Closed on Rental Property #20 in Grandview, MO

[Cliff Harrison]

#20 is my fifth house in the same working class south Grandview neighborhood. This one is a BRRR. I'm buying it from a bank that foreclosed on it. It has some interesting features in that in the past it appears to have been owned by a contractor - it has a four-wide driveway suitable for many large vehicles - 200 amp service - two outbuildings (including a large workshop with windows and a loft) - a large add-on family room to the original house - and a wrap around back porch - a large single bathroom with a jetted tub and a tile patio area at the side of the house.

It's been a bit neglected and needs a good rehab. When I'm done it will be four bedrooms two baths. I am purchasing and funding the rehab with my own cash - my current lender will refinance up to 80% ARV but maxes out at purchase plus rehab (100%).

Purchase Price: $ 22,000

Estimated Rehab: $17,000

ARV: $65,000

Market Rent: $950

I hope all your projects are going well.

regards,

Cliff