Kerry Dunn NextHome Excel
Counties: Sedgwick, Butler, Harvey, Sumner
Cities and Towns: Wichita, Bel Aire, Kechi, Park City, Andover, Derby, Haysville, Maize
Licensed Since: 2007 | KS License # BR00228779
About Kerry Dunn
My start in real estate came as a real estate investor almost 30 years ago, where I purchased, rehabbed and leased single family homes. Those years of experience in investing contribute greatly to my ability to assist my investor clients as they look to build their rental portfolios or seek out rehab and resell properties. Working with investor clients as a buying agent and/or selling agent, I have built a large database of investor clients, some looking to retire and sell off multiple property packages. In our current low inventory market, being able to find properties that are not actually listed on the market, has enabled me to put together win-win deals within my sphere of clients. Having managed my own rentals, along with some of my clients' properties, I am very resourceful when it comes to handling make readies for out of town investors. I have in the past managed full remodels for clients looking to rent or resell.
Wichita is the largest city in Kansas and is a wonderful mid-sized city. Dubbed the air capital of the world, it is home to several aircraft manufacturers, such as Textron, Learjet, Bombardier, Spirit and Boeing. Koch Industries and Cargill also have major locations in the city. Park City, a suburb of Wichita, was recently named as a new hub for Amazon. Wichita is home to McConnell Air Force Base and Wichita State University. All together, these entities create a great need for good, affordable housing. The real estate market is very stable when compared to many of the coastal markets. Although we have experienced more drastic appreciation in the last couple of years, due to record low inventory, appreciation is usually more of a slow but steady climb. A buy and hold investor would mostly look to cash flow as a driving factor in their investment analysis. Many residents who are capable of purchasing a home in Wichita, still prefer to rent, creating great opportunity for investors with quality rentals.
Investment Price Points
Investments in lower income areas may range from $30,000 to $50,000 full investment. This would be a typical 2-3 bedroom property, averaging $550-$700 per month in non-subsidized rent (Section 8 could be slightly higher). Mid level single family investments would range $60,000 to $90,000 with expected rents to fall between $750 to $1000. Upper level investments might range $150,000 to $250,000. In single family form this would be a 3-4 bedroom home with 2-3 baths and a two car garage priced $140,000 to $165,000 renting for $1250-$1750. A duplex, with 3 bed, 2 baths per side would fall in this category, priced between $200,000 to $250,000; renting $1,300-$2,000 per side. These are just a few scenarios I would be more than happy to elaborate on.
Free Report: Demographic and Housing Data on the Wichita Market
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