6016 Leavenworth Rd

Kansas City, KS 66104

$2,490,000C

51 bd · 49.3 ba · — sqft · Built 1979 · MultiFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $29,325/mo
• Mortgage (P&I): −$13,058
• Tax + insurance: −$4,150
• HOA: −$0
• Vac / Maint / Mgmt: −$6,158
• Net cashflow: $5,959/mo
• Annual: $71,507/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.26%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $697,200

Investor read

• This is a 17 × 3-bed/2.9-bath units multifamily listed at $2.49M.
• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $2.49M).
• It's been on market 163 days — a 12% lower offer ($2.19M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.19M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $75k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment D-.
• Kansas City (urban): math 8% / reading 15% proficiency, ranked #169 of 169 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 150 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $875k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 9.2% vs local median 4.8% 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 163 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1979 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?