The MAREI Case Study House for the June 2025 Meeting

👀 Can YOU turn this ugly house into a profitable deal?
Here’s your chance to see all the raw photos — no filters, no polish — and run your own numbers before our June 10th MAREI Meeting in Kansas City!

💡 We’re putting a real property on the hot seat, and letting three local investors share exactly how they would tackle it:

✔️ Brian Winberry – Buy & Hold / Creative Finance
✔️ Erica & Alex Peterson – Rehab & Flip
✔️ LeAnn Hiatt – PadSplit Rental Conversion

🎯 Before you hear their strategies, YOU get to analyze the deal.

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The Deal - 6304 N Wayne

This is a house that Donald Tucker bought at the end of 2021. Then rehabbed and sold it in 2022. If you want to cheat and see what he did, look it up on Realtor.com.

The seller who was blind, was moving out of town to be closer to his family. He knew everything in the house was original and that it needed a ton of work. He felt that no agent would list it or want to show it in the condition it was in. He just wanted to pack his stuff and go. He called several people who buy houses and ask them all to come look and make a written offer that he could have his attorney review.

They selected our offer.

Initial Desk Top Underwriting

After the intial call, or quite possibly while we were on that initial call we did a bit of desk top underwriting.

We looked it up on Google Maps to see an over all map of the area and we found that Google said it was in Kansas City.
Then we looked at the Google Street View to look at the neighborhood.
Next we looked it up on Zillow it said it was a 3 bedroom 1 bathroom house in Gladstone built in 1963.
And while we never believe the Zillow, we saw the Zestimate, the Estimated Sales Range and the Rent Zestimate – which today is
- Zestimate $289,500
- Sales Range $275,000-$304,000
- Rent Zestimate of $1,484
Next, we looked at MLS to see a rough range of prices and it was in a similar ball park to Zillow, In Today’s Values
- 1 Active Listing at $230k
- 10 Pending Listings between $145 and $290
- 6 Sold in the last 180 days between $200 and $275
The spread between what we thought ARV was, our guess at what repairs would be since he said the house was all original and in need of extensive repairs and what he was asking was in the ball park so we went to look at the house.

The Initial Walk Trough

These are the photos our boots on the ground took at that time. Edit to fit the slides –

TIP: Your phone will turn sideways so you can take wide-angle shots of the room to see the whole picture, instead of narrow landscape photos – save those for long hallways.

Not a lot of photos of the light fixtures that are not original but for the most part they all needed work. And there is no photo of the Electric Box – the Meter and the Box had been replaced recently and were new.

Watch the video or download the slides and make your notes on what you think need fixed:

Slides with no pointers or tips

If you want to learn how to tell what is and is not a deal – go through the photos with no pointers or tips and make your own notes as to what needs repaired, replaced, updated, or remodeled.

The Sales Comparables

Then we took a long hard look at MLS to see what the comps looked liked – you can see the current comparable properties by clicking here. Note these are all the houses active, pending, contingent or sold in the last 180 days of similar size and style. Because there were so many comparables we eliminated all the houses that were not side to side splits or tri levels. This brought us down from 17 houses to 8 houses.

Here are our rough notes on these 8 houses

Active Listing: 6404 North Wayne, Kansas City, Missouri

Active Listing asking $230,00
1 Day on the Market
4 Bedrooms, 2 Baths
Similar Size and Style
All Rehabbed, although the photos look like AI did it
Has the look and feel of a nice rental property with black appliances and Formica countertops. Lots of carpet and LVP flooring.

Pending Listing 2404 NE 63rd Place, Gladstone, MO

Pending Listing at $235,000
2 Days on the Market
3 Bedroom, 1 1/2 Bath
Mostly 1980s & 90s Updates with really weird colors on the walls
Average Home Owner House
Nice Covered Deck Addition on the End of the House (which subject does not have)

Pending Listing 2002 NE 64th St, Gladstone, MO

Pending Listing at $250,000
1 Day on the Market
3 Bedroom 1 Bathroom
Updated Recently but still Home Owner House, Nicely Staged
Patio off the Dining Room (which subject does not have)

Pending Listing 6202 N Euclid Ave, Kansas City, Missouri

Pending at $285,000
2 Days on the Market
4 Bedroom, 1 1/2 bath
All Updated – HGTV Style and Staged.
Took out the Wall between Kitchen & Living room so wide open main level
Patio off Dining Room (which subject does not have)

Pending Listing 2003 NE 62nd Street, Gladstone, Missouri

Pending at $290,000
2 Days on the Market
3 Bedroom 2 Bath
Recently Updated but Still a Home Owner House
Fabulous Patio off the Dining Room

Sold Listing 6401 N Highland, Kansas City, Missouri

Sold in 35 Days for $200,500 in May 2025
Sold $500 Over List Price
Conventional Buyer with $7,500 in Concessions
Sold As Is – Needs Paint Inside and Out and New Flooring and you Could Rent this easily.
Kitchen and Baths are 1980s Oak, Bedrooms 1950s and the basement is a 1950s Saking Rink
Bonus – 2 Car Garage.

