117 N Bellaire Ave

Kansas City, MO 64123

$140,000B

4 bd · 2.0 ba · 2,130 sqft · Built 1915 · MultiFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,565/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $1,116/mo
• Annual: $13,394/yr
• Cap rate: 15.86%
• Cash-on-cash: 34.17%
• DSCR: 2.52
• 1% rule: 1.83%
• Cash to close: $39,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $558/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• It's been on market 113 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#28 in MO, #2,671 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Kansas City 33 (urban): math 12% / reading 24% proficiency, ranked #308 of 324 in MO (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ac Prep Elementary (math 12% / reading 27%, grade F, #941 of 1,115 statewide, top 86%, 341 students, 99% FRL); Northeast Middle School (math 4% / reading 9%, grade F, #384 of 391 statewide, top 98%, 555 students, 100% FRL); East High School (math 0% / reading 13%, grade F, #516 of 521 statewide, top 99%, 1,112 students, 100% FRL) — zoned schools average 99% FRL vs 75% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 76 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,002 units permitted in Jackson County in 2024 (2,271 in 5+ unit buildings).
• Jackson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.9% vs local median 3.9% in Kansas City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition and requires replacement.
• Major: exterior siding — The exterior siding is peeling and in need of repainting.
• Major: porch and deck — The porch and deck show signs of weathering and require maintenance.