1102 N 4th St · Lansing, KS 66043

$600,000

104 bd · 2.0 ba · 3,200 sqft · MultiFamily public records · 257 Days on market

Built 1978 0.34 ac lot

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Why this score? — see what drove the D 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
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• 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: 13 units. confirmed

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.

Listing remarks MLS

95% occupancy rate makes this a great investment opportunity. Six unit apartment building. Four 1 bedroom units and two 2 bedroom with Laundry On The Premises. Off Street Parking. Well Maintained. Prime Location on the east side of K-7, just about 15 minutes from Ft LVN. Close to Shopping locally and in KC. By Appointment Only. 24 Hour Notice Required. Call COOP. Please give 24 hour notice for the greatest opportunity to see all units at the same showing. No pets on site. Lease Agreements will be made available with an accepted offer.

Key facts

• 0.34 acre lot
• 6 parking spots
• Built 1978

Property features AI

Finance

• Other: Total of 6 units with over 95% current occupancy
• Financial info: Operating expenses include other items

Exterior

• Parking: Off-street paved parking for 6 vehicles
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Independent water heaters; Separate meters
• Home design: Residential income property (apartment); Two-story building; Zoned R
• Construction: Frame construction; Composition roof
• Exterior features: Paved roads with public maintenance; Private entrances; Paved exterior surfaces

Interior

• Kitchen: Range/oven in units; Refrigerator in units
• Bedrooms: Two 2-bedroom units; Four 1-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating (natural gas); Electric cooling
• Interior features: Private entrances; Smoke detectors
• Laundry & utility: Central laundry; Individual water heaters; Separate utility meters

What this means for you Summary

Snapshot

• This is a 13 × 8-bed/6.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $17k ($205k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 40.4% vs local median 3.5% in Lansing — 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 76/100 on livability (#52 in KS, #3,637 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lansing (town): math 32% / reading 45% proficiency, ranked #25 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lansing Elementary School (math 42% / reading 37%, grade F, #321 of 684 statewide, top 52%, 762 students, 40% FRL); Lansing Middle 6-8 (math 29% / reading 46%, grade F, #35 of 219 statewide, top 16%, 635 students, 33% FRL); Lansing High 9-12 (math 23% / reading 36%, grade F, #60 of 327 statewide, top 24%, 870 students, 25% FRL).
• Market conditions: 53 active listings in the ZIP; solid renter incomes; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).
• At $26,385/mo this rent would consume 307% of the median local household income ($103k/yr) (locally 154% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 257 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Recommended offer $528,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 4.40% ✓
• Cap rate: 40.38%
• Cash-on-cash: 121.74%
• DSCR: 6.42
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.88×
• Total profit: $988,435
• Equity at exit: $89,462

10-year hold

• IRR: —
• Equity multiple: 14.45×
• Total profit: $2,259,190
• Equity at exit: $51,877

Cash invested: $168,000 (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 66043

• Home prices YoY: -17.8%
• Active inventory: 53
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $26,385 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$405 /mo · $4,857/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,541
• Net cashflow: $17,043

Break-even live

Break-even rent $4,812

Max offer price $600,000

Occupancy floor 30%

Sensitivity live

Price	-10% $17,383	-5% $17,213	+0% $17,043	+5% $16,873	+10% $16,703
Rent	-10% $14,959	-5% $16,001	+0% $17,043	+5% $18,085	+10% $19,127
Rate	-1.0pp $17,345	-0.5pp $17,196	base $17,043	+0.5pp $16,887	+1.0pp $16,729

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

Units	Beds	Baths	Est. rent
▸ 13× units	8	6	$26,390
Total (13 units)			$26,385

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $600,000 Active 257 DOM
2. 2026-06-18
   days on market $600,000 Active 254 DOM
3. 2026-06-17
   days on market $600,000 Active 253 DOM
4. 2026-06-16
   days on market $600,000 Active 252 DOM
5. 2026-06-15
   days on market $600,000 Active 251 DOM
6. 2026-06-13
   days on market $600,000 Active 249 DOM
7. 2026-06-13
   days on market $600,000 Active 248 DOM
8. 2026-06-09
   days on market $600,000 Active 245 DOM
9. 2026-06-08
   days on market $600,000 Active 244 DOM
10. 2026-06-07
    days on market $600,000 Active 243 DOM
11. 2026-06-03
    days on market $600,000 Active 239 DOM
12. 2026-06-02
    days on market $600,000 Active 238 DOM
13. 2026-06-01
    days on market $600,000 Active 237 DOM
14. 2026-05-31
    days on market $600,000 Active 236 DOM
15. 2025-12-31
    status Active
16. 2025-12-18
    historical
17. 2025-12-11
    status Active
18. 2025-10-06
    status Pending
19. 2025-07-21
    listed $600,000 Active
20. 2025-07-18
    historical $600,000
21. 2018-06-07
    soldstatus Sold 540-char remark

