11613 Richmond Ave

Kansas City, MO 64134

$108,000C+

4 bd · 1.5 ba · 1,160 sqft · Built 1972 · Townhouse · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,642/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$148
• HOA: −$150
• Vac / Maint / Mgmt: −$345
• Net cashflow: $433/mo
• Annual: $5,200/yr
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• 1% rule: 1.52%
• Cash to close: $30,240

Investor read

• This is a 4-bed/1.5-bath townhouse listed at $108k.
• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• It's been on market 45 days — a 3% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k 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.
• Hickman Mills C-1 (urban): math 8% / reading 18% proficiency, ranked #314 of 324 in MO (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ruskin High School (math 8% / reading 47%, grade F, #416 of 521 statewide, top 80%, 1,273 students, 100% FRL) — zoned schools average 100% FRL vs 78% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 13% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Hickman Mills C-1 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.7%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $30k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 11.1% 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.
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.