Kansas City Multifamily

[Carrie Hallensleben]

I learned a lesson today and figured I'd share it. What looks good on paper and in photos isn't always the truth. We've been considering buying a triplex in midtown Kansas City an area which I know very well. We found a beautiful 120 year old mansion that had been converted into three units. The photos and description highlight all the character of a home of that age, beautiful hardwood floors, huge crown molding, several original fireplaces, ballroom converted into a huge well lit studio apartment. 

So I drove by to see how this particular block looked and the yards and neighbors. I noticed many 20 somethings out walking dogs, lots of flowers, etc. There were many other apartments nearby but that wasn't unexpected. It was right down the street from where my best friend used to live when she was renting in the late 90's. Very close to the "hip" areas of the city. So we set up an appointment to go look at it. Did I mention  it was fully occupied and recently renovated? Of course that should be a plus, right? Turnkey?

So we arrive at 10:30 to the place and after knocking and entering the 1st apartment we find a couple still in bed, (after a long night of partying??) they weren't too happy we woke them even though they had notice we were coming. While it was clear with every turn in this 3500 square foot house, the grandeur and what a special place it once was, it was also obvious that it was not being well cared for (it was a pig sty with dirty dishes, clothes, beer cans everywhere) plus there were so many places with wood rot, shoddy work done, codes violations galore, asbestos tape around the pipes, gaping holes in the sofits etc. etc. etc.  

It brought me back to the time when I was a renter and lived in midtown. We liked to have fun at nearby Westport and invite friends over. We certainly weren't the best on keeping up on laundry or getting the recycling out. We let the grass grow longer than we should have and left too many dishes on the counters before we got around to washing them. There wasn't pride in ownership because we didn't own nor did we have kids which, for us, brought a need to keep on top of the laundry, dishes, yard, a whole different lifestyle of course.   

I also was brought back to being an owner of a 100 year old home. Our first house wasn't too far from this property. It was a beauty and we LOVED it. However, it was freezing cold due to the lack of insulation, had knob and tube wiring, pipes that got clogged, and so on. While we put a lot of love, hard work, and money into that home, I don't know that I would want to be in the situation again of not knowing what we would find behind the walls. 

I'm posting this because I did have warnings about investing in multis in the city but figured I knew my way around (which I still do feel) however, the warnings weren't for naught. So many people are interested in this area on BP and I see some that are being offered that not only are older homes but also are located in worse areas. So I'm also urging due diligence and caution when looking at photos and numbers on paper. Come and visit the area and look at some of the places you are considering. I'm glad I did!

[Connie Covert]

It's also about working with the right Realtor! Carrie, you're both good people. I want to see you lead in the right direction. Times and neighborhoods change, some not for the better. If you want MF, try more towards the W Plaza/Westport area. OR the Brookside area. Your criteria is a little more "detailed" in one respect than some others. I'm here to help!

Thank you so much for the recommendation as well!