449 W 104th St Unit D

Kansas City, MO 64114

$95,000D

1 bd · 1.0 ba · 831 sqft · Built 1965 · Condo · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,081/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$122
• HOA: −$344
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-110/mo
• Annual: $-1,321/yr
• Cap rate: 4.90%
• Cash-on-cash: -4.97%
• DSCR: 0.78
• 1% rule: 1.14%
• Cash to close: $26,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $95k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $76k (20.5% below list).
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 51 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (20.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 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.
• Center 58 (urban): math 12% / reading 29% proficiency, ranked #301 of 324 in MO (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Red Bridge Elem. (math 37% / reading 47%, grade F, #481 of 1,115 statewide, top 46%, 237 students, 47% FRL); Center Middle (math 7% / reading 28%, grade F, #350 of 391 statewide, top 90%, 560 students, 66% FRL); Center Sr. High (math 5% / reading 37%, grade F, #468 of 521 statewide, top 90%, 742 students, 62% FRL) — zoned schools at 59% FRL track the district average.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising fast (+4.6%/yr); 179 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• Cap rate 4.9% vs local median 3.9% in Kansas City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent is only 16% of the median local income ($81k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 51 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?