7370 N Lamar Ave

Kansas City, MO 64152

$515,000D-

5 bd · 3.5 ba · 2,987 sqft · Built 2018 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,045/mo
• Mortgage (P&I): −$2,701
• Tax + insurance: −$719
• HOA: −$15
• Vac / Maint / Mgmt: −$639
• Net cashflow: $-1,030/mo
• Annual: $-12,354/yr
• Cap rate: 3.89%
• Cash-on-cash: -8.57%
• DSCR: 0.62
• 1% rule: 0.59%
• Cash to close: $144,200

Investor read

• This is a 5-bed/3.5-bath single-family listed at $515k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (35.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (40.9% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $304k (40.9% below list) — sets the bar for 1% rule.
• In year one you build about $55k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• 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.
• 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.
• Zoned schools: Prairie Point Elem. (math 49% / reading 48%, grade D, #334 of 1,115 statewide, top 30%, 422 students, 29% FRL); Park Hill High (math 70% / reading 71%, grade B+, #9 of 521 statewide, top 2%, 1,857 students, 25% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 264 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• 5 sale attempts since 8y 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.
• By year 2, paydown + projected appreciation supports a ~$89k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 32% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• 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.
• 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.