5731 SW 22nd Ter #4 · Topeka, KS 66614

$94,999

1 bd · 1.0 ba · 805 sqft · SingleFamily · 159 Days on market

Built 1980 $290/mo HOA · 26% of rent ↓ 10% since listing

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Why this score? — see what drove the D 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 +9.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect blend of quiet comfort and city convenience in this spacious 800 sq. ft. west-side condo. Tucked away from traffic for ultimate privacy, this 1-bedroom, 1-bathroom home features a thoughtfully designed floor plan, including a separate dining area with a functional see-through to the kitchen—ideal for entertaining. Located in a prime 66614 corridor, you are just moments away from the vibrant shopping and dining of Wanamaker Street and offer immediate access to major highways for an effortless commute. Enjoy a maintenance-free lifestyle with an HOA that includes a carport and access to a refreshing community pool, perfect for those Kansas summers. Whether you are a

Key facts

• Community pool
• Separate dining area
• Pool

Tags

• SEPARATE DINING AREA
• SEE-THROUGH TO THE KITCHEN
• COMMUNITY POOL
• ACCESS TO MAJOR HIGHWAYS

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $290; HOA includes pool access, trash service, and snow removal

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Composition roof; 805 sq. ft. above-grade finished area
• Exterior features: In-ground pool

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Garbage disposal
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Fireplace in the living room; Laminate and carpet flooring
• Laundry & utility: Laundry closet on the main level

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $-68 ($-814/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (10.3% below list).
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.4% vs local median 4.3% in Topeka — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, commute F.
• Auburn Washburn (rural): math 34% / reading 42% proficiency, ranked #29 of 169 in KS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washburn Rural Middle School (math 28% / reading 31%, grade F, #72 of 219 statewide, top 38%, 943 students, 36% FRL); Washburn Rural High (math 25% / reading 30%, grade F, #83 of 327 statewide, top 25%, 1,884 students, 31% FRL).
• Market conditions: Rents rising fast (+9.9%/yr); 137 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,599 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.49×
• Total profit: $-13,639
• Equity at exit: $14,165

10-year hold

• IRR: 4.0%
• Equity multiple: 1.38×
• Total profit: $10,108
• Equity at exit: $8,214

Cash invested: $26,600 (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 66614

• Rents YoY: 9.9%
• Active inventory: 137
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,112 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$290
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $-68

Break-even live

Break-even rent $1,198

Max offer price $85,187

Occupancy floor —

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2310 SW Fairlawn Rd Topeka, KS	2.0	1.0	912	$1,095	$1.20	21d	1	0.58mi
5237 SW 20th Ter Topeka, KS	2.0	2.0	1050	$1,205	$1.15	21d	1	0.63mi
2937 SW McClure Rd Topeka, KS	2.0	1.0	822	$795	$0.97	21d	1	0.91mi
1618 SW Chelsea Dr Topeka, KS	2.0	1.0	768	$1,045	$1.36	21d	1	0.91mi

HOA detail

• Monthly dues: $290 · $3,480/yr
• Likely covers: pool

Listing history 19 events

1. 2026-06-19
   days on market $94,999 Active 159 DOM
2. 2026-06-18
   days on market $94,999 Active 158 DOM
3. 2026-06-17
   days on market $94,999 Active 157 DOM
4. 2026-06-16
   days on market $94,999 Active 156 DOM
5. 2026-06-15
   days on market $94,999 Active 155 DOM
6. 2026-06-14
   days on market $94,999 Active 153 DOM
7. 2026-06-13
   days on market $94,999 Active 152 DOM
8. 2026-06-10
   days on market $94,999 Active 150 DOM
9. 2026-06-09
   days on market $94,999 Active 149 DOM
10. 2026-06-08
    days on market $94,999 Active 148 DOM
11. 2026-06-07
    days on market $94,999 Active 147 DOM
12. 2026-06-03
    days on market $94,999 Active 143 DOM
13. 2026-06-02
    days on market $94,999 Active 142 DOM
14. 2026-06-01
    days on market $94,999 Active 141 DOM
15. 2026-05-31
    days on market $94,999 Active 140 DOM
16. 2026-05-30
    days on market $94,999 Active 139 DOM
17. 2026-05-10
    price $94,999
18. 2026-02-24
    price $99,999
19. 2026-01-11
    listed $104,999 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,347
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,068
• − Management: −$1,068
• − HOA: −$3,480
• − Depreciation: −$2,764
• Taxable loss: −$2,253
• Est. tax savings @ 24.0%: +$541
• After-tax cash flow: $-273/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.

Schools (NCES district)

• District: Auburn Washburn
• NCES district ID: 2003200
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $71,903
• Composite: 34.91/100
• National rank: #5073
• State rank: #29 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 32,538
• Household income: $71,377
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 852.0

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.56%
• Current HPI: 225.5592
• Rent YoY: ▲ 9.88%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-9.5% since first listed

3 events — show timeline

• 2026-05-10 Price Changed $94,999 Sunflower MLS as distributed by MLS GRID
• 2026-02-24 Price Changed $99,999 Sunflower MLS as distributed by MLS GRID
• 2026-01-11 Listed $104,999 Sunflower MLS as distributed by MLS GRID