Attn: Kansas City, MO Real Estate Agents - Help!

[Carly M.]

I'm looking for a real estate professional in the KC, MO area that knows the market. I need your advice. We have a duplex in the Waldo area. we bought it a few years ago, put $30k into it and added a bedroom (it's legit, egress windows with a ladder up). It has 3br 2.5 bath, 2 floors, partially finished basement on each side. rents are $1,000/ month and $1,200/ month. Fully leased for 1 year.

We're getting ready to sell it and the RE agent I talked to didn't know how to price it because there are no comps in the area. She said the last time a duplex sold in the area was ours. She talked to a colleague who said it's probably $200k. We bought it for $140k, put $30k into it. It's been assessed at $235k by Jackson County, Zillow (I know not a reliable source) says it's $258k. 

We're getting cold calls all the time asking to buy the place, from what I hear Waldo is up and coming. I know inventory is low.  But would a full remodel and add a room really only add $60k to the price?

Thank You! 

[Laura Williams]

@Carly M. I own several rental properties in Waldo & know the area well. Honestly your RE agent sounds like an idiot. No way it should only sell for 200k (unless it’s in really bad shape) when it’s gross monthly rents are $2200. At the very least even a 1% rule would put it at 220k ...which houses in Waldo are are selling below the 1% rule. Depending how nice it is & location I would price it between 250-275k. Small Waldo 2 bedroom houses completely renovated are selling for around 150k ....Fixer upper 2 bedrooms 100-120k.  Plus multi-families are quite popular at the moment with people wanting to house hack. It should sell quickly & top dollar. If you bought several years ago you’ve done well. Waldo has been on the upswing and the area is getting better and better