@Michelle Park Senyard I'm always changing my opinions on this but here are my thoughts based on my own personal experience in KC...sure some people will disagree lol
Single Family homes-THE BEST. Best in terms of appreciation and ease of mngt & my favorite group of the groups you mentioned.
2/1 (or smaller single family homes) with cheaper rents/price points in lower end areas but still decent and safe such as section 8 they do great if you find the right tenants ..a single retired person or someone who has a disability and good character but just can't afford a better part of town. Many from this tenant class has been crapped on my slumlords and if you treat them with respect and dignity they will stay with you for a long time.
2/1 (or smaller single family homes) in upscale nicer neighborhoods & higher price/rent price points hasn't worked great for me. Sure you get good tenants in a heartbeat ...usually a young couple but they never stay for a really long time because they are usually looking to buy something of their own cause they can afford it or they outgrow the space and want something bigger- high turnover and hard to make a cashflow. (could still work as a furnished monthly (30 day +) rental depending on saturation with that product on the market)
3/2 single family seems to work best as far as getting tenant retention & good appreciation. Tenants usually pack the place with their belongings and it becomes more of a pain for them to move so they stay. Also this size house is comfortable for most people and the tenants stay satisfied & you get more families or couples.
4/2 or larger houses you usually get room mates situation and not families renting. I've had good luck with them and liked my roommate tenants but these houses are larger and cost more to turn and clean when the tenants moved out. I do like this class but high turnover cost should be factored in when considering. Usually room mates stay anywhere from 2-6 years. These houses are good for appreciation & resale or flips as well. Everyone loves a big house with plenty of space when they go to buy their dream home.
Multis- not a big fan of this class. Have had a few of them. High turnover and if you get one bad tenant it can ruin it for everyone in the whole property such as one tenant that lets their dog poop in the yard that doesn't clean up or brings in bed bugs that spread to other apartments or is just a bad character tenant where others don't feel safe etc. Higher expenses in some ways for upkeep such as pest control and lawn care etc. I would consider if it's the right price and a smoking deal with a preference being for 4 units or under such as a duplex.
High End Condos (or any condos in KC) Avoid!!! I'm originally from NYC where people more or less knew how to run condos. But here in KC many of the condos are complete disasters and found them to be just completely inept at running HOAs. They love sticking owners with huge assessments and somehow think that's OK out here and by assessments I've seen them as high as 175K a property and seen many that had them for 10K+. My last building had a 25k per apartment assessment (for a one bedroom)...we sold it and 2 years later they stuck the new owner with a 15K assessment for some unnecessary repairs. And the appreciation not as good as a house.
Also there are some GORGEOUS new condos coming on the market here like sick amazing beautiful condos and more getting built every day (along the street car route). Do you really want to be competing for renters against a building like this ?? with prices as low as $1350/month!!??? I think houses have a niche and can compete with these newer properties cause some people just really prefer a house or have pets etc so (just my opinion) I would go with houses or 4 or under multifamily:)
