1192 SW Hillsdale St · Topeka, KS 66604

$404,900

7 bd · 4.0 ba · 3,556 sqft · MultiFamily public records · 36 Days on market

Built 1974 9,148 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 +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.4/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Discover a remarkable investment opportunity, with this income-generating 4-plex now available for purchase in Topeka, Kansas. Comprising a total of four units; Three units contain 2 bedrooms and one bathroom, one unit contains one bedroom and one bathroom. Each unit is presently occupied, ensuring an immediate stream of rental income. This 4-flex features a fresh attractive exterior, balcony/patios, and a shared laundry room with wash sink. Contact us today to delve deeper into this exceptional investment and set out on the path to fortify your real estate investment portfolio. The detailed rent, utility, and maintenance information is available upon request.

Key facts

• Updated baths
• Recently remodeled
• Updated flooring

Tags

• RECENTLY REMODELED
• UPDATED KITCHENS
• UPDATED BATHS
• UPDATED FLOORING
• ON-SITE LAUNDRY SERVICES
• MULTI-FAMILY PROPERTY

Property features AI

Finance

• Financial info: Annual tax noted (see listing for amount)

Exterior

• Parking: Four parking spaces total; Off-site parking available; On-street parking available
• Utilities: Public water; Public sewer
• Home design: Multi-family (2–4 units); Residential income property
• Exterior features: Composition roof; Lot approximately 65 x 138 (0.21 acres); Zoned M-2 Multi-Family

Interior

• Interior features: Located behind Gage Bowl (per directions)

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 3×2bd/1ba units multifamily listed at $405k.

Deal economics

• At list price, monthly cash flow is $715 ($9k/yr) — positive. Per door: $179/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $405k).
• Recommended offer: $393k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: Landon Middle School (math 15% / reading 27%, grade F, #142 of 219 statewide, top 65%, 457 students, 68% FRL); Topeka West High (math 13% / reading 20%, grade F, #244 of 327 statewide, top 75%, 1,085 students, 59% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 131 active listings in the ZIP; 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• At $4,212/mo this rent would consume 83% of the median local household income ($61k/yr) (locally 1192% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $82k; list at $405k implies a 394% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $392,753 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-14,151
• Equity at exit: $60,372

10-year hold

• IRR: 7.8%
• Equity multiple: 1.63×
• Total profit: $71,321
• Equity at exit: $35,008

Cash invested: $113,372 (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: 131
• Price-to-rent: 34.8×

Monthly cashflow live

• Estimated rent: $4,212 high
• Mortgage (P&I): −$2,123
• Tax from tax record: −$320 /mo · $3,845/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$885
• Net cashflow: $715

Break-even live

Break-even rent $3,307

Max offer price $404,900

Occupancy floor 78%

Sensitivity live

Price	-10% $944	-5% $830	+0% $715	+5% $600	+10% $486
Rent	-10% $382	-5% $549	+0% $715	+5% $881	+10% $1,048
Rate	-1.0pp $919	-0.5pp $818	base $715	+0.5pp $610	+1.0pp $503

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$969
▸ 3× units	2	1	$3,243
Total (4 units)			$4,212

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: $101,225
• Closing costs: $12,147
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   status $404,900 Pending 36 DOM
2. 2026-06-19
   days on market $404,900 Active 36 DOM
3. 2026-06-18
   days on market $404,900 Active 35 DOM
4. 2026-06-17
   days on market $404,900 Active 34 DOM
5. 2026-06-16
   days on market $404,900 Active 33 DOM
6. 2026-06-15
   days on market $404,900 Active 32 DOM
7. 2026-06-14
   days on market $404,900 Active 30 DOM
8. 2026-06-13
   days on market $404,900 Active 29 DOM
9. 2026-06-10
   days on market $404,900 Active 27 DOM
10. 2026-06-09
    days on market $404,900 Active 26 DOM
11. 2026-06-08
    days on market $404,900 Active 25 DOM
12. 2026-06-07
    days on market $404,900 Active 24 DOM
13. 2026-06-02
    days on market $404,900 Active 19 DOM
14. 2026-06-01
    days on market $404,900 Active 18 DOM
15. 2026-05-31
    days on market $404,900 Active 17 DOM
16. 2026-05-30
    days on market $404,900 Active 16 DOM
17. 2026-05-14
    listed $404,900 Active
18. 2024-01-12
    soldstatus Closed 668-char remark

