1519 SW Lincoln St · Topeka, KS 66604

$149,000

2 bd · 2.0 ba · 1,249 sqft · MultiFamily public records · 59 Days on market

Built 1945 4,792 sqft lot

---

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 +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This brick side by side duplex was built in 1945. Both units have nice size living rooms, kitchen/dining combos, utility rooms off kitchen area, 1 bath and 1 large bedroom + central heat and ac. This is one of 3 buildings all in a row. This is a Fannie Mae Homepath Property.

Key facts

• Utility room
• Central heat and air
• Kitchen dining combo

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• BRICK SIDE-BY-SIDE DUPLEX
• SPACIOUS LIVING ROOM
• KITCHEN DINING COMBO
• UTILITY ROOM
• CENTRAL HEAT AND AIR

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (2–4 units)
• Exterior features: Composition roof; Located on a 0.11-acre lot

Interior

• Flooring: Wood
• Heating & cooling: Central heating; Electric cooling
• Interior features: Wood flooring; Central heating; Electric cooling

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $149k).
• Recommended offer: $145k (3.0% 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: Robinson Middle School (math 10% / reading 19%, grade F, #180 of 219 statewide, top 83%, 360 students, 84% FRL); Topeka High (math 11% / reading 20%, grade F, #248 of 327 statewide, top 76%, 1,514 students, 72% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 131 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k 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 59 days — a 3% lower offer ($145k) 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 $38k; list at $149k implies a 287% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.79%
• DSCR: 1.35
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.39% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.88×
• Total profit: $-4,837
• Equity at exit: $22,216

10-year hold

• IRR: 8.0%
• Equity multiple: 1.64×
• Total profit: $26,717
• Equity at exit: $12,883

Cash invested: $41,720 (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 66604

• Rents YoY: 4.4%
• Active inventory: 131
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $1,493 high
• Mortgage (P&I): −$781
• Tax from tax record: −$65 /mo · $784/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $271

Break-even live

Break-even rent $1,150

Max offer price $149,000

Occupancy floor 77%

Sensitivity live

Price	-10% $355	-5% $313	+0% $271	+5% $229	+10% $186
Rent	-10% $153	-5% $212	+0% $271	+5% $330	+10% $389
Rate	-1.0pp $346	-0.5pp $309	base $271	+0.5pp $232	+1.0pp $193

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,492
Total (2 units)			$1,493

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1510 SW Lane St Topeka, KS	1.0	1.0	750	$675	$0.90	22d	1	0.05mi
1436 SW Byron St Topeka, KS	2.0	1.0	900	$720	$0.80	22d	1	0.11mi
1515 SW 15th St Topeka, KS	1.0	1.0	775	$700	$0.90	22d	1	0.21mi
1116 SW 18th St Topeka, KS	3.0	1.0	1105	$1,175	$1.06	22d	1	0.25mi
1900 SW Washburn Ave Topeka, KS	2.0	1.0	883	$890	$1.01	22d	1	0.41mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	22d	1	0.46mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	22d	1	0.46mi
512 SW 14th St Topeka, KS	2.0	1.0	815	$895	$1.10	22d	1	0.59mi
1438 SW Van Buren St Apt 4 Topeka, KS	2.0	1.0	700	$825	$1.18	22d	1	0.78mi
2130 SW Fillmore St Topeka, KS	2.0	1.0	800	$800	$1.00	22d	1	0.78mi
2045 SW Macvicar Ave Topeka, KS	2.0	2.0	860	$875	$1.02	22d	1	0.92mi
1027 SW Woodward Ave Topeka, KS	3.0	1.0	864	$1,195	$1.38	22d	1	0.96mi
2409 SW 21st St Topeka, KS	3.0	1.0	890	$850	$0.96	22d	1	0.97mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	22d	1	1.05mi
1316 SW 27th St Topeka, KS	2.0	2.0	1456	$1,150	$0.79	22d	1	1.10mi
1623 SW Campbell Ave Topeka, KS	2.0	1.0	828	$1,100	$1.33	22d	1	1.12mi
1414 SW 27th St Topeka, KS	2.0	1.0	908	$825	$0.91	22d	1	1.13mi
507 SW 6th Ave Unit 001 Topeka, KS	1.0	1.0	710	$700	$0.99	22d	1	1.24mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	22d	1	1.24mi
603 SW Topeka Blvd Topeka, KS	1.0	1.0	710	$700	$0.99	22d	1	1.24mi
1724 SE Pennsylvania Ave Unit B Topeka, KS	2.0	1.0	960	$850	$0.89	22d	1	1.46mi

Listing history 9 events

1. 2026-06-02
   days on market $149,000 Active 59 DOM
2. 2026-06-01
   days on market $149,000 Active 58 DOM
3. 2026-05-31
   days on market $149,000 Active 57 DOM
4. 2026-05-30
   days on market $149,000 Active 56 DOM
5. 2026-04-04
   listed $149,000 Active
6. 2016-06-15
   soldstatus
7. 2014-09-30
   soldstatus 275-char remark

   Show marketing remark (275 chars)

   This brick side by side duplex was built in 1945. Both units have nice size living rooms, kitchen/dining combos, utility rooms off kitchen area, 1 bath and 1 large bedroom + central heat and ac. This is one of 3 buildings all in a row. This is a Fannie Mae Homepath Property.

8. 2014-09-08
   listed $35,000 275-char remark

   Show marketing remark (275 chars)

   This brick side by side duplex was built in 1945. Both units have nice size living rooms, kitchen/dining combos, utility rooms off kitchen area, 1 bath and 1 large bedroom + central heat and ac. This is one of 3 buildings all in a row. This is a Fannie Mae Homepath Property.

9. 2000-06-01
   soldstatus $38,500

ⓘ 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: $784 · $65/mo
• Projected year-2 tax: $2,101 · $175/mo
• Expected delta: +$1,317/yr (+$110/mo · 168.1%)

ⓘ 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 (unshaded) · 0% 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: $17,916
• − Mortgage interest: −$8,346
• − Property taxes: −$784
• − Insurance: −$745
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$4,335
• Taxable income: $840
• Est. tax owed @ 24.0%: −$202
• After-tax cash flow: $3,047/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
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 23,006
• Household income: $60,874
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 1192.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 15% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% 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: ▼ -151.78%
• Current HPI: 227.637
• Rent YoY: ▲ 4.39%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+287.0% since first listed

5 events — show timeline

• 2026-04-04 Listed $149,000 Sunflower MLS as distributed by MLS GRID
• 2016-06-15 Sold (Public Records) — Public Records
• 2014-09-30 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2014-09-08 Listed $35,000 Sunflower MLS as distributed by MLS GRID
• 2000-06-01 Sold (Public Records) $38,500 Public Records

Property tax history

+2.3%/yr

Latest (2025): $784 · +8.9% YoY. Source: county tax records.