15925/15927 W 91st Ter · Lenexa, KS 66219

$747,500

6 bd · 5.0 ba · 3,346 sqft · MultiFamily public records · 1 Days on market

Built 1998 7,500 sqft lot $150/mo HOA · 3% of rent

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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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +4.4/5.0
• Schools +3.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 7,500 sq ft lot
• Garage
• Built 1998

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath multifamily listed at $748k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $748k).
• Cap rate 9.5% vs local median 2.9% in Lenexa — 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 87/100 on livability (#3 in KS, #317 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+.
• Shawnee Mission Pub Schools (suburban): math 38% / reading 46% proficiency, ranked #22 of 169 in KS (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunflower Elem (math 47% / reading 57%, grade C-, #131 of 684 statewide, top 23%, 370 students, 35% FRL).
• Market conditions: Rents rising (+1.2%/yr); 42 active listings in the ZIP; solid renter incomes; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• At $8,776/mo this rent would consume 112% of the median local household income ($94k/yr) (locally 542% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $747,500

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.17% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-10,312
• Equity at exit: $111,455

10-year hold

• IRR: 6.4%
• Equity multiple: 1.44×
• Total profit: $92,018
• Equity at exit: $64,630

Cash invested: $209,300 (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 66219

• Home prices YoY: -22.6%
• Rents YoY: 1.2%
• Active inventory: 42
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $8,776 medium
• Mortgage (P&I): −$3,920
• Tax from tax record: −$567 /mo · $6,798/yr
• Insurance: −$311
• HOA: −$150
• Vacancy / Maint / Mgmt: −$1,843
• Net cashflow: $1,985

Break-even live

Break-even rent $6,263

Max offer price $747,500

Occupancy floor 72%

Sensitivity live

Price	-10% $2,408	-5% $2,197	+0% $1,985	+5% $1,774	+10% $1,562
Rent	-10% $1,292	-5% $1,638	+0% $1,985	+5% $2,332	+10% $2,678
Rate	-1.0pp $2,362	-0.5pp $2,175	base $1,985	+0.5pp $1,791	+1.0pp $1,594

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2.5	$8,776
Total (2 units)			$8,776

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: $186,875
• Closing costs: $22,425
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $150 · $1,800/yr

Listing history 2 events

1. 2026-04-27
   status Pending
2. 2026-04-14
   historical $747,500

ⓘ 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: $6,798 · $567/mo
• Projected year-2 tax: $10,540 · $878/mo
• Expected delta: +$3,742/yr (+$312/mo · 55.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 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: $105,312
• − Mortgage interest: −$41,872
• − Property taxes: −$6,798
• − Insurance: −$3,738
• − Repairs & maintenance: −$8,425
• − Management: −$8,425
• − HOA: −$1,800
• − Depreciation: −$21,745
• Taxable income: $12,509
• Est. tax owed @ 24.0%: −$3,002
• After-tax cash flow: $20,819/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: Shawnee Mission Pub Schools
• NCES district ID: 2011640
• Math proficiency: 38% ▼ -6.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $64,923
• Composite: 37.55/100
• National rank: #4391
• State rank: #22 of 169 in KS

Livability — Lenexa

• Score: 87/100
• State rank: #3
• US rank: #317

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lenexa, KS
• County: Johnson County · 574,662 people
• City population: 57,609
• Metro: Kansas City, MO-KS
• Population (ZIP): 13,519
• Household income: $94,124
• Rent vs Own: 65.6% rent · 34.4% own
• Severe rent burden: 542.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 663,396 people
• By 2030: 702,585 · +5.9%
• By 2040: 775,386 · +16.9%
• By 2050: 841,772 · +26.9%
• By 2075: 994,137 · +49.9%
• By 2100: 1,073,036 · +61.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 11% Two or more races 11% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 4% Italian 3% Romanian 3%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Lean D (+8.5) · D 53.4% · R 44.9% · Other 1.8%
• 2008→2024 swing: +17.5pp toward D · 2008: -9.0pp · 2024: 8.5pp
• All cycles: 2024: D+8.5 2020: D+8.2 2016: R+2.7 2012: R+17.8 2008: R+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.61%
• Current HPI: 238.2378
• Rent YoY: ▲ 1.20%
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-04-27 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-14 Coming Soon $747,500 Heartland MLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $6,798 · +8.0% YoY. Source: county tax records.