8736 N Hull Ave

Kansas City, MO 64154

$189,500D-

2 bd · 1.0 ba · 1,005 sqft · Built 1985 · Townhouse · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,769/mo
• Mortgage (P&I): −$994
• Tax + insurance: −$236
• HOA: −$285
• Vac / Maint / Mgmt: −$371
• Net cashflow: $-118/mo
• Annual: $-1,411/yr
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• 1% rule: 0.93%
• Cash to close: $53,060

Investor read

• This is a 2-bed/1.0-bath townhouse listed at $190k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (6.7% below list).
• It's been on market 78 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (11.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: schools C-, crime F.
• Park Hill (urban): math 47% / reading 54% proficiency, ranked #26 of 324 in MO (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 131 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 234 units permitted in Platte County in 2024 (0 in 5+ unit buildings).
• Platte County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.5% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.