2621 N 155th Ter

Basehor, KS 66007

$450,000C+

8 bd · 4.0 ba · 1,560 sqft · Built 1970 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,416/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$570
• HOA: −$0
• Vac / Maint / Mgmt: −$1,137
• Net cashflow: $1,349/mo
• Annual: $16,186/yr
• Cap rate: 9.89%
• Cash-on-cash: 12.85%
• DSCR: 1.57
• 1% rule: 1.20%
• Cash to close: $126,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $450k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#157 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: health & safety C-, amenities F, commute F.
• Basehor-Linwood (rural): math 37% / reading 45% proficiency, ranked #23 of 169 in KS (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Basehor Elementary School (math 45% / reading 50%, grade D, #197 of 684 statewide, top 29%, 505 students, 16% FRL); Basehor-Linwood High School (math 26% / reading 33%, grade F, #60 of 327 statewide, top 24%, 857 students, 14% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 247 active listings in the ZIP; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 19y 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 $234k; list at $450k implies a 92% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 1.5% in Basehor — 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.