1700-1704 N Fairway Dr

Augusta, KS 67010

$275,000C

2 bd · 4.0 ba · 4,216 sqft · Built 1981 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,337/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$601
• HOA: −$0
• Vac / Maint / Mgmt: −$701
• Net cashflow: $593/mo
• Annual: $7,115/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• 1% rule: 1.21%
• Cash to close: $77,000

Investor read

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $593 ($7k/yr) — positive. Per door: $198/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#413 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Augusta (town): math 28% / reading 36% proficiency, ranked #87 of 169 in KS (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Augusta Middle School (math 20% / reading 31%, grade F, #104 of 219 statewide, top 49%, 453 students, 44% FRL); Augusta Sr High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 634 students, 38% FRL).
• Market conditions: 78 active listings in the ZIP; 235 units permitted in Butler County in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.