2449 S Wheatland Ct · Wichita, KS 67235

$189,900

3 bd · 2.0 ba · 1,312 sqft · MultiFamily · 61 Days on market

Built 2025 Good condition 8,276 sqft lot $65/mo HOA · 5% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Walk-in closet
• Open floorplan
• Privacy fence

Tags

• GODDARD SCHOOL DISTRICT
• OPEN FLOORPLAN
• LARGE PANTRY
• PRIVACY FENCE
• SPRINKLER SYSTEM
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Association with monthly fee of $780; One-time HOA initiation fee of $125; HOA covers lawn service and general upkeep of common areas

Exterior

• Parking: 2-car garage
• Utilities: Public water; Sewer available; Natural gas available
• Home design: Duplex; One story; Slab foundation; Composition roof
• Construction: Slab foundation; Composition roof
• Exterior features: Patio; Wood fencing

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central electric air conditioning
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator; Range; No basement
• Laundry & utility: Main floor laundry; 220V outlet/equipment available

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime F, commute F.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Amelia Earhart Elementary School (math 52% / reading 52%, grade C-, #131 of 684 statewide, top 23%, 491 students, 26% FRL); Goddard Middle School (math 26% / reading 32%, grade F, #85 of 219 statewide, top 40%, 493 students, 30% FRL); Goddard High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 948 students, 31% FRL).
• Market conditions: 217 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.

Recommended offer $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• GRM: 5.6

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: 11.0%
• Equity multiple: 1.44×
• Total profit: $23,224
• Equity at exit: $28,315

10-year hold

• IRR: 20.1%
• Equity multiple: 2.69×
• Total profit: $89,980
• Equity at exit: $16,419

Cash invested: $53,172 (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 67235

• Home prices YoY: -16.1%
• Active inventory: 217
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,815 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$65
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $846

Break-even live

Break-even rent $1,743

Max offer price $189,900

Occupancy floor 65%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,814
Total (2 units)			$2,815

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12820 W Wheatland Ct Wichita, KS	3.0	2.0	1186	$1,500	$1.26	23d	1	0.73mi
12874 W Wheatland Ct Wichita, KS	3.0	2.0	1200	$1,595	$1.33	23d	1	0.81mi
12868 W Wheatland Ct Wichita, KS	3.0	2.0	1200	$1,595	$1.33	23d	1	0.81mi
1744 S Hickory Creek St Wichita, KS	3.0	2.0	1200	$1,595	$1.33	23d	1	0.84mi
1717 S Hickory Creek St Wichita, KS	4.0	2.0	1355	$1,595	$1.18	23d	1	0.84mi
1738 S Hickory Creek St Wichita, KS	3.0	2.0	1200	$1,595	$1.33	14d	1	0.85mi
11828 W Graber St Unit 100 Wichita, KS	3.0	2.0	1195	$1,595	$1.33	23d	1	1.32mi
12001 W US HWY Wichita, KS	3.0–4.0	2.0	1279	$1,500	$1.17	14d	1	1.38mi

HOA detail

• Monthly dues: $65 · $780/yr

Listing history 16 events

1. 2026-06-18
   days on market $189,900 Active 61 DOM
2. 2026-06-17
   days on market $189,900 Active 60 DOM
3. 2026-06-16
   days on market $189,900 Active 59 DOM
4. 2026-06-15
   days on market $189,900 Active 58 DOM
5. 2026-06-14
   days on market $189,900 Active 56 DOM
6. 2026-06-13
   days on market $189,900 Active 55 DOM
7. 2026-06-10
   days on market $189,900 Active 53 DOM
8. 2026-06-09
   days on market $189,900 Active 52 DOM
9. 2026-06-08
   days on market $189,900 Active 51 DOM
10. 2026-06-07
    days on market $189,900 Active 50 DOM
11. 2026-06-03
    days on market $189,900 Active 46 DOM
12. 2026-06-02
    days on market $189,900 Active 45 DOM
13. 2026-06-01
    days on market $189,900 Active 44 DOM
14. 2026-05-31
    days on market $189,900 Active 43 DOM
15. 2026-05-30
    days on market $189,900 Active 42 DOM
16. 2026-04-18
    listed $189,900 Active

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

Taxation est. · year 1

• Rental income: $33,780
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,702
• − Management: −$2,702
• − HOA: −$780
• − Depreciation: −$5,524
• Taxable income: $7,635
• Est. tax owed @ 24.0%: −$1,833
• After-tax cash flow: $8,325/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.

Condition & rehab AI · 6 photos

Good 80/100 None rehab

This home is in good condition with a modern kitchen and bathrooms. It has a good foundation and structure, and the exterior is well-maintained. The property has good curb appeal and is ready for minor updates to enhance its value.

Value-add opportunities

• Both Painting interior walls — Fresh paint can enhance the home's appearance and value.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Resale Kitchen appliances — Upgrading appliances can attract more buyers and increase resale value.
• Resale Bathroom fixtures — Modernizing bathrooms can attract more buyers and increase resale value.
• Both Flooring replacement — Replacing worn-out flooring can improve the home's appearance and increase both resale and rental value.
• Both HVAC system maintenance — A well-maintained HVAC system can improve comfort and energy efficiency, increasing both resale and rental value.
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting interior walls — Fresh paint can enhance the home's appearance and value. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Resale Kitchen appliances — Upgrading appliances can attract more buyers and increase resale value. ↑
• Resale Bathroom fixtures — Modernizing bathrooms can attract more buyers and increase resale value. ↑
• Both Flooring replacement — Replacing worn-out flooring can improve the home's appearance and increase both resale and rental value. ↑
• Both HVAC system maintenance — A well-maintained HVAC system can improve comfort and energy efficiency, increasing both resale and rental value. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita, KS
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 14,958
• Household income: $118,050
• Rent vs Own: 6.4% rent · 93.6% own
• Severe rent burden: 49.0

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 8% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, China
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.88%
• Current HPI: 212.876
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-18 Listed $189,900 SCKMLS as Distributed by MLS Grid