Sold Listing 6308 N Woodland, Gladstone, Missouri

Sold in 2 Days for $238,000 in April 2025
Sold $38,000 Over List Price
FHA Buyer with $3,000 in Concessions
Just an Average Home Owner House with a Deck of the Dining Room
Still Has the Same Weird Penisula between Kitchen and Dining.

Sold Listing 2103 NE 64th St, Gladstone, Missouri

Sold in 9 Days for $275,000 in March of 2025
Sold $16,000 Over List Price
Conventional Buyer with $5,000 in Concessions ($2,200 of Which were Electric Panel)
Average Home Owner House with New Carpet – Very Rental Look and Feel with 1880s Oak Cabinets, Formica, LVP and Lots of Carpet
Nice Patio off the Lower Level Den Area
Same Layout as our Subject House

What is the ARV?

What do you think the ARV Might Be

If you were to Rehab it to Rent It Out

If you were to Rehab it to Flip It with out Removing the Wall or Adding a Doorway Outside off the Dining Room

If you were to Rehab it to Flip doing more Things that Require Plans and Permits (removing walls and adding doorways and decks / patios)

If you were to Airbnb it or Pad Split It?

And where the heck is the house – Gladstone or Kansas City Missouri – how do you figure that out?

What Sould We Do on the Renovations?

There are lots of options on the rennovations depending on what you end use might be.

Some givens that we do know:

The Kitchen does Need Gutted and all New Everything
Do we add a doorway off the Dining Room and Build a Deck or Patio Off (are their windows below)
Do we remove the wall between the Kitchen and Dining (what would that entail or cost)
The Main Bath is Functional and If We Look at Comps – most just redid the existing Foot print.
The Lower Level Bath Needs to Have a Shower, and Be Totally Redone, but Needs Water for Shower
There are Hardwoods Through Out the Main Level and Upstairs Level Except in Kitchens and Baths
What do we do with the 2 Basement Level Rooms by the Utility that have the water damaged walls
Could We Build a Nice Big Bedroom and 3rd Bath in those 2 Rooms – what would that cost or Entail
What about the Condensor Unit, Furnace, Hot Water Heater – do we keep or replace
Do we work on those Windows or Replace them.
Vinyl Siding – Looks Bad what do we do.
There Garage Door is there but OLD and there is no Garage Door Opener

Let's Look up Some Rental Comparables

First We Look Up Propertys for Rent on Zillow:

1103 Ne Cowden Dr, Gladstone, 4 Bed, 2 Bath, Ranch with a Garage in the Basement (its wierd)- Your basic rental quality, beige and white house. 1400 Sq Ft for $2,105
1706 NE 67th Tr, Kansas City – 3 Bed, 2 Bath, 2 Car Garage Ranch with Double Driveway. Newly Rehabbed, Granite and Stainless, Hardwoods. $2,100 a month
1710 NE 67th Tr, Kansas City, MO, 3 Bed, 2 Bath 1,620 sq ft. Was Updated at Some Point, Formica, LVP, White Appliances. $1,850 a month.
6501 N Indiana Ave,Kansas City, MO 4 Bed, 2 Bath, 2,010 Sq Ft Very Similar House, Updaed, Hardwoods, But Older Kitchen. $2,205 a Month.

Next Up a FREE Version of RentoMeter.com

We used the Gladstone Version of the Address and 3 Bedrooms and 1 1/2 Bath Houses to get

Average $1,815
Median $1,800
25th Percentile $1,664
75th Percentile $1,967

Then we did the same search except as a 4 Bedroom House to get

Average $2,371
Median $2,215
25th Percentile $2,120
75th Percentile $2,623

So it looks like $2,100 to $2,200 would be easy math, and if we did it right we might get a bit more, but not much.

Then We Took at Look at Airdna for Short Term Rental Data

AIRDNA is the website that you can use to explore income potential for Short Term Rentals.

As a 3 Bedroom 2 Bathroom Property that can host 6 Guest it projected with very low confidence that occupancy would be around 68%, our revenue per year would be $33,000, and after Operating Expenses of $16,900 a year we would net $16,000 (before any mortgage payments)

As a 4-bedroom 2-bathroom property that could host 8 guests our occupancy went down to 65%, our revenue dropped to $32,800 and our expenses went down slightly. But our NOI went up to $16,800.