1117 SW Horne St · Topeka, KS 66604

$88,900

3 bd · 2.0 ba · 1,884 sqft · SingleFamily public records · 55 Days on market

Built 1920 8,276 sqft lot Est $154k · 42% 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 +9.4/10.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rehabbing project. Selling as is, where is. 3 bedroom, 2 bath 1.5 story home. Home seems solid. Had family living in it until ready to sell it. Could be a rental with some simple projects or a major upgrade.

Key facts

• Brand new ductwork
• Brand new furnace
• Hardwood floors

Tags

• BRAND NEW DUCTWORK
• BRAND NEW FURNACE
• TWO NEW CENTRAL AIR UNITS
• FULL TWO ZONE CLIMATE SYSTEM
• HARDWOOD FLOORS
• CUSTOM WOODWORK

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Wood siding and plaster exterior; Built with a concrete basement foundation
• Exterior features: Lot sized approximately 0.19 acres; Subdivision: Stillsons/Barth

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Fireplace insert heating; Central air conditioning
• Interior features: Hardwood floors; Living room fireplace with an insert; Basement with concrete construction
• Laundry & utility: Laundry located in the basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/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: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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-, 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: Lowman Hill Elem (math 17% / reading 22%, grade F, #593 of 684 statewide, top 89%, 308 students, 88% FRL); Landon Middle School (math 15% / reading 27%, grade F, #142 of 219 statewide, top 65%, 457 students, 68% FRL); Topeka High (math 11% / reading 20%, grade F, #248 of 327 statewide, top 76%, 1,514 students, 72% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 131 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 + 4.4% 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 55 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,233 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 11.24%
• Cash-on-cash: 17.68%
• DSCR: 1.79
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $154,488
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1281 Buchanan St	0.49mi	3/2.0	1,983 (+5%)	6mo	$162,000	$82	63
1020 / 1024 SW Fillmore St	0.45mi	3/1.0	1,630 (-14%)	2mo	$124,000	$76	51
801 SW Lindenwood Ave	0.54mi	4/2.0 (+1)	2,052 (+9%)	7mo	$124,900	$61	49
1216 SW Woodward Ave	0.43mi	3/1.5	1,690 (-10%)	18mo	$169,900	$101	46

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 · 4.39% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.43×
• Total profit: $10,806
• Equity at exit: $13,255

10-year hold

• IRR: 21.0%
• Equity multiple: 2.90×
• Total profit: $47,314
• Equity at exit: $7,686

Cash invested: $24,892 (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 66604

• Rents YoY: 4.4%
• Active inventory: 131
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,282 high
• Mortgage (P&I): −$466
• Tax from tax record: −$143 /mo · $1,715/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $367

Break-even live

Break-even rent $818

Max offer price $88,900

Occupancy floor 66%

Sensitivity live

Price	-10% $417	-5% $392	+0% $367	+5% $342	+10% $316
Rent	-10% $265	-5% $316	+0% $367	+5% $417	+10% $468
Rate	-1.0pp $411	-0.5pp $389	base $367	+0.5pp $344	+1.0pp $320

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: $22,225
• Closing costs: $2,667
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	22d	1	0.38mi
1275 SW Mulvane St Topeka, KS	3.0	1.5	1791	$1,350	$0.75	22d	1	0.44mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	22d	1	0.65mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	22d	1	0.66mi
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	22d	1	0.82mi
1647 SW Buchanan St Topeka, KS	3.0	2.0	1550	$1,395	$0.90	22d	1	0.85mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	22d	1	1.01mi
111 NW Quinton Ave Topeka, KS	3.0	1.5	1232	$1,045	$0.85	22d	1	1.14mi
1936 SW Clay St Topeka, KS	3.0	1.0	1572	$1,000	$0.64	22d	1	1.17mi
703 SW Parkview St Topeka, KS	3.0	2.0	1922	$1,995	$1.04	22d	1	1.45mi

Listing history 29 events

1. 2026-06-21
   days on market $88,900 Active 55 DOM
2. 2026-06-19
   days on market $88,900 Active 53 DOM
3. 2026-06-18
   days on market $88,900 Active 52 DOM
4. 2026-06-17
   days on market $88,900 Active 51 DOM
5. 2026-06-16
   days on market $88,900 Active 50 DOM
6. 2026-06-15
   days on market $88,900 Active 49 DOM
7. 2026-06-14
   days on market $88,900 Active 47 DOM
8. 2026-06-13
   days on market $88,900 Active 46 DOM
9. 2026-06-10
   days on market $88,900 Active 44 DOM
10. 2026-06-09
    days on market $88,900 Active 43 DOM
11. 2026-06-08
    days on market $88,900 Active 42 DOM
12. 2026-06-07
    days on market $88,900 Active 41 DOM
13. 2026-06-02
    days on market $88,900 Active 36 DOM
14. 2026-06-01
    days on market $88,900 Active 35 DOM
15. 2026-05-31
    days on market $88,900 Active 34 DOM
16. 2026-05-30
    days on market $88,900 Active 33 DOM
17. 2026-05-12
    price $88,900
18. 2026-04-27
    listed $91,900 Active
19. 2026-04-23
    historical
20. 2026-04-20
    price $101,900
21. 2026-04-14
    status Active
22. 2026-03-28
    status Pending
23. 2026-03-27
    price $119,900
24. 2026-03-24
    listed $89,900 Active
25. 2023-03-28
    soldstatus
26. 2023-03-27
    soldstatus Closed 207-char remark

    Show marketing remark (207 chars)

    Rehabbing project. Selling as is, where is. 3 bedroom, 2 bath 1.5 story home. Home seems solid. Had family living in it until ready to sell it. Could be a rental with some simple projects or a major upgrade.

27. 2023-03-23
    status Pending 207-char remark

    Show marketing remark (207 chars)

    Rehabbing project. Selling as is, where is. 3 bedroom, 2 bath 1.5 story home. Home seems solid. Had family living in it until ready to sell it. Could be a rental with some simple projects or a major upgrade.

28. 2023-03-03
    listed $39,900 Active 207-char remark

    Show marketing remark (207 chars)

    Rehabbing project. Selling as is, where is. 3 bedroom, 2 bath 1.5 story home. Home seems solid. Had family living in it until ready to sell it. Could be a rental with some simple projects or a major upgrade.

29. 2019-08-14
    soldstatus

ⓘ 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: $1,715 · $143/mo
• Projected year-2 tax: $1,715 · $143/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,385
• − Mortgage interest: −$4,980
• − Property taxes: −$1,715
• − Insurance: −$444
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$2,586
• Taxable income: $3,198
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $3,633/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): 23,006
• Household income: $60,874
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 1192.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 15% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1% Other Indo-European 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: ▼ -151.78%
• Current HPI: 227.637
• Rent YoY: ▲ 4.39%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+122.8% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $88,900 Sunflower MLS as distributed by MLS GRID
• 2026-04-27 Listed $91,900 Sunflower MLS as distributed by MLS GRID
• 2026-04-23 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $101,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-14 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-03-28 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $119,900 Heartland MLS as Distributed by MLS Grid
• 2026-03-24 Listed $89,900 Heartland MLS as Distributed by MLS Grid
• 2023-03-28 Sold (Public Records) — Public Records
• 2023-03-27 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2023-03-23 Pending — Sunflower MLS as distributed by MLS GRID
• 2023-03-03 Listed $39,900 Sunflower MLS as distributed by MLS GRID
• 2019-08-14 Sold (Public Records) — Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,715 · +7.3% YoY. Source: county tax records.