This property was built as a single family dwelling in 1930. It was converted to a 5 unit multi-family unit in the 1980’s.
5 – 1bd/1ba units with a 6th unfinished unit in the walk-out basement.
Turnkey – 5 units rent ready. 2 units on the main floor. 2 units on the 2nd level. 1 unit on the 3rd level.
Value Add 6th Unit – The lower level walkout basement is a potential 6th unit. The basement already has partial finishes, wiring, a half bathroom that is stubbed for a full bathroom. It needs to be completely finished for the unit to be rent ready. We estimate at least 25k to finish this space into a rentable unit.
Currently the 5 units make up 3,327 sqft of living area. Finishing the 6th unit will add approx 600 sqft of living space bringing the total up to approx 3,927 sqft.
Capital improvements within the past 5 years include exterior paint, roof, windows, plumbing, electric, HVAC, along with several interior cosmetic updates such as tiled floors and backsplashes.
Attached 1 car garage is currently used as maintenance storage. It can be rented separately or with one of the units for additional income. Shared laundry on site for tenants use. Additional large shed on site for owner or tenant storage.
Property has private driveway with room for 3-4 parking spaces behind the building.
Current Units & Rent status:
1N: 1 bed 1 bath, currently vacant. Getting new paint and refinished hardwood floors. We plan on furnishing this one for use as STR. This unit was recently vacated due to eviction. Previously rented at 950/mo with partial assistance from housing authority.
1S: 1 bed 1 bath currently occupied at $950/mo on a 12 month lease that started May 2022. This tenant receives partial assistance from Section 8 (KCK Housing Authority).
2E: 1 bed 1 bath, currently vacant. Getting new paint and refinished hardwood floors. This unit was recently vacated due to tenant having to move to assisted living facility. Previously rented at 950/mo to a market tenant.
2W: 2 bed 1 bath with non-confirming 3rd bedroom, currently occupied at $962/mo on a 12 month lease that started July 2022. This tenant receives partial assistance from Section 8 (KCK Housing Authority).
3: 1 bed 1 bath currently occupied at $950/mo on a 12 month lease that started August 2022. This tenant has occupied the unit since 2019.
B: The walk-out basement can be turned into a 6th living unit that’s 1 bed 1 bath and approx 600 sqft. This unit can include the attached garage for higher rent potential.
Utility Meters:
1 water meter, 1 gas meter, 3 electric meters.
Market rent $1,102 per unit (per Housing Authority, 1bd/1ba units w/ utilities paid KCK HA Website )
$1,102 X 6 units = $6,612 market rent potential per month if using all units for LTR (long term rental)
We suggest AirDNA to help forecast performance under the Short Term Rental model.
The property is zoned correctly according to it’s current use. The seller has mocked ups for the 6th unit, however no building plans or architectural plans have been drawn up or submitted to the city with permit applications.
THE NUMBERS:
$6612/mo market rent potential finishing 6th unit
$1000-1200/mo Owner Paid Utilities
$5412 gross effective rent after utilities
350k purchase + 25k finish 6th unit
375k approx total investment
(better than the “1% rule”)
$1562 property taxes for 2022
$1700-2000 insurance quotes from NREIG insurance group
(Seller carries blanket policy that covers multiple properties so we don’t have an exact amount of seller paid insurance for this individual dwelling).
Brokers/Agents welcome with your pre-qualified CASH Buyers
Ben@turnkeypropertyusa.com
*These are projections only performance is not guaranteed. All investments have risk and investors should do their own due diligence.
Walk-thru video below. This video was taken during eviction of the tenant at 1N. The two vacant units are being refinished for occupancy.
