2002 N Melody Ln · Wichita, KS 67052

$189,500

4 bd · 2.0 ba · 1,433 sqft · MultiFamily · 59 Days on market

Built 2026 Excellent condition 8,712 sqft lot $70/mo HOA · 5% of rent

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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
• Condition / age +4.8/5.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +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

Listing remarks MLS

Welcome to Area 151! This brand-new duplex features the popular "Cromwell" floorplan, offering 4 spacious bedrooms,2 full bathrooms, and a 2-car garage. Designed with an open-concept layout, the living, kitchen, and dining areas flow seamlessly, perfect for both everyday living and entertaining. The kitchen features a large island, ample cabinetry, and a convenient pantry for extra storage. The living room highlights an electric fireplace. The private, fenced backyard provides a great space to relax or entertain outdoors. Enjoy low-maintenance living with HOA dues that cover mowing and watering of the yard, giving you more time to enjoy your beautiful new home. General and special taxes are estimated. Information deemed reliable, not guaranteed.

Key facts

• Ample cabinetry
• Large island
• Convenient pantry

Tags

• OPEN-CONCEPT LAYOUT
• LARGE ISLAND
• AMPLE CABINETRY
• CONVENIENT PANTRY
• ELECTRIC FIREPLACE
• PRIVATE FENCED BACKYARD

Property features AI

Finance

• Other: Property located in Sedgwick County; Directions: On 21st Street, west of 151st Street West
• HOA & community: Has association; Association fee $840; HOA initiation fee $250

Exterior

• Parking: 2-car garage
• Utilities: Public water; Sewer available; Natural gas available
• Home design: Duplex; One level
• Construction: Composition roof; No basement / no foundation details listed
• Exterior features: Covered patio; Wrought iron fencing

Interior

• Kitchen: Dishwasher; Disposal; Range
• Bedrooms: Duplex configuration (separate units)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air (electric); Forced air heating (natural gas)
• Interior features: Dishwasher; Disposal; Range; Living room electric fireplace; Storm windows; Patio (covered)
• Laundry & utility: Main floor laundry in a separate room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $190k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $905 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $184k (3.0% 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.
• Renwick (rural): math 46% / reading 51% proficiency, ranked #9 of 169 in KS (top 5%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: St. Marks School (math 57% / reading 67%, grade B, #59 of 684 statewide, top 9%, 315 students, 11% FRL); Andale High (math 27% / reading 32%, grade F, #60 of 327 statewide, top 24%, 375 students, 16% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 407 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• This rent runs 34% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $183,815 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.53% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.47%
• DSCR: 1.91
• GRM: 5.5

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: 12.8%
• Equity multiple: 1.51×
• Total profit: $27,025
• Equity at exit: $28,255

10-year hold

• IRR: 21.7%
• Equity multiple: 2.85×
• Total profit: $98,113
• Equity at exit: $16,384

Cash invested: $53,060 (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 67052

• Home prices YoY: -17.1%
• Active inventory: 407
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,892 medium
• Mortgage (P&I): −$994
• Tax est. 1.5%: −$237 /mo · $2,842/yr
• Insurance: −$79
• HOA: −$70
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $905

Break-even live

Break-even rent $1,746

Max offer price $189,500

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,892
Total (2 units)			$2,892

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2174 N Melody Ct Goddard, KS	5.0	2.0	1503	$1,695	$1.13	23d	1	0.02mi
2021 N Melody Ln , KS	5.0	2.0	1503	$1,695	$1.13	23d	1	0.04mi
15214 W Kristina St Goddard, KS	4.0	2.0	1433	$1,600	$1.12	23d	1	0.07mi
15800 W 21st St N Goddard, KS	3.0–5.0	2.0–3.0	1379	$1,675	$1.21	14d	1	0.17mi
2155 N Reece St Unit 2157 Reece Goddard, KS	3.0	2.0	1200	$1,395	$1.16	23d	1	0.21mi
2119 N Reece St Unit 2119 Reece Goddard, KS	3.0	2.0	1275	$1,425	$1.12	23d	1	0.25mi
2113 N Reece St Unit 2115 Reece Goddard, KS	3.0	2.0	1275	$1,425	$1.12	23d	1	0.25mi
2054 N Reece St Goddard, KS	3.0	2.0	1280	$1,550	$1.21	14d	1	0.29mi
13625 W Nantucket St Wichita, KS	3.0	2.0	1100	$1,395	$1.27	21d	1	1.29mi

