5607 Crest Dr

Kansas City, KS 66106

$182,000D+

6 bd · 4.0 ba · 1,728 sqft · Built 1973 · Townhouse · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,048/mo
• Mortgage (P&I): −$954
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $205/mo
• Annual: $2,459/yr
• Cap rate: 7.64%
• Cash-on-cash: 4.83%
• DSCR: 1.21
• 1% rule: 1.13%
• Cash to close: $50,960

Investor read

• This is a 6-bed/4.0-bath townhouse listed at $182k.
• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $182k).
• It's been on market 31 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Turner-Kansas City (urban): math 15% / reading 22% proficiency, ranked #161 of 169 in KS (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oak Grove Elem (math 23% / reading 32%, grade F, #505 of 684 statewide, top 74%, 526 students, 73% FRL); Turner Middle School (math 9% / reading 12%, grade F, #198 of 219 statewide, top 90%, 571 students, 73% FRL); Turner High (math 5% / reading 8%, grade F, #318 of 327 statewide, top 97%, 1,171 students, 71% FRL).
• Watch-outs: property tax is 2.5% of price.
• Market conditions: 92 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 26y 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 $85k; list at $182k implies a 114% gain — meaningful room to come down on a strong offer.
• Cap rate 7.6% vs local median 4.8% in Kansas City — 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.
• This rent runs 40% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.