923 SE Wood St · Topeka, KS 66607

$91,500

3 bd · 1.0 ba · 1,048 sqft · SingleFamily public records · 4 Days on market

Built 1995 7,405 sqft lot

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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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Appreciation +4.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks

This well-maintained 3-bedroom, 1-bath home offers a full unfinished basement with excellent storage and future potential. The front porch provides the perfect place to relax, while the fenced yard offers endless possibilities for gardening, pets, outdoor activities, and entertaining. With space both inside and out, this home is ready for its next owner. Property is being sold in its present As-Is condition.

Key facts

• Fenced yard
• Front porch
• 7,405 sq ft lot

Tags

• FULL UNFINISHED BASEMENT
• FENCED YARD
• FRONT PORCH

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Frame construction
• Exterior features: Patio; Fenced yard

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Window unit cooling
• Interior features: Gas water heater; Full, unfinished concrete basement
• Laundry & utility: Laundry areas on the main level and in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $42k (54.1% below list).
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $42k (54.1% below list) — sets the bar for cash-flow.
• Cap rate 8.7% 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: Scott Dual Language Magnet (math 22% / reading 17%, grade F, #593 of 684 statewide, top 89%, 391 students, 87% FRL); Eisenhower Middle School (math 10% / reading 8%, grade F, #204 of 219 statewide, top 94%, 486 students, 90% FRL); Topeka High (math 11% / reading 20%, grade F, #248 of 327 statewide, top 76%, 1,514 students, 72% FRL).
• Market conditions: 22 active listings in the ZIP; 14 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

• In year one you build about $404 of equity ($633 loan paydown + $-229 appreciation (-0.2% local appreciation)).
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $42,035 (54.1% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $33,536
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1734 SE Adams St	0.70mi	2/1.0 (-1)	1,088 (+4%)	24mo	$34,900	$32	36

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

Projected returns pro-forma

-0.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.17×
• Total profit: $-21,290
• Equity at exit: $25,431

10-year hold

• IRR: -11.4%
• Equity multiple: -0.15×
• Total profit: $-29,516
• Equity at exit: $29,676

Cash invested: $25,620 (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 66607

• Home prices YoY: -0.1%
• Active inventory: 22
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,012 high
• Mortgage (P&I): −$480
• Tax from tax record: −$101 /mo · $1,211/yr
• Insurance: −$38
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-280

Break-even live

Break-even rent $1,366

Max offer price $42,035

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: $22,875
• Closing costs: $2,745
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1724 SE Pennsylvania Ave Unit B Topeka, KS	2.0	1.0	960	$850	$0.89	21d	1	0.66mi
1110 SE Powell St Topeka, KS	2.0	1.5	765	$695	$0.91	21d	1	0.89mi
1110 SE Powell St Unit 12-2169 Topeka, KS	3.0	1.5	909	$980	$1.08	21d	1	0.93mi
1001 NE Atchison Ave Topeka, KS	2.0	1.0	689	$809	$1.17	21d	19	0.96mi
1438 SW Van Buren St Apt 4 Topeka, KS	2.0	1.0	700	$825	$1.18	21d	1	0.97mi
512 SW 14th St Topeka, KS	2.0	1.0	815	$895	$1.10	21d	1	1.16mi
101 N Kansas Ave Topeka, KS	2.0	1.0	1009	$1,325	$1.31	21d	3	1.21mi
520 SW 5th St Topeka, KS	4.0	1.0	1224	$1,250	$1.02	21d	1	1.25mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	21d	1	1.33mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	21d	1	1.36mi
1415 SW Western Ave Topeka, KS	4.0	1.0	1190	$1,400	$1.18	21d	1	1.41mi
423 SE Winfield Ave Unit 421-23 Arter-423 Arter Topeka, KS	3.0	1.0	775	$910	$1.17	21d	1	1.43mi
502 NE Freeman Ave Topeka, KS	2.0	1.0	750	$875	$1.17	21d	1	1.47mi
2435 SE Colorado Ave Topeka, KS	3.0	1.0	1100	$1,200	$1.09	21d	1	1.48mi

Listing history 5 events

1. 2026-06-19
   days on market $91,500 Active 4 DOM
2. 2026-06-18
   days on market $91,500 Active 3 DOM
3. 2026-06-17
   days on market $91,500 Active 2 DOM
4. 2026-06-16
   remarks 411-char remark
5. 2026-06-16
   listed $91,500 Active 1 DOM

ⓘ 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: $1,211 · $101/mo
• Projected year-2 tax: $1,290 · $108/mo
• Expected delta: +$79/yr (+$7/mo · 6.5%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,141
• − Mortgage interest: −$5,125
• − Property taxes: −$1,211
• − Insurance: −$5,982
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$2,662
• Taxable loss: −$4,782
• Est. tax savings @ 24.0%: +$1,148
• After-tax cash flow: $-2,212/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): 9,873

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 0.67)
• Race & ethnicity: Hispanic / Latino 43% White 32% Black 20% Two or more races 16% Native American 1%
• Hispanic origin (detail): Mexican 38% Puerto Rican 2% Cuban 1%
• Common ancestry: Lithuanian 2% Iranian 1%
• Foreign-born: 12% · Canada, Dominican Republic
• Languages at home: 76% English-only · Spanish 23%

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: ▼ -0.25%
• Current HPI: 171.7381
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-06-16 Listed $91,500 Sunflower MLS as distributed by MLS GRID
• 2015-10-26 Sold (Public Records) — Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,211 · +9.8% YoY. Source: county tax records.