235 W Wood Ave

Clearwater, KS 67026

$215,000C+

4 bd · 4.0 ba · 4,008 sqft · Built 2005 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,503/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$526
• Net cashflow: $520/mo
• Annual: $6,246/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• 1% rule: 1.16%
• Cash to close: $60,200

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $215k.
• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 44 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 74/100 on livability (#87 in KS, #4,879 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Clearwater (rural): math 33% / reading 39% proficiency, ranked #42 of 169 in KS (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clearwater Elementary West (math 52% / reading 37%, grade F, #228 of 684 statewide, top 38%, 327 students, 39% FRL); Clearwater Intermediate - Middle School (math 33% / reading 43%, grade F, #33 of 219 statewide, top 15%, 412 students, 37% FRL); Clearwater High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 368 students, 29% FRL).
• Market conditions: 60 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 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.
• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.