5133 Woodland Dr

Shawnee, KS 66218

$600,000D-

6 bd · 6.0 ba · 3,020 sqft · Built 2001 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,713/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$804
• HOA: −$0
• Vac / Maint / Mgmt: −$990
• Net cashflow: $-227/mo
• Annual: $-2,726/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.62%
• DSCR: 0.93
• 1% rule: 0.79%
• Cash to close: $168,000

Investor read

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $600k.
• At list price, monthly cash flow is $-227 ($-3k/yr) — negative. Per door: $-114/mo.
• To cash-flow at today's rent, offer at most $560k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $471k (21.4% below list).
• It's been on market 26 days — a 2% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $471k (21.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#2 in KS, #276 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• De Soto (suburban): math 49% / reading 53% proficiency, ranked #3 of 169 in KS (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Clear Creek Elem (math 54% / reading 66%, grade B-, #69 of 684 statewide, top 10%, 537 students, 10% FRL); Mill Valley High School (math 41% / reading 40%, grade F, #19 of 327 statewide, top 6%, 1,355 students, 7% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: 44 active listings in the ZIP; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.8% vs local median 3.2% in Shawnee — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• 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.