11445 W 35th Cir · Wichita, KS 67215

$187,500

8 bd · 4.0 ba · 2,790 sqft · MultiFamily public records · 484 Days on market

Built 2024 5,227 sqft lot $85/mo HOA · 6% of rent ↓ 4% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Sod
• Quartz counter tops
• White cabinetry

Tags

• WHITE CABINETRY
• QUARTZ COUNTER TOPS
• SOD
• SPRINKLER
• FENCE INCLUDED

Property features AI

Finance

• HOA & community: Association with monthly fees; Association fee $1,020; HOA initiation fee $250; Association covers lawn service and general upkeep for common areas

Exterior

• Parking: 2-car garage
• Utilities: Public water; Sewer available; Natural gas available
• Home design: Duplex; One story
• Construction: Composition roof; No basement
• Exterior features: One level; Patio; Wood fencing

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced-air heating (natural gas); Central electric air conditioning
• Interior features: Dishwasher; Disposal; Microwave; Range
• Laundry & utility: Main-floor laundry in a separate room

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $188k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $188k).
• Recommended offer: $165k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime F, commute F.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Amelia Earhart Elementary School (math 52% / reading 52%, grade C-, #131 of 684 statewide, top 23%, 491 students, 26% FRL); Goddard Middle School (math 26% / reading 32%, grade F, #85 of 219 statewide, top 40%, 493 students, 30% FRL); Goddard High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 948 students, 31% FRL).
• Market conditions: 109 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 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 $6k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 484 days — a 12% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Recommended offer $165,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 484 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.60% ✓
• Cap rate: 13.24%
• Cash-on-cash: 24.79%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.2%
• Equity multiple: 1.74×
• Total profit: $38,745
• Equity at exit: $27,957

10-year hold

• IRR: 26.6%
• Equity multiple: 3.34×
• Total profit: $122,862
• Equity at exit: $16,212

Cash invested: $52,500 (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 67215

• Home prices YoY: -14.1%
• Active inventory: 109
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,002 high
• Mortgage (P&I): −$983
• Tax from tax record: −$140 /mo · $1,685/yr
• Insurance: −$78
• HOA: −$85
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $1,085

Break-even live

Break-even rent $1,629

Max offer price $187,500

Occupancy floor 59%

Sensitivity live

Price	-10% $1,191	-5% $1,138	+0% $1,085	+5% $1,032	+10% $979
Rent	-10% $848	-5% $966	+0% $1,085	+5% $1,203	+10% $1,322
Rate	-1.0pp $1,179	-0.5pp $1,132	base $1,085	+0.5pp $1,036	+1.0pp $987

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$3,002
Total (2 units)			$3,002

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: $46,875
• Closing costs: $5,625
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $85 · $1,020/yr

Listing history 4 events

1. 2026-05-21
   status Pending
2. 2025-10-02
   price $187,500
3. 2025-06-26
   price $190,000
4. 2025-01-22
   listed $195,000 Active

ⓘ 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: $1,685 · $140/mo
• Projected year-2 tax: $2,644 · $220/mo
• Expected delta: +$958/yr (+$80/mo · 56.9%)

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

Taxation est. · year 1

• Rental income: $36,024
• − Mortgage interest: −$10,503
• − Property taxes: −$1,685
• − Insurance: −$938
• − Repairs & maintenance: −$2,882
• − Management: −$2,882
• − HOA: −$1,020
• − Depreciation: −$5,455
• Taxable income: $10,660
• Est. tax owed @ 24.0%: −$2,558
• After-tax cash flow: $10,459/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: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

Amenities A+ Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita, KS
• City population: 365,168
• Population (ZIP): 6,468

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 9% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Lithuanian 4% Romanian 2% Iranian 2%
• Foreign-born: 10% · Vietnam, Canada, South Korea
• Languages at home: 82% English-only · Spanish 11% Other Asian/Pacific 2% Korean 2%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.22%
• Current HPI: 262.6723
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-3.8% since first listed

4 events — show timeline

• 2026-05-21 Pending — SCKMLS as Distributed by MLS Grid
• 2025-10-02 Price Changed $187,500 SCKMLS as Distributed by MLS Grid
• 2025-06-26 Price Changed $190,000 SCKMLS as Distributed by MLS Grid
• 2025-01-22 Listed $195,000 SCKMLS as Distributed by MLS Grid

Property tax history

+95114.7%/yr

Latest (2025): $1,685 · +95114.7% YoY. Source: county tax records.