531 Osage St · Manhattan, KS 66502

$150,000

4 bd · 3.0 ba · 1,546 sqft · MultiFamily public records · 3 Days on market

Built 1890 6,500 sqft lot

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 6,500 sq ft lot
• Built 1890
• Listed 3 days

Property features AI

Exterior

• Home design: Single-family residence; Two levels
• Construction: Built with unknown construction materials
• Exterior features: Other exterior features; No fencing; No pool

Interior

• Kitchen: Oven, Range, Refrigerator
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Other interior features; Oven, Range, Refrigerator; Basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodrow Wilson Elem (math 37% / reading 52%, grade F, #228 of 684 statewide, top 38%, 219 students, 52% FRL); Dwight D Eisenhower Middle School (math 27% / reading 33%, grade F, #64 of 219 statewide, top 32%, 740 students, 46% FRL); Manhattan High School West/East Campus (math 30% / reading 38%, grade F, #45 of 327 statewide, top 14%, 1,954 students, 35% FRL) — zoned schools average 45% FRL vs 29% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 341 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• At $2,912/mo this rent would consume 64% of the median local household income ($55k/yr) (locally 3089% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $150k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.94% ✓
• Cap rate: 15.93%
• Cash-on-cash: 34.43%
• DSCR: 2.53
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.02% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.47×
• Total profit: $61,645
• Equity at exit: $22,365

10-year hold

• IRR: 42.0%
• Equity multiple: 5.59×
• Total profit: $192,640
• Equity at exit: $12,969

Cash invested: $42,000 (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 66502

• Rents YoY: 6.0%
• Active inventory: 341
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,912 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$246 /mo · $2,955/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $1,205

Break-even live

Break-even rent $1,387

Max offer price $150,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,290	-5% $1,248	+0% $1,205	+5% $1,163	+10% $1,120
Rent	-10% $975	-5% $1,090	+0% $1,205	+5% $1,320	+10% $1,435
Rate	-1.0pp $1,281	-0.5pp $1,243	base $1,205	+0.5pp $1,166	+1.0pp $1,127

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,913
Total (3 units)			$2,912

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-13
   status Pending
2. 2026-05-10
   listed $150,000 Active
3. 2023-10-06
   historical $660
4. 2023-08-31
   listed $660
5. 2004-02-01
   soldstatus $90,000
6. 2002-05-01
   soldstatus $66,000
7. 1997-03-01
   soldstatus $65,000

ⓘ 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: $2,955 · $246/mo
• Projected year-2 tax: $2,955 · $246/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 16 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: $34,944
• − Mortgage interest: −$8,402
• − Property taxes: −$2,955
• − Insurance: −$750
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − Depreciation: −$4,364
• Taxable income: $12,882
• Est. tax owed @ 24.0%: −$3,092
• After-tax cash flow: $11,370/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 43,693
• Household income: $54,833
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 3089.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.54%
• Current HPI: 172.7795
• Rent YoY: ▲ 6.02%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+130.8% since first listed

7 events — show timeline

• 2026-05-13 Pending — FHAOR as distributed by MLS GRID
• 2026-05-10 Listed $150,000 FHAOR as distributed by MLS GRID
• 2023-10-06 Rental Removed $660 APPFOLIO
• 2023-08-31 Listed for Rent $660 APPFOLIO
• 2004-02-01 Sold (Public Records) $90,000 Public Records
• 2002-05-01 Sold (Public Records) $66,000 Public Records
• 1997-03-01 Sold (Public Records) $65,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,955 · +11.9% YoY. Source: county tax records.