Margins on the market today are extremely tight.

U will never hit the numbers ever in renovations as there is no way to know the unknown.. just make sure there is plenty of margin above you all in price and cost of capital. 

Short-term rentals are great when cash flow is strong, but with profit margins shrinking, switching to a long-term rental could add some stability.

So I would rephrase the question as: what are the pros and cons of Kansas City for buy and hold small multifamily when my goal is cash flow or what are the pros and cons of Kansas City if my goal is fix and flip SFH with large margins on each project.

Once you are familiar properly evaluating a deal and identifying most of the potential obstacles, it becomes fairly straightforward and your profit margins go up considerably.

Further, the costs - depending on your margin as well as the time to learn it vs doing it yourself may not be worth it. 

You just have to have clear expectations and a healthy margin for error.

Additionally, I verified that the parcels are buildable and analyzed competitive market prices, which suggest high profit margins.

Also, consider the impact on your liquidity—ensure you won’t need that cash elsewhere during the project.Off-Market Deals: These can offer better margins.

It’s definitely a tricky market right now with rising costs and tighter margins.