1316 Admiral Blvd

Kansas City, MO 64106

$647,000B-

None bd · 81.0 ba · 3,792 sqft · Built 1920 · MultiFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,794/mo
• Mortgage (P&I): −$3,393
• Tax + insurance: −$435
• HOA: −$0
• Vac / Maint / Mgmt: −$2,897
• Net cashflow: $7,070/mo
• Annual: $84,836/yr
• Cap rate: 19.41%
• Cash-on-cash: 46.83%
• DSCR: 3.08
• 1% rule: 2.13%
• Cash to close: $181,160

Investor read

• This is a 9 × 1-bed/1-bath units multifamily listed at $647k.
• At list price, monthly cash flow is $7k ($85k/yr) — positive. Per door: $786/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $647k).
• It's been on market 42 days — a 3% lower offer ($628k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $628k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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: Whittier Elementary (math 11% / reading 17%, grade F, #1,002 of 1,115 statewide, top 90%, 351 students, 99% FRL); Northeast Middle School (math 4% / reading 9%, grade F, #384 of 391 statewide, top 98%, 555 students, 100% FRL); Northeast High (math 2% / reading 22%, grade F, #497 of 521 statewide, top 96%, 657 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.2%/yr); 56 active listings in the ZIP; 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 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 + 7.2% rent growth), your $181k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.4% 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.
• At $13,794/mo this rent would consume 315% of the median local household income ($53k/yr) (locally 973% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.