Toronto, Ontario · Member since 2014 · 95 posts · 23 votes
Hello All
I am an out of the state investor working in the Kansas city market.
About two weeks ago I listed a fully rehab SFH in Raytown Kansas city ( on 78th Ter )
It is listed in the MLS ,The price is pretty attractive, photos looks good, high end appliances etc, however traffic and interest seems very minimal. we had only 2-3 showing. Can any of the locals explain to me what might be the reason (is that the area?) and maybe have an advice how to promote it in a better way?
Rental Property Investor · Kansas City, KS · Member since 2014 · 604 posts · 222 votes
11y
@Itay Heled - I'm not seeing very good comps in the immediate area (around $60k-$80k). The only two that look like they've been rehabbed are actually being rented out (albeit for about $1100/mo). The better priced comps are actually on the other side of Blue Ridge and south of 79th where I'm seeing sold properties going for closer to your asking price. Looks like you did a great job on the reno. I like the idea of the wood-look ceramic in the shower. But looking around Google Street View it seems you may have over-improved for this particular neighborhood.
Rental Property Investor · Kansas City, KS · Member since 2014 · 604 posts · 222 votes
11y
@Itay Heled - I'm not seeing very good comps in the immediate area (around $60k-$80k). The only two that look like they've been rehabbed are actually being rented out (albeit for about $1100/mo). The better priced comps are actually on the other side of Blue Ridge and south of 79th where I'm seeing sold properties going for closer to your asking price. Looks like you did a great job on the reno. I like the idea of the wood-look ceramic in the shower. But looking around Google Street View it seems you may have over-improved for this particular neighborhood.
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
11y
Ask your real estate agent if there have been any pending sales within 1/2 or 1 mile of this house and see if they are priced similar to yours. If they are priced lower and similar sq footage in the same condtion then yours might be priced too high.
Rental Property Investor · Kansas City, KS · Member since 2014 · 604 posts · 222 votes
11y
@Itay Heled@Gordon Cuffe is right, check with your realtor. The biggest problem getting comps is that the property is right by Blue Ridge Blvd which is a major thoroughfare and it appears to be a dividing line between a nicer area to the southeast with homes selling for $90k-$100k+ and a lower-priced area (where your property is) to the northwest with homes ranging from $50k-$80k.
Rental Property Investor · Shawnee Mission, KS · Member since 2014 · 205 posts · 136 votes
11y
I don't think demand for $100k primary residence will be strong in that area, there are so many 1950s ranch houses $60-70k, even though yours is the nicest.
From an investment standpoint, that area is a stretch to rent over $925 on a 3 bdrm. If I am buying 'move in ready' house that would rent for for that, I would be looking at $70k being a max entry point as you can't plan on any appreciation and possible depreciation over there. Schools may be better than KCMO district but that is a very low bar.
Investor · Tucson, AZ · Member since 2014 · 48 posts · 21 votes
10y
I am currently seeking turnkey SFHs in Raytown to buy and hold for rent. Homes should be move in ready and in the $50k - $85k price range with the prospect of a 12+% cap rate.