So just a few months after our duplex purchase, we found an approved short sale in the Bannister mall area of KC for $36,600. We decided to buy in the Bannister Mall area since Cerner announced a $4 billion construction going on less than a mile away for a tech center with over 12,000 employees going on over the next 10 years in phases. I understand that KC is a commuter city, but this can only help values in the direct area.
This house is a 3/2 1400 sq foot split level home. Since this was pre-approved by the lender and the house was in good shape, we offered full price for it. We closed on the house on Dec 26th, 2013 and it was time to start fixing it up a little.
I had a reliable contractor who has done great work for us, and he came out and gave a bid for $7k for hardwood refinishing throughout, new paint throughout, 2 bathroom overhauls, and flooring in the kitchen. We hired him and he finished in late Feb. We were able to rent out the property in 5 days for $850. So we were all in on this house for $44k and it rents for $850, not too shabby!
This house has been extremely reliable for us since day one And has the same tenants in it as well. They have renewed their lease each year and other than regular maintenance, it has been great! This taught us that we need to focus on rents above $800/month and that I prefer SFH's since families will hopefully stay there longer.