Rental Property Investor · Kansas City, MO · Member since 2014 · 72 posts · 28 votes
I recently purchased 2 fourplex properties and undertook a massive renovation. This was biggest purchase in the history of my company. All the properties have new tile, bathrooms, kitchens, SS appliances, granite, redone floors, new paint inside and out, windows, new water heaters and HVAC systems in each unit. We rebuilt fence partitions, installed new LED lighting, new sidewalks and gutters and installed a community firepit. Overall the project took 2 months and cost 140K for the rehab and 295K for the purchase. I am interested in knowing what YOU think of the deal. It is located in Grandview MO and will be the nicest fourplex units in South KC and Grandview. It should provide maintenance free cash flow for years to come because everything is new. Here are the numbers:
Purchase: $295K 2 4 plex buildings
Rehab: $140K
Total: $435K
Rent: $795 per unit x 8= $6360 per month $76,320 per year
Taxes: $4100 per unit for both building
Insurance: $4200 per year
Water/sewer/capex/vacancy: $600 per month tenants pay utilities
fully rented as of today! Cash flowing $6,125 per month. Total investment slightly under 450k! Everything is new new new...... I won't have large capex for atleast a decade. All new HVAC ROOF GUTTERS WINDOWS KITCHENS APPLIANCES BATHROOMS TUBS TOILETS SIDEWALKS..... I just bit the bullet and forked out the money. It took me 24 days to fully rent it. Looking for more success like this!