10151 W 96th Ter

Overland Park, KS 66212

$150,000B+

3 bd · 2.0 ba · 1,370 sqft · Built 1972 · Townhouse · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,223/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$255
• HOA: −$210
• Vac / Maint / Mgmt: −$467
• Net cashflow: $504/mo
• Annual: $6,051/yr
• Cap rate: 10.33%
• Cash-on-cash: 14.41%
• DSCR: 1.64
• 1% rule: 1.48%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $150k.
• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#16 in KS, #1,851 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+.
• Shawnee Mission Pub Schools (suburban): math 38% / reading 46% proficiency, ranked #22 of 169 in KS (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oak Park-Carpenter Elementary (math 64% / reading 66%, grade B+, #43 of 684 statewide, top 6%, 503 students, 23% FRL).
• Zoned-school proficiency averages 65% at this address vs 42% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the Shawnee Mission Pub Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.9%/yr); 141 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 29y 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.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 3.9% in Overland Park — 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 33% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 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.