173-175 N Mendocino Ct · Goddard, KS 67235-1235

$465,000

8 bd · 0.0 ba · 3,825 sqft · MultiFamily · 43 Days on market

Built 2026 10,454 sqft lot $140/mo HOA · 8% of rent

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Why this score? — see what drove the D- 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 +8.2/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Multi-family units

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

Key facts

• 0.24 acre lot
• 4 parking spots
• Built 2026

Property features AI

Finance

• Financial info: Owner pays: none; Two-unit property
• HOA & community: Association fee of $1,680

Exterior

• Parking: 4 parking spaces total; 2 parking spaces per unit
• Utilities: Natural gas available; Sewer available; Public water
• Home design: Duplex
• Exterior features: Composition roof

Interior

• Kitchen: Dishwasher; Microwave; Range
• Heating & cooling: Electric cooling; Natural gas heating; Forced air heating
• Interior features: Dishwasher; Microwave; Range

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2-bath units multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $-438 ($-5k/yr) — negative. Per door: $-219/mo.
• To cash-flow at today's rent, offer at most $402k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $369k (20.6% below list).
• Recommended offer: $369k (20.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#91 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Explorer Elementary School (math 47% / reading 62%, grade C, #107 of 684 statewide, top 18%, 472 students, 27% FRL); Dwight D. Eisenhower Middle School (math 45% / reading 40%, grade D-, #17 of 219 statewide, top 7%, 614 students, 16% FRL); Eisenhower High School (math 29% / reading 40%, grade F, #32 of 327 statewide, top 13%, 1,002 students, 23% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($451k) is reasonable based on typical stale-listing flexibility.

Recommended offer $369,000 (20.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• GRM: 10.5

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: 3.8%
• Equity multiple: 1.22×
• Total profit: $28,235
• Equity at exit: $209,084

10-year hold

• IRR: 7.1%
• Equity multiple: 2.07×
• Total profit: $139,914
• Equity at exit: $322,224

Cash invested: $130,200 (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 67235-1235

• Active inventory: 1
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $3,690 medium
• Mortgage (P&I): −$2,439
• Tax est. 1.5%: −$581 /mo · $6,975/yr
• Insurance: −$194
• HOA: −$140
• Vacancy / Maint / Mgmt: −$775
• Net cashflow: $-438

Break-even live

Break-even rent $4,245

Max offer price $401,561

Occupancy floor —

Sensitivity live

Price	-10% $-117	-5% $-278	+0% $-438	+5% $-599	+10% $-760
Rent	-10% $-730	-5% $-584	+0% $-438	+5% $-293	+10% $-147
Rate	-1.0pp $-204	-0.5pp $-320	base $-438	+0.5pp $-559	+1.0pp $-681

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$3,690
Total (2 units)			$3,690

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $140 · $1,680/yr

Listing history 16 events

1. 2026-06-18
   days on market $465,000 Active 43 DOM
2. 2026-06-17
   days on market $465,000 Active 42 DOM
3. 2026-06-16
   days on market $465,000 Active 41 DOM
4. 2026-06-15
   days on market $465,000 Active 40 DOM
5. 2026-06-14
   days on market $465,000 Active 38 DOM
6. 2026-06-13
   days on market $465,000 Active 37 DOM
7. 2026-06-10
   days on market $465,000 Active 35 DOM
8. 2026-06-09
   days on market $465,000 Active 34 DOM
9. 2026-06-08
   days on market $465,000 Active 33 DOM
10. 2026-06-07
    days on market $465,000 Active 32 DOM
11. 2026-06-03
    days on market $465,000 Active 28 DOM
12. 2026-06-02
    days on market $465,000 Active 27 DOM
13. 2026-06-01
    days on market $465,000 Active 26 DOM
14. 2026-05-31
    days on market $465,000 Active 25 DOM
15. 2026-05-30
    days on market $465,000 Active 24 DOM
16. 2026-05-06
    listed $465,000 Active

ⓘ 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: $44,280
• − Mortgage interest: −$26,047
• − Property taxes: −$6,975
• − Insurance: −$2,325
• − Repairs & maintenance: −$3,542
• − Management: −$3,542
• − HOA: −$1,680
• − Depreciation: −$13,527
• Taxable loss: −$13,359
• Est. tax savings @ 24.0%: +$3,206
• After-tax cash flow: $-2,055/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: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 of 169 in KS

Livability — Goddard

• Score: 73/100
• State rank: #91
• US rank: #5252

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-06 Listed $465,000 SCKMLS as Distributed by MLS Grid