931 Arrow Head St

Clearwater, KS 67026

$159,900B-

3 bd · 2.0 ba · 1,231 sqft · Built 2023 · MultiFamily · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,325/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$21
• Vac / Maint / Mgmt: −$698
• Net cashflow: $1,501/mo
• Annual: $18,009/yr
• Cap rate: 17.56%
• Cash-on-cash: 40.22%
• DSCR: 2.79
• 1% rule: 2.08%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $160k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 164 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#87 in KS, #4,879 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Clearwater (rural): math 33% / reading 39% proficiency, ranked #42 of 169 in KS (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clearwater Elementary West (math 52% / reading 37%, grade F, #228 of 684 statewide, top 38%, 327 students, 39% FRL); Clearwater Intermediate - Middle School (math 33% / reading 43%, grade F, #33 of 219 statewide, top 15%, 412 students, 37% FRL); Clearwater High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 368 students, 29% FRL).
• Market conditions: 61 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask is 12247% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.