KC investment wether or not to buy
Hello,
Hope everyone is having a great day I just have a question regarding a home I just had put in contract last night. 4520 NE 47th St, Kansas City, MO 64117. There is some crime around the area but not on any of the 2 streets above or below. I had myself in a bidding war and paid the asking price of $149,000. My main regular would be the location of the property. Thank you so much and have a great day. Also, there is a room down stairs that can be converted into a bedroom so that would make it a 4 bed 2 bath house.
Most Popular Reply
@Austin Kelpis What's your goal with the property? I'm guessing it's a turn-key rental at that price, but I also don't really buy in that part of KC. If it's a buy-and-hold, will it meet the 1% rule for cash-flow (or better yet, have you broken down the numbers for debt service + taxes + insurance + PM fees + vacancy/CapEx/maintenance withholdings as compared to market rent)?
I'd find an agent or two (@Caleb Brown, for example) in the local market who can give you some insight. And if you use a PM, you'll always want their second opinion on the location and property, especially since you may be hiring them to manage it!