MULTIFAMILY - 4 UNITS
2105 Webster St, North Las Vegas, NV
Condition
Fully Renovated
SCORE: 9/10
✅ STRONG BUY - LOW CAPITAL
Year 1 Performance
🔥 LOWEST CAPITAL REQUIREMENT: Only $165,210 cash needed - this is the most accessible multifamily investment with exceptional 12% CoC returns!
Income & Expense Analysis
📈 Income
- Gross Rent Income$76,800/year
- Average Rent/Unit$1,600/month
- Vacancy (5%)-$3,840
- Operating Income$72,960
💰 Expenses
- Property Taxes$1,544
- Insurance$1,960
- Maintenance (5%)$3,840
- CapEx (5%)$3,840
- Total Expenses$11,184
- NOI$61,776
Why Expenses Are So Low: Fully renovated with new flooring, bathrooms, and main line. No HOA saves additional money. 15.3% expense ratio is exceptional for 4-unit property.
Financing Details (75% LTV @ 7%)
- Purchase Price$660,839
- Down Payment (25%)$165,210
- Loan Amount$495,629
- Interest Rate7.0%
- Annual Debt Service$39,569
- Year 1 Cash Flow$22,207
5-Year Projection
| Year |
Gross Income |
NOI |
Cash Flow |
CoC Return |
| Year 1 |
$76,800 |
$61,776 |
$22,207 |
12.0% |
| Year 2 |
$79,104 |
$63,665 |
$24,096 |
13.0% |
| Year 3 |
$81,477 |
$65,610 |
$26,041 |
14.1% |
| Year 5 |
$86,439 |
$69,680 |
$30,111 |
16.3% |
| Year 10 |
$100,207 |
$80,990 |
$41,421 |
22.4% |
10-Year Wealth Creation
Cumulative Cash Flow
$314,305
Total Equity Year 10
$552,892
Property Rankings - Capital Efficiency
| Property |
Cash Needed |
Y1 Cash Flow |
Y1 CoC |
Location |
Score |
| NLV 4-Unit |
$165k 🏆 |
$22k |
12.0% |
C |
9/10 ✅ |
| Oakey 5-Unit |
$175k |
$32k |
18.5% 🏆 |
B+ |
9.5/10 ✅ |
| 39th St 6-Unit |
$185k |
$15k |
8.1% |
A+ |
9/10 ✅ |
| Vallejo 11 |
$462k |
$56k |
12.2% |
C+ |
9.5/10 ✅ |
Best For: First-time multifamily investors or those with limited capital. Lowest entry point ($165k) with strong 12% CoC returns. Perfect for testing the North Las Vegas market.
Why This Deal Works
✅ Strengths
Lowest Capital Requirement
Only $165k needed vs $462-700k for other deals
Strong 12% CoC Return
Grows to 22.4% by Year 10
Fully Renovated & Turnkey
New flooring, baths, main line - rent ready
Excellent Expense Ratio
Only 15.3% - more profit to owner
No HOA
Saves additional monthly expenses
9.3% Cap Rate
Strong fundamentals, honest numbers
⚠️ Considerations
North Las Vegas Location
C location vs A+ areas, slower appreciation
Market Rent Verification
Confirm $1,600/unit is sustainable
Vegas Market Exposure
Tourism-dependent economy
🏠 STRONG BUY - BEST LOW CAPITAL OPTION
Perfect for first multifamily purchase or limited capital investors. Only $165k cash needed with exceptional 12% CoC return. Fully renovated, turnkey, and strong 9.3% cap rate. Grows to 22.4% CoC by Year 10.
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🏆 CHAMPION - HIGHEST CoC RETURN
530 E Oakey Blvd, Las Vegas, NV
Configuration
Mixed Units
🏆
SCORE: 9.5/10 - HIGHEST RATED!
🏆 CHAMPION PERFORMANCE
18.5% Cash-on-Cash Return - This is the HIGHEST CoC return of ALL properties analyzed. Combined with only $175k capital requirement and 11.2% cap rate, this is the #1 ranked deal!
