What Do You Think of This Kansas City Deal?
My contact in KC offered me this deal. What do you think?
10338 Sycamore, Kansas City, MO
Price: $74,500.00
Rent (gross income): $950.00/per mo.
Property Mgmt Fee: $95.00/per mo.
Insurance Expense: $45.00/per mo.
Taxes: $66.19/per mo.
Net Income Per Month: $743.81
Net Income Per Year: $8925.72
Cap Rate: 12%
Was fully rehabbed, and will be rented as of march 1. It looks attractive to me esp with mortgage rates I'm seeing.KC, from what I read, has a lot of renter, about 48% of the market, high occupancy rate.