I think the dead giveaway is the rate and points. 5% is too low for anyone to lend now.

The reality is that with the super low inventory we have sellers don't have a reason to give you a 50% discount, so your numbers get squeezed and you will end up leaving cash in the deal.

Has given unrealistic low comps.

To add more weight to your case, dig deeper into local records.

Hey Lenny,Love to see that you also got the Real Estate bug so youngI recommend a BRRRR/house-hack for your first oneBuy a place that you can live in with a low downpayment, fix it up, and then you will have the option to 1) Refinance and live in it2) Refinance and rent it out3) Sell and do it over again4) Dont refinance and continue to live in it5) Dont refinance and rent it outYou will have a ton of flexibility and the safety of knowing you have a place to livePlease reach out via DM if you have any questions moving forward.

Your management fee is way too low, especially if you're doing everything for the owner.

I’ll still try to answer the question: Pros of Kansas City for buy and hold small multifamily rentals:  Hybrid market so you get some cash flow and some appreciation (con if you want only cash flow or only want appreciation) Inventory of 2, 4, and 5-50 MF buildings (not true of a lot of markets that only have SFH and very large complexes 100+ units)Relatively low property taxes, although check for the city and state you are in (e.g.

The amounts of square footage cover is so low the delta becomes a rounding error. 

I had a similar issue with one of my properties where the thermostat was near a door in a busy retail space, and the tenant was complaining the temperature was too low.

Is this location within their sphere of competency or ability to low cost manage?