Year 1 Performance - EXCEPTIONAL
🔥 TRIPLE CHAMPION: Highest CoC (18.5%), Highest Cap Rate (11.2%), and Lowest Expense Ratio (18.4%) of all properties!
Unit Mix & Income
| Unit |
Configuration |
Monthly Rent |
Annual Income |
| Units 1-2 |
3bed/1bath (downstairs) |
$1,500 each |
$36,000 |
| Units 3-4 |
2bed/1bath (upstairs) |
$1,500 each |
$36,000 |
| Unit 5 |
Studio (side unit) |
$1,500 |
$18,000 |
| Total |
5 Units |
$7,500/month |
$90,000/year |
Average Rent: $1,500/unit - consistent across all units regardless of size, simplifying management.
Income & Expense Analysis
📈 Income
- Gross Rent Income$90,000/year
- Average Rent/Unit$1,500/month
- Vacancy (5%)-$4,500
- Operating Income$85,500
💰 Expenses
- Property Taxes$5,460
- Insurance$1,230
- Maintenance (5%)$4,500
- CapEx (5%)$4,500
- Total Expenses$15,690
- NOI$69,810
5-Year Projection
| Year |
Gross Income |
NOI |
Cash Flow |
CoC Return |
| Year 1 |
$90,000 |
$69,810 |
$32,387 |
18.5% 🏆 |
| Year 2 |
$92,700 |
$71,971 |
$34,548 |
19.7% |
| Year 3 |
$95,481 |
$74,198 |
$36,775 |
21.0% |
| Year 5 |
$101,296 |
$78,860 |
$41,437 |
23.7% |
| Year 10 |
$117,430 |
$91,821 |
$54,398 |
31.1% 🔥 |
10-Year Wealth Creation
Cumulative Cash Flow
$429,508
Total Equity Year 10
$574,715
🏆 Master Rankings - CoC Champion
| Property |
Cash |
Y1 CF |
Y1 CoC |
Cap |
Score |
| 🏆 Oakey 5-Unit |
$175k |
$32k |
18.5% 🏆 |
11.2% |
9.5/10 |
| Vallejo 11 |
$462k |
$56k |
12.2% |
9.25% |
9.5/10 |
| NLV 4-Unit |
$165k 🏆 |
$22k |
12.0% |
9.3% |
9/10 |
| Holmes 24 KC |
$700k |
$79k 🏆 |
11.3% |
9.0% |
9/10 |
| 39th St 6 KC |
$185k |
$15k |
8.1% |
8.2% |
9/10 |
Property Features
✅ Exceptional Features
🏆 Highest CoC (18.5%)
Best cash-on-cash of all properties analyzed
🏆 Highest Cap Rate (11.2%)
Exceptional fundamentals, honest numbers
🏆 Lowest Expense Ratio (18.4%)
More profit flows to owner
Gated & Secure Property
14 covered parking stalls, secure access
Downtown/Arts District
Growing Vegas neighborhood, strong demand
Low Capital ($175k)
Accessible investment with incredible returns
⚠️ Due Diligence
Verify 5th Unit Legality
Studio may need permit verification - critical
If Studio Not Legal
Revert to 4-unit: Still 10.6% CoC (excellent!)
Counter at $575k if 4-Unit
Budget for permitting costs if needed
Critical Action Items
VERIFY 5TH UNIT LEGALITY:
- Check City of Las Vegas permits✅ Critical
- Confirm studio is legal 5th unit✅ Essential
- Verify separate meter/entrance✅ Required
- Budget for permitting if needed$5-10k
If Studio NOT Legal: Offer $575k (4-unit pricing) - Still generates 11.6% CoC which is excellent. Either way, this deal works!
🏆 HIGHEST RECOMMENDATION - #1 DEAL!
18.5% Cash-on-Cash Return - This is the BEST performing property of all analyzed deals!
Only $175k cash needed, 11.2% cap rate, 18.4% expense ratio, gated/secure property in growing Arts District. Grows to 31.1% CoC by Year 10.
