heater, canned LED light fixtures (10-yr warranty), exterior LED motion sensor security lighting, landscaping, new downspouts, metal locking mailboxes, et-al.
Previous owner installed new roof 5 years ago. Has been inspected by locally renowned Alpha Roofing who estimates at least 10+ years before replacement required (documented). Interior of third unit was updated four years ago and requires no major attention. Fourth unit has had the same tenant for five years who has no plans to leave, but unit will need a complete cosmetic update prior to next turnover (estimated updates needed = $2,500).
Owner-manager, willing to manage property for out of state or local investor. Feel free to contact directly with offers/questions.