12123 W Shadow Lakes St · Maize, KS 67205

$189,000

3 bd · 2.0 ba · 1,158 sqft · MultiFamily · 89 Days on market

Built 2022 Good condition 3,920 sqft lot $67/mo HOA · 4% of rent ↓ 43% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 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

• 3,920 sq ft lot
• 2 garage spots
• Built 2022

Property features AI

Finance

• HOA & community: Association present with $800 fee

Exterior

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

Interior

• Kitchen: Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central electric air conditioning
• Interior features: Dishwasher
• Laundry & utility: Main-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $189k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#139 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Maize (rural): math 36% / reading 45% proficiency, ranked #20 of 169 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Vermillion Elementary School (math 40% / reading 43%, grade F, #306 of 684 statewide, top 45%, 835 students, 25% FRL); Maize Middle School (math 25% / reading 37%, grade F, #62 of 219 statewide, top 28%, 734 students, 29% FRL); Maize Sr High (math 25% / reading 26%, grade F, #98 of 327 statewide, top 30%, 1,289 students, 26% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 211 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 30% of the median local income ($121k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 + 4.4% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 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?
6. 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.
7. 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.
8. 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: 1.61% ✓
• Cap rate: 12.84%
• Cash-on-cash: 23.37%
• DSCR: 2.04
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.36% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.74×
• Total profit: $39,335
• Equity at exit: $28,181

10-year hold

• IRR: 27.5%
• Equity multiple: 3.59×
• Total profit: $136,952
• Equity at exit: $16,341

Cash invested: $52,920 (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 67205

• Home prices YoY: -18.9%
• Rents YoY: 4.4%
• Active inventory: 211
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $3,043 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$67
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $1,031

Break-even live

Break-even rent $1,738

Max offer price $189,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,161	-5% $1,096	+0% $1,031	+5% $966	+10% $900
Rent	-10% $790	-5% $911	+0% $1,031	+5% $1,151	+10% $1,271
Rate	-1.0pp $1,126	-0.5pp $1,079	base $1,031	+0.5pp $982	+1.0pp $932

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,044
Total (2 units)			$3,043

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12123 W Cora St Unit 12123 Cora Wichita, KS	3.0	2.0	1255	$1,495	$1.19	25d	1	0.10mi
12198 Northstar St Wichita, KS	3.0	2.0	1470	$1,795	$1.22	15d	1	0.58mi
12062 W Fennec St Wichita, KS	3.0	2.0	1182	$1,500	$1.27	25d	1	0.64mi
3700 N 119th St W Wichita, KS	3.0–5.0	2.0–3.0	1632	$1,500	$0.92	15d	1	0.67mi
12452 W Fennec St Wichita, KS	4.0	2.0	1376	$1,695	$1.23	23d	1	0.67mi
12438 W Blanford St Wichita, KS	4.0	2.0	1376	$1,745	$1.27	15d	1	0.72mi
3540 N Maize Rd Wichita, KS	1.0–3.0	1.0–2.0	1027	$1,616	$1.57	15d	13	1.40mi

HOA detail

• Monthly dues: $67 · $804/yr

Listing history 23 events

1. 2026-06-21
   days on market $189,000 Active 89 DOM
2. 2026-06-18
   days on market $189,000 Active 86 DOM
3. 2026-06-17
   days on market $189,000 Active 85 DOM
4. 2026-06-16
   days on market $189,000 Active 84 DOM
5. 2026-06-15
   days on market $189,000 Active 83 DOM
6. 2026-06-14
   days on market $189,000 Active 81 DOM
7. 2026-06-13
   days on market $189,000 Active 80 DOM
8. 2026-06-10
   pricedays on market $189,000 Active 78 DOM
9. 2026-06-09
   days on market $195,000 Active 77 DOM
10. 2026-06-08
    days on market $195,000 Active 76 DOM
11. 2026-06-07
    days on market $195,000 Active 75 DOM
12. 2026-06-05
    pricedays on market $195,000 Active 72 DOM
13. 2026-06-03
    days on market $199,900 Active 71 DOM
14. 2026-06-02
    days on market $199,900 Active 70 DOM
15. 2026-06-01
    days on market $199,900 Active 69 DOM
16. 2026-05-31
    days on market $199,900 Active 68 DOM
17. 2026-05-30
    days on market $199,900 Active 67 DOM
18. 2026-04-15
    price $199,900
19. 2026-03-24
    listed $204,900 Active
20. 2023-03-04
    status Pending
21. 2023-01-27
    listed $185,000 Active
22. 2023-01-27
    historical
23. 2022-10-31
    listed $350,000 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: $36,516
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$2,921
• − Management: −$2,921
• − HOA: −$804
• − Depreciation: −$5,498
• Taxable income: $10,004
• Est. tax owed @ 24.0%: −$2,401
• After-tax cash flow: $9,969/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.

Condition & rehab AI · 13 photos

Good 80/100 None rehab

This multi-family home is in good condition with no major repairs needed. It has a good roof, exterior, and interior, and could benefit from some landscaping and painting to further enhance its value.

Value-add opportunities

• Both Landscaping — A well-maintained yard enhances curb appeal and property value
• Both Painting — Fresh paint can improve the home's appearance and value
• Both Landscaping — A well-maintained yard enhances curb appeal and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — A well-maintained yard enhances curb appeal and property value ↑
• Both Painting — Fresh paint can improve the home's appearance and value ↑
• Both Landscaping — A well-maintained yard enhances curb appeal and property 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: Maize
• NCES district ID: 2009140
• Math proficiency: 36% ▼ -6.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $87,686
• Composite: 38.48/100
• National rank: #4184
• State rank: #20 of 169 in KS

Livability — Maize

• Score: 71/100
• State rank: #139
• US rank: #6865

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maize, KS
• County: Sedgwick County · 432,957 people
• City population: 6,941
• Metro: Wichita, KS
• Population (ZIP): 20,098
• Household income: $121,245
• Rent vs Own: 20.6% rent · 79.4% own
• Severe rent burden: 385.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Salvadoran 1%
• Common ancestry: Lithuanian 4% Italian 3% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, Dominican Republic
• Languages at home: 94% English-only · Spanish 3% Vietnamese 1% Chinese 0%

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: ▼ -48.67%
• Current HPI: 209.3886
• Rent YoY: ▲ 4.36%
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-42.9% since first listed

6 events — show timeline

• 2026-04-15 Price Changed $199,900 SCKMLS as Distributed by MLS Grid
• 2026-03-24 Listed $204,900 SCKMLS as Distributed by MLS Grid
• 2023-03-04 Pending — SCKMLS as Distributed by MLS Grid
• 2023-01-27 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2023-01-27 Listed $185,000 SCKMLS as Distributed by MLS Grid
• 2022-10-31 Listed $350,000 SCKMLS as Distributed by MLS Grid