1735 NW Lyman Rd #23 · Topeka, KS 66608

$10,700

2 bd · 1.0 ba · 952 sqft · Manufactured · 21 Days on market

Built 2026

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1.5 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a swimming pool, community events, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 20 days

Property features AI

Finance

• Other: Living area approx. 952 (unit of measure not shown in interior/exterior sections)
• Financial info: List price available
• HOA & community: HOA information not provided

Exterior

• Parking: Parking information not provided
• Security: Security details not provided
• Utilities: Natural gas available; Central air for cooling
• Home design: Spec home (plan 92519); Active listing
• Construction: Construction details not provided
• Exterior features: Unit at 1735 NW Lyman Rd #23, Topeka KS 66608

Interior

• Kitchen: Standard kitchen (appliances not specified)
• Bedrooms: 2 bedrooms
• Flooring: Flooring details not provided
• Bathrooms: 1 bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Open living area
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $11k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $11k).
• Recommended offer: $11k (1.5% below list) — sets the bar for market timing.
• Cap rate 94.2% vs local median 4.3% in Topeka — 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 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, crime F.
• Seaman (suburban): math 32% / reading 37% proficiency, ranked #51 of 169 in KS (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• In year one you build about $613 of equity ($74 loan paydown + $539 appreciation (5.0% local appreciation)).
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($11k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $10,539 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 10.15% ✓
• Cap rate: 94.22%
• Cash-on-cash: 314.04%
• DSCR: 14.97
• GRM: 0.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 17.10×
• Total profit: $48,250
• Equity at exit: $6,087

10-year hold

• IRR: —
• Equity multiple: 36.53×
• Total profit: $106,447
• Equity at exit: $10,526

Cash invested: $2,996 (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 66608

• Home prices YoY: 2.3%
• Active inventory: 32
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,086 medium
• Mortgage (P&I): −$56
• Tax est. 1.5%: −$13 /mo · $160/yr
• Insurance: −$4
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $718

Break-even live

Break-even rent $178

Max offer price $10,700

Occupancy floor 29%

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: $2,675
• Closing costs: $321
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1700 NW Polk St Topeka, KS	3.0	1.0	988	$1,350	$1.37	21d	1	0.86mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	21d	1	0.90mi
1920 NW Wilcox Ct Unit 1920 Topeka, KS	3.0	2.0	1000	$850	$0.85	21d	1	1.37mi

Listing history 14 events

1. 2026-06-19
   days on market $10,700 Active 21 DOM
2. 2026-06-18
   days on market $10,700 Active 20 DOM
3. 2026-06-17
   days on market $10,700 Active 19 DOM
4. 2026-06-16
   days on market $10,700 Active 18 DOM
5. 2026-06-15
   days on market $10,700 Active 17 DOM
6. 2026-06-14
   days on market $10,700 Active 15 DOM
7. 2026-06-13
   days on market $10,700 Active 14 DOM
8. 2026-06-10
   days on market $10,700 Active 12 DOM
9. 2026-06-09
   days on market $10,700 Active 11 DOM
10. 2026-06-08
    days on market $10,700 Active 10 DOM
11. 2026-06-07
    days on market $10,700 Active 9 DOM
12. 2026-06-02
    days on market $10,700 Active 4 DOM
13. 2026-06-01
    days on market $10,700 Active 3 DOM
14. 2026-05-31
    days on market $10,700 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,033
• − Mortgage interest: −$599
• − Property taxes: −$160
• − Insurance: −$851
• − Repairs & maintenance: −$1,043
• − Management: −$1,043
• − Depreciation: −$311
• Taxable income: $9,026
• Est. tax owed @ 24.0%: −$2,166
• After-tax cash flow: $6,445/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: Seaman
• NCES district ID: 2011490
• Math proficiency: 32% ▼ -5.00%
• Reading proficiency: 37% ▬ 0.00%
• Median HH income: $65,842
• Composite: 31.43/100
• National rank: #5985
• State rank: #51 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• City population: 118,130
• Population (ZIP): 4,789

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Romanian 2% Iranian 2%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Korean 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.04%
• Current HPI: 223.2676
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0