12123 W Shadow Lakes St

Maize, KS 67205

$189,000B

3 bd · 2.0 ba · 1,158 sqft · Built 2022 · MultiFamily · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,043/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$67
• Vac / Maint / Mgmt: −$639
• Net cashflow: $1,031/mo
• Annual: $12,370/yr
• Cap rate: 12.84%
• Cash-on-cash: 23.37%
• DSCR: 2.04
• 1% rule: 1.61%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $189k. Condition is rated good.
• 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).
• It's been on market 89 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (6.0% 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 $6k of value loss. Plan a longer hold.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• This rent runs 30% of the median local income ($121k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.
• 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?
• 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.