Long Vacancy in Raytown, MO

[Rob Bianco]

About a year ago I picked up a fourplex about half a mile down the road from Robinson Elementary School in Raytown, MO. All units are 2 bed / 1 bath at 850 sqft. I've had a tough time filling a vacancy since September 1st after I had renovated the unit; I pulled up the carpet to put down vinyl flooring, re-painted, and added stainless steel appliances. 

When I took ownership the unit was already vacant and the other tenants had rents at roughly $650-$700. I raised rent across the board for all the units to $750/month. One tenant didn't like that so he moved out in July but I was able to find someone to move into his unit by August 1st (without renovating anything). 

However, for the existing vacancy my property manager said we could get $850/month especially after I renovated the unit. After a couple months of no bites we just brought it back down to $750/month just to get someone in there but I'm still having no luck. I'm beginning to think this unit is cursed... Not to mention at one showing apparently someone pooped on the bathroom floor....?!?...

The property manager has had some feedback that people thought $750 was too high or they didn't like the area, which I find odd since the area is pretty decent and $750 seems appropriate. I wonder if maybe I'll have better luck once Spring arrives. 

With that said, those who have been interested have had a terrible history with evictions and credit score. Does anyone have any advice? 

[Tammy Dobson]

I am very familiar with that property - lived there since young child/worked/currently own properties in area. The $750 rent is not unreasonable, but tenants can also rent 2/1 house for that with yard and basement. Did you buy the building farthest North at bottom of hill. If so, I have also noticed quite a bit of activity in the parking lot of that building. I even wondered if one of tenants running car repair or some other business from there. That could deter prospective tenants if still going on. I’m investor/agent and happy to discuss that market and offer my two cents worth.