173-175 N Mendocino Ct

Goddard, KS 67235-1235

$465,000D-

8 bd · 0.0 ba · 3,825 sqft · Built 2026 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,690/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$775
• HOA: −$140
• Vac / Maint / Mgmt: −$775
• Net cashflow: $-438/mo
• Annual: $-5,261/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• 1% rule: 0.79%
• Cash to close: $130,200

Investor read

• This is a 2 × 4-bed/2-bath units multifamily listed at $465k.
• 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).
• It's been on market 43 days — a 3% lower offer ($451k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $369k (20.6% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• 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).
• 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.

Questions for listing agent

• 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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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?
• 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.