511 SW Buchanan St · Topeka, KS 66606

$89,000

4 bd · 2.0 ba · 1,578 sqft · SingleFamily public records · 411 Days on market

Built 1900 5,663 sqft lot Est $120k · 26% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

NEW Roof November 2025. An opportunity awaits for a first-time homebuyer or investor. Units have generated consistent rental income over the years. The bottom unit has undergone a complete remodel. Lower apartments offer washer/dryer hookups, off-street parking, or garage parking. The top unit has undergone updates, including new stairs leading to the top floor. Call Today to schedule a showing.

Key facts

• Recent upgrades
• Off street parking
• 5,663 sq ft lot

Tags

• RECENT UPGRADES
• WASHER DRYER HOOK UPS
• OFF STREET PARKING

Property features AI

Finance

• Financial info: $973.52 annual tax

Exterior

• Parking: Garage; On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property
• Construction: Vinyl siding; Composition roof
• Exterior features: 30 x 150 lot; Zoned M-1 (Two Family); Subdivision: Hornes Add & 2

Interior

• Kitchen: Refrigerator; Range
• Heating & cooling: Window unit cooling
• Interior features: Separate gas meters

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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-, crime F, commute F.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Meadows Elementary (math 27% / reading 27%, grade F, #507 of 684 statewide, top 78%, 417 students, 85% FRL); Robinson Middle School (math 10% / reading 19%, grade F, #180 of 219 statewide, top 83%, 360 students, 84% FRL); Highland Park High (math 8% / reading 12%, grade F, #306 of 327 statewide, top 95%, 857 students, 85% FRL) — zoned schools average 85% FRL vs 69% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 67 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 411 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $26k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $89k implies a 790% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 411 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.37% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.81
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $119,928
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1020 / 1024 SW Fillmore St	0.60mi	3/1.0 (-1)	1,630 (+3%)	2mo	$124,000	$76	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 9.7%
• Equity multiple: 1.38×
• Total profit: $9,514
• Equity at exit: $13,270

10-year hold

• IRR: 18.8%
• Equity multiple: 2.57×
• Total profit: $39,115
• Equity at exit: $7,695

Cash invested: $24,920 (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 66606

• Home prices YoY: -34.5%
• Active inventory: 67
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,223 high
• Mortgage (P&I): −$467
• Tax from tax record: −$87 /mo · $1,040/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $376

Break-even live

Break-even rent $747

Max offer price $89,000

Occupancy floor 64%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	21d	1	0.15mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	21d	1	0.39mi
111 NW Quinton Ave Topeka, KS	3.0	1.5	1232	$1,045	$0.85	21d	1	0.48mi
520 SW 5th St Topeka, KS	4.0	1.0	1224	$1,250	$1.02	21d	1	0.53mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	21d	1	0.74mi
1275 SW Mulvane St Topeka, KS	3.0	1.5	1791	$1,350	$0.75	21d	1	1.12mi
1415 SW Western Ave Topeka, KS	4.0	1.0	1190	$1,400	$1.18	21d	1	1.17mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	21d	1	1.37mi
1647 SW Buchanan St Topeka, KS	3.0	2.0	1550	$1,395	$0.90	21d	1	1.39mi
1116 SW 18th St Topeka, KS	3.0	1.0	1105	$1,175	$1.06	21d	1	1.49mi

Listing history 25 events

1. 2026-06-19
   days on market $89,000 Active 411 DOM
2. 2026-06-18
   days on market $89,000 Active 410 DOM
3. 2026-06-17
   days on market $89,000 Active 409 DOM
4. 2026-06-16
   days on market $89,000 Active 408 DOM
5. 2026-06-15
   days on market $89,000 Active 407 DOM
6. 2026-06-14
   days on market $89,000 Active 405 DOM
7. 2026-06-13
   days on market $89,000 Active 404 DOM
8. 2026-06-10
   days on market $89,000 Active 402 DOM
9. 2026-06-09
   days on market $89,000 Active 401 DOM
10. 2026-06-08
    days on market $89,000 Active 400 DOM
11. 2026-06-07
    days on market $89,000 Active 399 DOM
12. 2026-06-02
    days on market $89,000 Active 394 DOM
13. 2026-06-01
    days on market $89,000 Active 393 DOM
14. 2026-05-31
    days on market $89,000 Active 392 DOM
15. 2026-05-30
    days on market $89,000 Active 391 DOM
16. 2026-05-09
    status Active
17. 2026-05-09
    price $89,000
18. 2026-05-01
    historical
19. 2025-12-11
    price $99,000
20. 2025-10-28
    status Active
21. 2025-10-26
    historical
22. 2025-08-20
    price $105,000
23. 2025-06-09
    price $110,000
24. 2025-04-26
    listed $115,000 Active
25. 2001-04-01
    soldstatus $10,000

ⓘ 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: $1,040 · $87/mo
• Projected year-2 tax: $1,255 · $105/mo
• Expected delta: +$215/yr (+$18/mo · 20.7%)

ⓘ 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 1/10 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: $14,677
• − Mortgage interest: −$4,985
• − Property taxes: −$1,040
• − Insurance: −$445
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − Depreciation: −$2,589
• Taxable income: $3,269
• Est. tax owed @ 24.0%: −$785
• After-tax cash flow: $3,725/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 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
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 9,842
• Household income: $57,169
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 521.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -120.02%
• Current HPI: 227.5883
• Rent YoY: —
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+790.0% since first listed

10 events — show timeline

• 2026-05-09 Relisted — Sunflower MLS as distributed by MLS GRID
• 2026-05-09 Price Changed $89,000 Sunflower MLS as distributed by MLS GRID
• 2026-05-01 Delisted — Sunflower MLS as distributed by MLS GRID
• 2025-12-11 Price Changed $99,000 Sunflower MLS as distributed by MLS GRID
• 2025-10-28 Relisted — Sunflower MLS as distributed by MLS GRID
• 2025-10-26 Delisted — Sunflower MLS as distributed by MLS GRID
• 2025-08-20 Price Changed $105,000 Sunflower MLS as distributed by MLS GRID
• 2025-06-09 Price Changed $110,000 Sunflower MLS as distributed by MLS GRID
• 2025-04-26 Listed $115,000 Sunflower MLS as distributed by MLS GRID
• 2001-04-01 Sold (Public Records) $10,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,040 · +6.8% YoY. Source: county tax records.