4440 Tuttle Creek Blvd #58

Manhattan, KS 66502

$14,900D+

3 bd · 2.0 ba · 1,216 sqft · Built 2024 · Manufactured · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$78
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $901/mo
• Annual: $10,812/yr
• Cap rate: 78.86%
• Cash-on-cash: 259.15%
• DSCR: 12.53
• 1% rule: 8.53%
• Cash to close: $4,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $15k.
• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• It's been on market 60 days — a 3% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $14k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $103 of loan paydown is wiped out by about $447 of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 336 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.