414 Laramie St · Manhattan, KS 66502

$309,000

8 bd · 3.5 ba · 3,135 sqft · MultiFamily public records · 156 Days on market

Built 1940 9,000 sqft lot

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Why this score? — see what drove the C+ 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

Key facts

• 9,000 sq ft lot
• Garage
• Built 1940

Property features AI

Finance

• Financial info: Actual rent listed: Unit 1 $1,400; Unit 2 $1,400
• HOA & community: No association amenities

Exterior

• Parking: Attached, assigned garage(s); Garage (1-car) mentioned for a unit
• Utilities: Public water; Public sewer; Natural gas available; Electricity available
• Home design: Duplex (both sides); Residential income property
• Construction: Aluminum siding; Asphalt/composition roof
• Exterior features: Patio; Wooded lot; Gravel road access; No pool; No fencing

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: Unit 1: 4 bedrooms; Unit 2: 5 bedrooms
• Flooring: Wood; Tile; Vinyl; Carpet; Ceramic
• Bathrooms: Unit 1: 2 bathrooms; Unit 2: 2 bathrooms; Total full bathrooms listed: 4
• Heating & cooling: Natural gas heating; Central air; Ceiling fans
• Interior features: Eat-in kitchen; Pantry; Partially finished basement
• Laundry & utility: Tenant pays gas, water, and electric (for units)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $309k.

Deal economics

• At list price, monthly cash flow is $734 ($9k/yr) — positive. Per door: $245/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $309k).
• Recommended offer: $272k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 336 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• At $3,740/mo this rent would consume 82% of the median local household income ($55k/yr) (locally 3089% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $87k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $188k; list at $309k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $271,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.21% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.18%
• DSCR: 1.45
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.02% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $8,509
• Equity at exit: $46,073

10-year hold

• IRR: 14.9%
• Equity multiple: 2.38×
• Total profit: $119,185
• Equity at exit: $26,717

Cash invested: $86,520 (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 66502

• Rents YoY: 6.0%
• Active inventory: 336
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $3,740 medium
• Mortgage (P&I): −$1,620
• Tax from tax record: −$471 /mo · $5,654/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $734

Break-even live

Break-even rent $2,811

Max offer price $309,000

Occupancy floor 75%

Sensitivity live

Price	-10% $909	-5% $822	+0% $734	+5% $647	+10% $559
Rent	-10% $439	-5% $587	+0% $734	+5% $882	+10% $1,030
Rate	-1.0pp $890	-0.5pp $813	base $734	+0.5pp $654	+1.0pp $573

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$3,741
Total (3 units)			$3,740

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $309,000 Active 156 DOM
2. 2026-06-18
   days on market $309,000 Active 155 DOM
3. 2026-06-17
   days on market $309,000 Active 154 DOM
4. 2026-06-16
   days on market $309,000 Active 153 DOM
5. 2026-06-15
   days on market $309,000 Active 152 DOM
6. 2026-06-14
   days on market $309,000 Active 150 DOM
7. 2026-06-13
   days on market $309,000 Active 149 DOM
8. 2026-06-10
   days on market $309,000 Active 147 DOM
9. 2026-06-09
   days on market $309,000 Active 146 DOM
10. 2026-06-08
    days on market $309,000 Active 145 DOM
11. 2026-06-07
    days on market $309,000 Active 144 DOM
12. 2026-06-03
    days on market $309,000 Active 140 DOM
13. 2026-06-02
    days on market $309,000 Active 139 DOM
14. 2026-06-01
    days on market $309,000 Active 138 DOM
15. 2026-05-31
    days on market $309,000 Active 137 DOM
16. 2026-05-30
    days on market $309,000 Active 136 DOM
17. 2026-04-13
    price $309,000
18. 2026-03-04
    price $314,000
19. 2026-02-02
    price $319,000
20. 2026-01-12
    listed $324,900 Active
21. 2024-02-13
    historical $1,400
22. 2023-12-25
    price $1,400
23. 2023-12-08
    listed $1,500
24. 2023-08-17
    historical 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

25. 2023-08-16
    soldstatus
26. 2023-08-15
    soldstatus Closed 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

27. 2023-07-31
    status Pending 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

28. 2023-04-03
    price $299,900 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

29. 2023-03-14
    price $319,900 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

30. 2023-02-10
    listed $349,900 Active 644-char remark

    Show marketing remark (644 chars)

    Opportunity to own a fabulous solid investment property in the heart of downtown MHK within walking distance to an array of shopping, eateries, and parks. Live in the main house (front unit) with all the charm and character of an older home, then rent out the newer constructed (2001) unit at the back. Ample parking for both units on and off site plus garage. Laundry facilities available in both units. Long term owners. Strong rental history with maintenance completed as needed. Perfect for the owner/investor or straight investment. Call Ricci Dillon 785-313-0550 or Carri Chai 626-696-5706 for additional information or a private showing.

31. 2003-05-01
    soldstatus $188,500
32. 2001-01-01
    soldstatus $57,000

ⓘ 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: $5,654 · $471/mo
• Projected year-2 tax: $5,654 · $471/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,880
• − Mortgage interest: −$17,309
• − Property taxes: −$5,654
• − Insurance: −$1,545
• − Repairs & maintenance: −$3,590
• − Management: −$3,590
• − Depreciation: −$8,989
• Taxable income: $4,202
• Est. tax owed @ 24.0%: −$1,009
• After-tax cash flow: $7,802/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment C- Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 43,693
• Household income: $54,833
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 3089.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.54%
• Current HPI: 172.7795
• Rent YoY: ▲ 6.02%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+442.1% since first listed

16 events — show timeline

• 2026-04-13 Price Changed $309,000 FHAOR as distributed by MLS GRID
• 2026-03-04 Price Changed $314,000 FHAOR as distributed by MLS GRID
• 2026-02-02 Price Changed $319,000 FHAOR as distributed by MLS GRID
• 2026-01-12 Listed $324,900 FHAOR as distributed by MLS GRID
• 2024-02-13 Rental Removed $1,400 Avail
• 2023-12-25 Price Changed $1,400 Avail
• 2023-12-08 Listed for Rent $1,500 Avail
• 2023-08-17 Delisted — FHAOR as distributed by MLS GRID
• 2023-08-16 Sold (Public Records) — Public Records
• 2023-08-15 Sold (MLS) — FHAOR as distributed by MLS GRID
• 2023-07-31 Pending — FHAOR as distributed by MLS GRID
• 2023-04-03 Price Changed $299,900 FHAOR as distributed by MLS GRID
• 2023-03-14 Price Changed $319,900 FHAOR as distributed by MLS GRID
• 2023-02-10 Listed $349,900 FHAOR as distributed by MLS GRID
• 2003-05-01 Sold (Public Records) $188,500 Public Records
• 2001-01-01 Sold (Public Records) $57,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $5,654 · +8.5% YoY. Source: county tax records.