Action: Verify 5th unit legality immediately, then close ASAP at $625k. If studio illegal, counter at $575k.
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VALUE-ADD OPPORTUNITY
1017 W 39th St, Kansas City, MO
SCORE: 9/10
✅ STRONG BUY - VALUE-ADD
Year 1 Performance
Strong Immediate Returns: 8.1% CoC Day 1 with clear path to 15.6% through RUBS implementation and unit renovations. Prime Volker/Westport Midtown location!
Unit Mix
| Unit Type |
Count |
Avg Rent |
Condition |
| Studios |
2 |
$978/month |
Needs updating |
| 1bed/1bath |
2 |
$978/month |
Needs updating |
| 2bed/1bath |
2 |
$978/month |
Mix - some updated |
| Total |
6 Units |
$978 avg |
5 units need work |
Value-Add Strategy - Clear Path to $20k+ Income
Phase 1: RUBS Implementation (Immediate)
- Currently owner pays water/gas$0 cost
- Implement RUBS billingZero investment
- Add per unit/month$100-150
- Annual Additional Income$7,200-10,800
Phase 2: Unit Renovations (5 units)
- Cost per unit$8,000-12,000
- Kitchen/bath updatesModern finishes
- New flooring/appliancesRent-ready
- Rent increase per unit$150-200/month
- ROI15-25% annually
Phase 3: Central Air Conversion
- Remove window unitsInstall mini-splits
- Total Cost$30,000-40,000
- Rent increase$100/unit
- Payback Period5-7 years
Phase 4: In-Unit W/D (4 units)
- Cost per unit$1,200
- Rent increase$50-75/month
- ROI50-75% annually
Proforma with Value-Add (Year 2-3)
Renovation Upside
+$10,800
Total Income
$90,240/year
- New Cash Flow (Year 2-3)$28,767/year
- New CoC Return15.6%
5-Year Projection
| Year |
Gross Income |
NOI |
Cash Flow |
CoC Return |
| Year 1 |
$70,440 |
$54,330 |
$14,871 |
8.1% |
| Year 2 |
$72,553 |
$56,014 |
$16,555 |
9.0% |
| Year 3 |
$74,730 |
$57,753 |
$18,294 |
9.9% |
| Year 5 |
$79,281 |
$61,388 |
$21,929 |
11.9% |
| Year 10 |
$91,908 |
$71,497 |
$32,038 |
17.4% |
Location Analysis - Prime Midtown KC
✅ A+ Location Benefits
Volker/Westport Midtown
Prime Kansas City neighborhood
82 Walk Score
Highly walkable, restaurants, cafes, shops
Near Country Club Plaza
A+ retail and dining destination
Historic 1908 Building
Character and charm, brick construction
✅ Investment Strengths
Immediate 8.1% CoC
Strong Day 1 returns
Clear Value-Add Path
RUBS + renovations = +$20k income
100% Occupied
Stable, producing income immediately
Low Capital
Only $185k cash needed
🏠 STRONG BUY - BEST LOCATION + VALUE-ADD
Prime Midtown KC location (A+) with immediate 8.1% CoC growing to 15.6% through RUBS implementation and renovations. Only $185k capital needed, 100% occupied, and clear path to $20k+ additional income.
Perfect combination: Strong immediate returns + A+ location + significant upside potential.
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PATIENT INVESTOR - GROW INTO IT
3933 Warwick Blvd, Kansas City, MO
SCORE: 7.5/10
⚠️ CONDITIONAL - PATIENT CAPITAL
The Situation: Currently 21% below market rents ($924/unit vs $1,120 market). Year 1 generates only 2.3% CoC, BUT grows to 8.2% by Year 3 as rents reach market. Best for patient investors who value A+ location over immediate cash flow.
