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- #114: Richmond 9-Unit Cash Cow + Kansas City 18-Unit Portfolio
#114: Richmond 9-Unit Cash Cow + Kansas City 18-Unit Portfolio
This week's issue: Richmond 9-unit with seismic complete and 14.3% CoC upside, Kansas City 18-unit portfolio at $90K/door, Encinitas luxury flip with $670K equity, and Vegas 30-unit development pla
Kevin
September 08, 2025
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Richmond 9-Unit - STEADY CASH COW with VALUE-ADD UPSIDE
📍 Address: 146 19th St, Richmond, CA 94801
💰 Price: $1,595,000 ($177,222/unit)
🏢 Property: 9-Unit Apartment Building (5,966 SF)
🏦 Cap Rate: 6.17% Current | Potential: 9.7% | CoC: 14.3% Stabilized
Why This is a Great Investment:
Turnkey Richmond property with seismic retrofit COMPLETE and 50% renovated units! This cash-flowing asset offers immediate returns with clear value-add potential through remaining unit upgrades. The 2BR-heavy unit mix and gated parking make this highly rentable in Richmond's tight rental market. At $177K/unit with major capex done, this eliminates the biggest East Bay investment risk while providing both current income and upside.
Perfect for investors seeking immediate cash flow with de-risked value-add opportunity.
Current Performance 📝
Investment Metrics (25% Down) | |
|---|---|
Purchase Price | $1,595,000 |
Down Payment | $398,750 |
Purchase Costs | $47,850 |
Total Cash Required | $446,600 |
Current NOI | $129,331/year |
Current Cash Flow | $31,354/year |
Current Cash-on-Cash | 7.9% |
Value-Add Strategy 🚀
Renovation Opportunity | Details |
|---|---|
Units Needing Updates | 4-5 units |
Renovation Cost | $15,000/unit |
Total Budget | $60,000 |
Rent Increase | $375-475/unit |
Annual Income Increase | $22,500-28,500 |
Post-Renovation Performance | |
|---|---|
New Gross Income | $258,000/year |
New NOI | $154,800/year |
New Cash Flow | $56,904/year |
Stabilized Cash-on-Cash | 14.3% |
Key Success Factors:
Seismic retrofit already COMPLETE ($150K+ value)
50% of units already renovated (proven rents)
Gated parking (major amenity in Richmond)
1.5 miles to BART (strong rental demand)
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Kansas City Northeast - MASSIVE 18-UNIT VALUE PLAY
📍 Address: 3113-3123 Thompson Ave, Kansas City, MO 64124
💰 Price: $1,625,000 ($90,278/unit)
🏢 Property: 18 Units across 3 Buildings (All 2BR/1BA)
🏦 Cap Rate: 7.8% Current | Potential: 10.5% | CoC: 18.4% Stabilized
Why This is a Great Investment:
Three contiguous buildings with one COMPLETELY REBUILT and delivered vacant! At $90K/unit in a market where new construction costs $150K+, this portfolio offers instant equity with clear lease-up opportunity. Major systems updated across all buildings make this a low-maintenance cash cow. The vacant building is essentially new construction at 60% of replacement cost.
Ideal for investors seeking immediate scale with built-in value and lease-up opportunity.
Current Performance 📝
Investment Metrics (25% Down) | |
|---|---|
Purchase Price | $1,625,000 |
Down Payment | $406,250 |
Purchase Costs | $48,750 |
Total Cash Required | $455,000 |
Current Income (12 units) | $146,880/year |
Operating Expenses | $75,000/year |
Current Cash Flow | -$21,936/year |
Current Status | Lease-up Phase |
Lease-Up Strategy 🚀
Vacant Building Opportunity | Impact |
|---|---|
6 Fully Renovated Units | Ready for immediate lease |
Market Rent | $1,140-1,200/unit |
Monthly Income Add | $6,840-7,200 |
Annual Income Add | $82,080-86,400 |
Stabilized Performance (18 Units) | |
|---|---|
Total Gross Income | $249,840/year |
Operating Expenses | $75,000/year |
NOI | $174,840/year |
Monthly Cash Flow | $6,237 |
Cash-on-Cash Return | 18.4% |
Value-Add Opportunities:
Lease vacant building (immediate $7K/month)
Upgrade occupied units ($3K/unit for $120-180 rent bumps)
Add laundry facilities (+$3,600/year)
Implement RUBS (+$10,800/year)
Encinitas Village Park - PANORAMIC VIEW FLIP with $670K EQUITY
📍 Address: 201 Meadow Vista Way, Encinitas, CA 92024
💰 Price: $1,699,000
🏠 Property: 5BR/3BA, 2,433 SF with STUNNING VIEWS
🏦 ARV: $2,370,000 | Profit: $157,383 | ROI: 78.5%
Why This is a Great Investment:
Hilltop cul-de-sac location with breathtaking panoramic views needs cosmetic renovation only! This Village Park gem offers the best floor plan with downstairs bedroom/bath, vaulted ceilings, and those million-dollar views. At $698/SF in a market selling at $1,000/SF for renovated homes, the upside is massive. The dated interior is your opportunity to create luxury in Encinitas' hottest neighborhood.
Perfect for experienced flippers seeking premium profit margins with view premiums.
Flip Analysis (10% Down Hard Money) 📝
Investment Metrics | |
|---|---|
Purchase Price | $1,699,000 |
Down Payment (10%) | $169,900 |
Loan Points/Fees | $30,582 |
Cash to Close | $200,482 |
Renovation Budget | $198,000 |
Total Cash Required | $200,482 |
Profit Projections 🚀
7-Month Flip Timeline | |
|---|---|
ARV (Conservative) | $2,370,000 |
Total Project Cost | $2,212,617 |
Selling Costs (6%) | $142,200 |
Holding Costs | $113,845 |
Net Profit | $157,383 |
Cash-on-Cash ROI | 78.5% |
Annualized ROI | 134.6% |
Renovation Scope 🏗️
Category | Budget | Key Focus |
|---|---|---|
Kitchen Remodel | $45,000 | Open concept, high-end finishes |
Master Bath | $22,000 | Luxury spa-style renovation |
Additional Baths | $24,000 | Designer finishes throughout |
Flooring | $20,000 | Hardwood/luxury vinyl |
Exterior/Landscape | $35,000 | Curb appeal, drought-tolerant |
Contingency (10%) | $18,000 | Risk mitigation |
Key Value Drivers:
Panoramic views (15-20% premium)
Village Park location (top schools)
Cul-de-sac setting (5-7% premium)
Cosmetic renovation only (reduced risk)
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