1220 SE 41st Ter #932 · Topeka, KS 66609

$20,600

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 79 Days on market

Built 2026

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a swimming pool, a basketball court, and a clubhouse, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Swimming pool
• Basketball court

Tags

• SWIMMING POOL
• BASKETBALL COURT
• CLUBHOUSE

Property features AI

Finance

• Financial info: List price $20,100

Exterior

• Utilities: Natural gas; Central air
• Home design: Condominium unit at 1220 SE 41st Ter #932, Topeka, KS; Spec-built plan
• Exterior features: Living area approximately 1216

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms (full)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Active listing (spec plan 91398)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $21k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $21k).
• Recommended offer: $19k (6.0% below list) — sets the bar for market timing.
• Cap rate 44.7% vs local median 4.3% in Topeka — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, crime F.
• Shawnee Heights (rural): math 27% / reading 30% proficiency, ranked #90 of 169 in KS (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 39 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $142 of loan paydown is wiped out by about $618 of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($19k) is reasonable based on typical stale-listing flexibility.

Recommended offer $19,364 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 4.92% ✓
• Cap rate: 44.65%
• Cash-on-cash: 137.00%
• DSCR: 7.10
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.70×
• Total profit: $38,617
• Equity at exit: $3,072

10-year hold

• IRR: —
• Equity multiple: 16.20×
• Total profit: $87,693
• Equity at exit: $1,781

Cash invested: $5,768 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 66609

• Home prices YoY: -14.6%
• Active inventory: 39
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,014 high
• Mortgage (P&I): −$108
• Tax est. 1.5%: −$26 /mo · $309/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $658

Break-even live

Break-even rent $180

Max offer price $20,600

Occupancy floor 30%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $5,150
• Closing costs: $618
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3729 SE Fremont St Topeka, KS	3.0	1.5	1392	$1,095	$0.79	21d	1	0.89mi
3317 SE Bryant St Topeka, KS	3.0	1.0	1000	$1,050	$1.05	21d	1	1.11mi
3365 SE Girard St Topeka, KS	2.0	1.0	1023	$950	$0.93	21d	1	1.19mi
3831 SW South Park Ave Unit D21 Topeka, KS	3.0	2.0	1280	$1,050	$0.82	21d	1	1.19mi
3831 SW South Park Ave Unit 34 Topeka, KS	2.0	2.0	840	$950	$1.13	21d	1	1.20mi
3024 SE Swygart St Apt F Topeka, KS	2.0	1.0	800	$895	$1.12	21d	1	1.46mi

Listing history 5 events

1. 2026-06-03
   days on market $20,600 Active 79 DOM
2. 2026-06-02
   days on market $20,600 Active 78 DOM
3. 2026-06-01
   pricedays on market $20,600 Active 77 DOM
4. 2026-05-31
   days on market $20,100 Active 76 DOM
5. 2026-05-30
   days on market $20,100 Active 75 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,165
• − Mortgage interest: −$1,154
• − Property taxes: −$309
• − Insurance: −$103
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$599
• Taxable income: $8,053
• Est. tax owed @ 24.0%: −$1,933
• After-tax cash flow: $5,969/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Shawnee Heights
• NCES district ID: 2012180
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $71,771
• Composite: 27.04/100
• National rank: #7053
• State rank: #90 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

Amenities A- Commute F Cost of living A+ Crime F Employment C- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• City population: 118,130
• Population (ZIP): 7,912

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Two or more races 11% Black 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 5% Iranian 2% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 83% English-only · Spanish 13% Russian/Polish/Slavic 2% Tagalog/Filipino 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.27%
• Current HPI: 223.4808
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0