Current Rent Roll vs Market
| Unit |
Beds/Baths |
Current Rent |
Market Rent |
Gap |
Lease End |
| 1&2 |
3bed/2bath |
$1,300 |
$1,495 |
+$195 |
3/31/2026 |
| 3 |
1bed/1bath |
$700 |
$995 |
+$295 |
5/31/2026 |
| 4 |
1bed/1bath |
$870 |
$995 |
+$125 |
6/30/2026 |
| 5 |
1bed/1bath |
$825 |
$995 |
+$170 |
7/31/2026 |
| Total |
|
$3,695/mo |
$4,480/mo |
+$785/mo |
$9,420/year |
21.2% Rent Upside: All leases expire between March-July 2026, allowing organic rent increases to market rates within 18-24 months.
3-Year Performance Trajectory
| Year |
Avg Rent |
Annual Income |
NOI |
Cash Flow |
CoC |
| Year 1 |
$924 |
$44,340 |
$34,389 |
$2,959 |
2.3% |
| Year 2 |
$1,050 |
$50,400 |
$39,888 |
$8,458 |
6.4% |
| Year 3 |
$1,120 |
$53,760 |
$42,231 |
$10,801 |
8.2% |
Year 1 vs Proforma Performance
Year 1 CoC (Current Rents)
2.3%
Year 3 CoC (Market Rents)
8.2%
Location - HUGE Strength
✅ A+ Midtown Location
Steps from 39th St Streetcar
Excellent public transit access
Near Country Club Plaza
A+ retail, dining, entertainment
Walking to Main St Corridor
Restaurants, cafes, shops
1 Block from Westport
Entertainment district
Near Nelson-Atkins Museum
Cultural amenities
85+ Walk Score
Highly walkable neighborhood
✅ Investment Strengths
LOWEST Capital Requirement
Only $131k cash needed
$9,420/year Rent Upside
Clear path to market rents
100% Occupied
Stable tenant base
Low 18.4% Expense Ratio
Efficient operations
Organic Rent Increases
Leases expire 2026, no tenant turnover needed
Comparison to Immediate Cash Flow Deals
| Property |
Cash |
Y1 CF |
Y1 CoC |
Y3 CoC |
Location |
| Oakey 5 LV |
$175k |
$32k |
18.5% ✅✅ |
21% |
B+ |
| NLV 4-Unit |
$165k |
$22k |
12.0% ✅ |
14% |
C |
| 39th St 6 KC |
$185k |
$15k |
8.1% ✅ |
10% |
A+ |
| Warwick 4 KC |
$131k 🏆 |
$3k |
2.3% |
8.2% |
A+ |
Trade-off: Lowest cash requirement ($131k) and best location (A+), but slowest to profitability. Takes 2-3 years to hit stride.
Offer Strategy
| Offer Price |
Year 1 CoC |
Year 3 CoC |
Score |
Likelihood |
| $525,000 (asking) |
2.3% |
8.2% |
7.5/10 |
High |
| $500,000 |
4.1% |
10.1% |
8.5/10 |
Medium |
| $485,000 |
5.7% |
11.5% |
9/10 |
Low |
Recommended: Counter at $500,000 for better Year 1 returns (4.1% CoC) and excellent Year 3 performance (10.1% CoC).
Who Should Buy This
✅ Perfect For
Patient Investors
2-3 year time horizon acceptable
Location-Focused
Value A+ location over immediate CF
Limited Capital
Only $131k available to invest
Comfortable with Rent Increases
Willing to push rents to market over time
❌ Not For
Immediate Cash Flow Seekers
Only $247/month Year 1
Impatient Investors
Takes 2-3 years to hit good returns
Want 10%+ CoC Year 1
Buy Oakey (18.5%) or NLV (12%) instead
⚠️ BUY IF PATIENT - COUNTER AT $500K
At $525k: Score 7.5/10 - Low Year 1 returns (2.3%) but grows to solid 8.2% by Year 3 in A+ location.
At $500k: Score 8.5/10 - Better Year 1 (4.1%) and excellent Year 3 (10.1%) returns.
Best for: Investors with limited capital ($131k) who value A+ location and can wait 2-3 years for strong returns. If you need cash flow NOW, buy Oakey 5-Unit (18.5% CoC) or 39th St 6-Unit (8.1% CoC) instead.
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