HOA detail

• Monthly dues: $70 · $840/yr
• Likely covers: waterelectric

Listing history 16 events

1. 2026-06-18
   days on market $189,500 Active 59 DOM
2. 2026-06-17
   days on market $189,500 Active 58 DOM
3. 2026-06-16
   days on market $189,500 Active 57 DOM
4. 2026-06-15
   days on market $189,500 Active 56 DOM
5. 2026-06-14
   statusdays on marketlisting id $189,500 Active 54 DOM
6. 2026-06-07
   statusdays on marketlisting id $189,500 Pending 1 DOM
7. 2026-06-05
   days on market $189,500 Active 45 DOM
8. 2026-06-03
   days on market $189,500 Active 44 DOM
9. 2026-06-02
   days on market $189,500 Active 43 DOM
10. 2026-06-01
    days on market $189,500 Active 42 DOM
11. 2026-05-31
    days on market $189,500 Active 41 DOM
12. 2026-05-30
    days on market $189,500 Active 40 DOM
13. 2026-04-21
    status Pending 771-char remark

    Show marketing remark (771 chars)

    Welcome to Area 151! This brand-new duplex features the popular "Cromwell" floorplan, offering 4 spacious bedrooms,2 full bathrooms, and a 2-car garage. Designed with an open-concept layout, the living, kitchen, and dining areas flow seamlessly, perfect for both everyday living and entertaining. The kitchen features a large island, ample cabinetry, and a convenient pantry for extra storage. The living room highlights an electric fireplace. The private, fenced backyard provides a great space to relax or entertain outdoors. Enjoy low-maintenance living with HOA dues that cover mowing and watering of the yard, giving you more time to enjoy your beautiful new home. General and special taxes are estimated. Information deemed reliable, not guaranteed.

14. 2026-04-17
    listed $189,500 Active 771-char remark

    Show marketing remark (690 chars)

    The "Cromwell". Discover the stunning new duplex located in the sought-after subdivision of Area 151. With 4 spacious bedrooms and two well-appointed bathrooms, this home is perfect for families, roommates or investors looking for a turnkey opportunity in a growing community. Step inside to an open concept layout with modern finishes, plenty of natural light, and thoughtful design throughout. The kitchen features sleek countertops and ample storage, flowing seamlessly into the living and dining areas- ideal for entertaining or cozy nights in. Also, each side features a 2-car garage and fenced backyard. Taxes are estimated. Information deemed reliable, not guaranteed.

15. 2026-04-17
    listed $379,000 Active 690-char remark

    Show marketing remark (690 chars)

    The "Cromwell". Discover the stunning new duplex located in the sought-after subdivision of Area 151. With 4 spacious bedrooms and two well-appointed bathrooms, this home is perfect for families, roommates or investors looking for a turnkey opportunity in a growing community. Step inside to an open concept layout with modern finishes, plenty of natural light, and thoughtful design throughout. The kitchen features sleek countertops and ample storage, flowing seamlessly into the living and dining areas- ideal for entertaining or cozy nights in. Also, each side features a 2-car garage and fenced backyard. Taxes are estimated. Information deemed reliable, not guaranteed.

16. 2026-04-17
    listed $189,500 Active

    Show marketing remark (690 chars)

    The "Cromwell". Discover the stunning new duplex located in the sought-after subdivision of Area 151. With 4 spacious bedrooms and two well-appointed bathrooms, this home is perfect for families, roommates or investors looking for a turnkey opportunity in a growing community. Step inside to an open concept layout with modern finishes, plenty of natural light, and thoughtful design throughout. The kitchen features sleek countertops and ample storage, flowing seamlessly into the living and dining areas- ideal for entertaining or cozy nights in. Also, each side features a 2-car garage and fenced backyard. Taxes are estimated. Information deemed reliable, not guaranteed.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $34,704
• − Mortgage interest: −$10,615
• − Property taxes: −$2,842
• − Insurance: −$948
• − Repairs & maintenance: −$2,776
• − Management: −$2,776
• − HOA: −$840
• − Depreciation: −$5,513
• Taxable income: $8,394
• Est. tax owed @ 24.0%: −$2,014
• After-tax cash flow: $8,847/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This well-maintained and modern duplex is move-in ready with a fresh exterior and interior, making it an attractive option for both buyers and investors.

Value-add opportunities

• Both Paint the exterior siding — Fresh paint can enhance curb appeal and property value.
• Both Install a smart thermostat — Improves energy efficiency and adds a modern touch.
• Both Add a smart lock system — Enhances security and convenience for both residents and potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Both Install a smart thermostat — Improves energy efficiency and adds a modern touch. ↑
• Both Add a smart lock system — Enhances security and convenience for both residents and potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Renwick
• NCES district ID: 2011080
• Math proficiency: 46% ▼ -7.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $76,876
• Composite: 44.1/100
• National rank: #2869
• State rank: #9 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

• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 9,262
• Household income: $103,148
• Rent vs Own: 14.9% rent · 85.1% own
• Severe rent burden: 43.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -54.44%
• Current HPI: 264.1893
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

4 events — show timeline

• 2026-04-21 Pending — SCKMLS as Distributed by MLS Grid
• 2026-04-17 Listed $189,500 SCKMLS as Distributed by MLS Grid
• 2026-04-17 Listed $379,000 SCKMLS as Distributed by MLS Grid
• 2026-04-17 Listed $189,500 SCKMLS as Distributed by MLS Grid