Affordable relative to the rest of the US so great place to work remote or just enjoy a reasonable life without being hugely cost burdened Cons: A lot of older than 1980s construction (you 100% can be successful with these properties just have more to check during due diligence) Need to be mindful of market rents in the area and not overspend on renovations where there is not ROI to do so, you can’t usually exceed $2 sf on rental rates and average price per sf is 1.25-1.5 sf (neighborhood, unit type, and finish level specific).KC is not a boom and bust market, you don’t get the high highs or the low lows.

Our state is currently pushing the construction of ADUs, perhaps the easiest and cheapest way to add additional housing.

Depending on the construction, you have to do major upgrades on electric, plan for plumbing for apartments which may not be permitted in the area for the sewer or septic.

I have contractors / an awesome home inspector.

Basically the city sends their own inspector out who compiles a list of items that are required to be fixed usually within 3-6 months of taking ownership. 

But there is a lot of new construction and rehabs.  

Many people hire an inspector.

Unfortunately I had a bad inspector who missed a lot which made it about a $60K renovation instead of what I planned for which was $15K.

Hopefully as the rates and the housing market loosens so will some of these guidelines in the HML programs. from talking to hard money funds especially those who operate in more than 10 states, and 5 years of experience with underwriting teams, I'd actually disagree and say new construction is preferred to rehab due to experience level to enter the market. there's BP lenders that will do 15% LTC with 1-2 new build experience.

Extremely helpful and constructive post.