1603 SW Central Park Ave · Topeka, KS 66604

$53,000

4 bd · 1.0 ba · 1,638 sqft · SingleFamily public records · 30 Days on market

Built 1910 5,663 sqft lot

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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
• 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

Listing remarks MLS

Great investment property! 4 bedroom / 1 bath home. The home is 2.5 stories, 1640 sq/ft, has a finished attic and basement for storage and a covered porch. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

Key facts

• 5,663 sq ft lot
• Built 1910
• Listed 30 days

Property features AI

Finance

• Other: Lot dimensions approximately 38 x 150'; Lot size about 0.13 acre

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Located in the Edwards subdivision
• Construction: Frame construction; Composition roof
• Exterior features: Chain link fencing

Interior

• Kitchen: Electric range; Refrigerator
• Bathrooms: 1 full bathroom
• Interior features: Gas water heater; Electric range; Refrigerator
• Laundry & utility: Laundry in basement; Concrete basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $53k.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• Recommended offer: $52k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.8% 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); 130 active listings in the ZIP; 10 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

• Local home prices are declining (-3.0%/yr); year-one equity from $366 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $52,205 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.59% ✓
• Cap rate: 22.83%
• Cash-on-cash: 59.06%
• DSCR: 3.63
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $176,904
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2058 SW Buchanan St	0.55mi	3/2.0 (-1)	1,616 (-1%)	2mo	$175,000	$108	62
1020 / 1024 SW Fillmore St	0.67mi	3/1.0 (-1)	1,630 (-0%)	2mo	$124,000	$76	61

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

Projected returns pro-forma

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

5-year hold

• IRR: 59.3%
• Equity multiple: 3.69×
• Total profit: $39,892
• Equity at exit: $7,902

10-year hold

• IRR: 64.5%
• Equity multiple: 7.93×
• Total profit: $102,910
• Equity at exit: $4,582

Cash invested: $14,840 (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: 130
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,373 high
• Mortgage (P&I): −$278
• Tax from tax record: −$54 /mo · $647/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $730

Break-even live

Break-even rent $448

Max offer price $53,000

Occupancy floor 42%

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: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1415 SW Western Ave Topeka, KS	4.0	1.0	1190	$1,400	$1.18	21d	1	0.14mi
1647 SW Buchanan St Topeka, KS	3.0	2.0	1550	$1,395	$0.90	21d	1	0.21mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	21d	1	0.26mi
1116 SW 18th St Topeka, KS	3.0	1.0	1105	$1,175	$1.06	21d	1	0.27mi
1936 SW Clay St Topeka, KS	3.0	1.0	1572	$1,000	$0.64	21d	1	0.45mi
1275 SW Mulvane St Topeka, KS	3.0	1.5	1791	$1,350	$0.75	21d	1	0.57mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	21d	1	0.93mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	21d	1	1.15mi
520 SW 5th St Topeka, KS	4.0	1.0	1224	$1,250	$1.02	21d	1	1.25mi
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	21d	1	1.29mi

Listing history 11 events

1. 2026-05-08
   status Pending
2. 2026-04-17
   price $53,000
3. 2026-04-08
   price $58,000
4. 2026-04-08
   listed $50,000 Active
5. 2024-10-08
   soldstatus Closed 284-char remark

   Show marketing remark (251 chars)

   Great investment property! 4 bedroom / 1 bath home. The home is 1640 sq/ft, has a finished attic and basement for storage. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

6. 2024-10-08
   soldstatus Closed 251-char remark

   Show marketing remark (251 chars)

   Great investment property! 4 bedroom / 1 bath home. The home is 1640 sq/ft, has a finished attic and basement for storage. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

7. 2024-10-08
   soldstatus

   Show marketing remark (251 chars)

   Great investment property! 4 bedroom / 1 bath home. The home is 1640 sq/ft, has a finished attic and basement for storage. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

8. 2024-10-01
   status Pending 251-char remark

   Show marketing remark (284 chars)

   Great investment property! 4 bedroom / 1 bath home. The home is 2.5 stories, 1640 sq/ft, has a finished attic and basement for storage and a covered porch. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

9. 2024-10-01
   status Pending 284-char remark

   Show marketing remark (284 chars)

   Great investment property! 4 bedroom / 1 bath home. The home is 2.5 stories, 1640 sq/ft, has a finished attic and basement for storage and a covered porch. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

10. 2024-09-04
    listed $47,500 Active 284-char remark

    Show marketing remark (251 chars)

    Great investment property! 4 bedroom / 1 bath home. The home is 1640 sq/ft, has a finished attic and basement for storage. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

11. 2024-09-04
    listed $47,500 Active 251-char remark

    Show marketing remark (251 chars)

    Great investment property! 4 bedroom / 1 bath home. The home is 1640 sq/ft, has a finished attic and basement for storage. The property is in overall good condition with some maintenance needed. Property is currently rented providing instant cashflow.

ⓘ 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: $647 · $54/mo
• Projected year-2 tax: $747 · $62/mo
• Expected delta: +$100/yr (+$8/mo · 15.5%)

ⓘ 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: $16,472
• − Mortgage interest: −$2,969
• − Property taxes: −$647
• − Insurance: −$265
• − Repairs & maintenance: −$1,318
• − Management: −$1,318
• − Depreciation: −$1,542
• Taxable income: $8,413
• Est. tax owed @ 24.0%: −$2,019
• After-tax cash flow: $6,746/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

+11.6% since first listed

11 events — show timeline

• 2026-05-08 Pending — Sunflower MLS as distributed by MLS GRID
• 2026-04-17 Price Changed $53,000 Sunflower MLS as distributed by MLS GRID
• 2026-04-08 Price Changed $58,000 Sunflower MLS as distributed by MLS GRID
• 2026-04-08 Listed $50,000 Sunflower MLS as distributed by MLS GRID
• 2024-10-08 Sold (Public Records) — Public Records
• 2024-10-08 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2024-10-08 Sold (MLS) — FHAOR as distributed by MLS GRID
• 2024-10-01 Pending — Sunflower MLS as distributed by MLS GRID
• 2024-10-01 Pending — FHAOR as distributed by MLS GRID
• 2024-09-04 Listed $47,500 Sunflower MLS as distributed by MLS GRID
• 2024-09-04 Listed $47,500 FHAOR as distributed by MLS GRID

Property tax history

+0.8%/yr

Latest (2025): $647 · -8.6% YoY. Source: county tax records.