500 NE Wabash Ave · Topeka, KS 66616

$137,900

3 bd · 1.5 ba · 1,568 sqft · SingleFamily public records · 65 Days on market

Built 1954 6,534 sqft lot Est $133k · at est.

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Why this score? — see what drove the C- 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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +5.9/15.0
• 1% rule +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute 3 Bedroom Home in the Oakland area just waiting for someone to put there special touch on. Great screened in Porch for you to enjoy the outside . Property was built prior to 1978 and lead-based paint potentially exists

Key facts

• Attached garage
• Full bath
• Main floor living

Tags

• CORNER LOT
• ATTACHED GARAGE
• LARGE SCREENED PORCH
• MAIN FLOOR LIVING
• FULL BATH
• LAUNDRY ON MAIN FLOOR

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family home; One and one-half stories; Frame construction
• Construction: Composition roof
• Exterior features: Screened porch; Fenced yard; Corner lot

Interior

• Kitchen: Electric range; Refrigerator; Garbage disposal; Gas water heater
• Flooring: Hardwood; Laminate; Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Window unit cooling
• Interior features: Disposal; Crawl space
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $138k).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.3% in Topeka — 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.

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.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: State Street Elem (math 23% / reading 21%, grade F, #569 of 684 statewide, top 85%, 456 students, 89% FRL); Chase Middle School (math 11% / reading 15%, grade F, #188 of 219 statewide, top 87%, 378 students, 93% FRL); Highland Park High (math 8% / reading 12%, grade F, #306 of 327 statewide, top 95%, 857 students, 85% FRL) — zoned schools average 89% FRL vs 69% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 27 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $953 of loan paydown is wiped out by about $4k 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 65 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $48k; list at $138k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,625 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $133,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 NE Freeman Ave	0.50mi	2/1.0 (-1)	1,594 (+2%)	16mo	$135,000	$85	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,950
• Equity at exit: $20,561

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $15,943
• Equity at exit: $11,923

Cash invested: $38,612 (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 66616

• Home prices YoY: -7.1%
• Active inventory: 27
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,495 medium
• Mortgage (P&I): −$723
• Tax from tax record: −$143 /mo · $1,717/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $257

Break-even live

Break-even rent $1,169

Max offer price $137,900

Occupancy floor 78%

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: $34,475
• Closing costs: $4,137
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
724 NE Wabash Ave Topeka, KS	4.0	2.0	1771	$1,495	$0.84	21d	1	0.29mi

Listing history 7 events

1. 2026-04-29
   status Pending
2. 2026-04-02
   price $137,900
3. 2026-02-23
   listed $140,000 Active
4. 2014-06-26
   soldstatus 224-char remark

   Show marketing remark (224 chars)

   Cute 3 Bedroom Home in the Oakland area just waiting for someone to put there special touch on. Great screened in Porch for you to enjoy the outside . Property was built prior to 1978 and lead-based paint potentially exists

5. 2014-05-14
   listed $38,500 224-char remark

   Show marketing remark (224 chars)

   Cute 3 Bedroom Home in the Oakland area just waiting for someone to put there special touch on. Great screened in Porch for you to enjoy the outside . Property was built prior to 1978 and lead-based paint potentially exists

6. 2002-09-16
   soldstatus
7. 1991-12-01
   soldstatus $48,000

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

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,717 · $143/mo
• Projected year-2 tax: $1,944 · $162/mo
• Expected delta: +$228/yr (+$19/mo · 13.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

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

Taxation est. · year 1

• Rental income: $17,940
• − Mortgage interest: −$7,725
• − Property taxes: −$1,717
• − Insurance: −$690
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$4,012
• Taxable income: $927
• Est. tax owed @ 24.0%: −$222
• After-tax cash flow: $2,866/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 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
• City population: 118,130
• Population (ZIP): 6,065

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 55% Hispanic / Latino 32% Two or more races 15% Black 6% Native American 3%
• Hispanic origin (detail): Mexican 31% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 7%

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: ▼ -16.11%
• Current HPI: 211.4386
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+187.3% since first listed

7 events — show timeline

• 2026-04-29 Pending — Sunflower MLS as distributed by MLS GRID
• 2026-04-02 Price Changed $137,900 Sunflower MLS as distributed by MLS GRID
• 2026-02-23 Listed $140,000 Sunflower MLS as distributed by MLS GRID
• 2014-06-26 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2014-05-14 Listed $38,500 Sunflower MLS as distributed by MLS GRID
• 2002-09-16 Sold (Public Records) — Public Records
• 1991-12-01 Sold (Public Records) $48,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,717 · +5.0% YoY. Source: county tax records.