    Show marketing remark (668 chars)

    Discover a remarkable investment opportunity, with this income-generating 4-plex now available for purchase in Topeka, Kansas. Comprising a total of four units; Three units contain 2 bedrooms and one bathroom, one unit contains one bedroom and one bathroom. Each unit is presently occupied, ensuring an immediate stream of rental income. This 4-flex features a fresh attractive exterior, balcony/patios, and a shared laundry room with wash sink. Contact us today to delve deeper into this exceptional investment and set out on the path to fortify your real estate investment portfolio. The detailed rent, utility, and maintenance information is available upon request.

19. 2023-12-08
    status Pending 668-char remark

    Show marketing remark (668 chars)

    Discover a remarkable investment opportunity, with this income-generating 4-plex now available for purchase in Topeka, Kansas. Comprising a total of four units; Three units contain 2 bedrooms and one bathroom, one unit contains one bedroom and one bathroom. Each unit is presently occupied, ensuring an immediate stream of rental income. This 4-flex features a fresh attractive exterior, balcony/patios, and a shared laundry room with wash sink. Contact us today to delve deeper into this exceptional investment and set out on the path to fortify your real estate investment portfolio. The detailed rent, utility, and maintenance information is available upon request.

20. 2023-09-15
    listed $245,000 Active 668-char remark

    Show marketing remark (668 chars)

    Discover a remarkable investment opportunity, with this income-generating 4-plex now available for purchase in Topeka, Kansas. Comprising a total of four units; Three units contain 2 bedrooms and one bathroom, one unit contains one bedroom and one bathroom. Each unit is presently occupied, ensuring an immediate stream of rental income. This 4-flex features a fresh attractive exterior, balcony/patios, and a shared laundry room with wash sink. Contact us today to delve deeper into this exceptional investment and set out on the path to fortify your real estate investment portfolio. The detailed rent, utility, and maintenance information is available upon request.

21. 2015-09-23
    soldstatus 120-char remark

    Show marketing remark (120 chars)

    Four-plex with three 2BR units and one 1BR unit. Community laundry area with owned coin-op machines. Off street parking.

22. 2015-09-23
    soldstatus

    Show marketing remark (120 chars)

    Four-plex with three 2BR units and one 1BR unit. Community laundry area with owned coin-op machines. Off street parking.

23. 2015-04-22
    listed $148,000 120-char remark

    Show marketing remark (120 chars)

    Four-plex with three 2BR units and one 1BR unit. Community laundry area with owned coin-op machines. Off street parking.

24. 2015-01-21
    listed $155,000
25. 1994-06-01
    soldstatus $82,000

ⓘ 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: $3,845 · $320/mo
• Projected year-2 tax: $5,709 · $476/mo
• Expected delta: +$1,864/yr (+$155/mo · 48.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $50,544
• − Mortgage interest: −$22,681
• − Property taxes: −$3,845
• − Insurance: −$2,024
• − Repairs & maintenance: −$4,044
• − Management: −$4,044
• − Depreciation: −$11,779
• Taxable income: $2,128
• Est. tax owed @ 24.0%: −$511
• After-tax cash flow: $8,069/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

+393.8% since first listed

9 events — show timeline

• 2026-05-14 Listed $404,900 Sunflower MLS as distributed by MLS GRID
• 2024-01-12 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2023-12-08 Pending — Sunflower MLS as distributed by MLS GRID
• 2023-09-15 Listed $245,000 Sunflower MLS as distributed by MLS GRID
• 2015-09-23 Sold (Public Records) — Public Records
• 2015-09-23 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2015-04-22 Listed $148,000 Sunflower MLS as distributed by MLS GRID
• 2015-01-21 Listed $155,000 Sunflower MLS as distributed by MLS GRID
• 1994-06-01 Sold (Public Records) $82,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $3,845 · +14.3% YoY. Source: county tax records.