15925/15927 W 91st Ter

Lenexa, KS 66219

$747,500C+

6 bd · 5.0 ba · 3,346 sqft · Built 1998 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,776/mo
• Mortgage (P&I): −$3,920
• Tax + insurance: −$878
• HOA: −$150
• Vac / Maint / Mgmt: −$1,843
• Net cashflow: $1,985/mo
• Annual: $23,821/yr
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• 1% rule: 1.17%
• Cash to close: $209,300

Investor read

• This is a 6-bed/5.0-bath multifamily listed at $748k.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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); Westridge Middle (math 15% / reading 23%, grade F, #159 of 219 statewide, top 73%, 811 students, 58% FRL) — zoned schools average 47% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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).
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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.
• 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?
• 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.