    Show marketing remark (540 chars)

    95% occupancy rate makes this a great investment opportunity. Six unit apartment building. Four 1 bedroom units and two 2 bedroom with Laundry On The Premises. Off Street Parking. Well Maintained. Prime Location on the east side of K-7, just about 15 minutes from Ft LVN. Close to Shopping locally and in KC. By Appointment Only. 24 Hour Notice Required. Call COOP. Please give 24 hour notice for the greatest opportunity to see all units at the same showing. No pets on site. Lease Agreements will be made available with an accepted offer.

22. 2018-05-09
    status Pending 540-char remark

    Show marketing remark (540 chars)

    95% occupancy rate makes this a great investment opportunity. Six unit apartment building. Four 1 bedroom units and two 2 bedroom with Laundry On The Premises. Off Street Parking. Well Maintained. Prime Location on the east side of K-7, just about 15 minutes from Ft LVN. Close to Shopping locally and in KC. By Appointment Only. 24 Hour Notice Required. Call COOP. Please give 24 hour notice for the greatest opportunity to see all units at the same showing. No pets on site. Lease Agreements will be made available with an accepted offer.

23. 2018-03-26
    listed $225,000 Active 540-char remark

    Show marketing remark (540 chars)

    95% occupancy rate makes this a great investment opportunity. Six unit apartment building. Four 1 bedroom units and two 2 bedroom with Laundry On The Premises. Off Street Parking. Well Maintained. Prime Location on the east side of K-7, just about 15 minutes from Ft LVN. Close to Shopping locally and in KC. By Appointment Only. 24 Hour Notice Required. Call COOP. Please give 24 hour notice for the greatest opportunity to see all units at the same showing. No pets on site. Lease Agreements will be made available with an accepted offer.

ⓘ 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: $4,857 · $405/mo
• Projected year-2 tax: $8,460 · $705/mo
• Expected delta: +$3,603/yr (+$300/mo · 74.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 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: $316,620
• − Mortgage interest: −$33,609
• − Property taxes: −$4,857
• − Insurance: −$3,000
• − Repairs & maintenance: −$25,330
• − Management: −$25,330
• − Depreciation: −$17,455
• Taxable income: $207,040
• Est. tax owed @ 24.0%: −$49,690
• After-tax cash flow: $154,826/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: Lansing
• NCES district ID: 2008340
• Math proficiency: 32% ▼ -3.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $82,125
• Composite: 36.27/100
• National rank: #4703
• State rank: #25 of 169 in KS

Livability — Lansing

• Score: 76/100
• State rank: #52
• US rank: #3637

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, KS
• County: Leavenworth County · 57,713 people
• City population: 11,056
• Metro: Kansas City, MO-KS
• Population (ZIP): 11,056
• Household income: $103,060
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 154.0

Population outlook (Leavenworth County) Hauer SSP2

• Today (2025): 85,138 people
• By 2030: 87,518 · +2.8%
• By 2040: 91,715 · +7.7%
• By 2050: 95,304 · +11.9%
• By 2075: 103,750 · +21.9%
• By 2100: 101,230 · +18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 11% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Leavenworth

• 2024 margin: Strong R (+22.8) · D 37.6% · R 60.4% · Other 2.1%
• 2008→2024 swing: -11.2pp toward R · 2008: -11.6pp · 2024: -22.8pp
• All cycles: 2024: R+22.8 2020: R+21.1 2016: R+24.7 2012: R+20.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.88%
• Current HPI: 192.7951
• Rent YoY: —
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

+166.7% since first listed

9 events — show timeline

• 2025-12-31 Relisted — Heartland MLS as Distributed by MLS Grid
• 2025-12-18 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-12-11 Relisted — Heartland MLS as Distributed by MLS Grid
• 2025-10-06 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-07-21 Listed $600,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-18 Coming Soon $600,000 Heartland MLS as Distributed by MLS Grid
• 2018-06-07 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2018-05-09 Pending — Heartland MLS as Distributed by MLS Grid
• 2018-03-26 Listed $225,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2025): $4,857 · +7.1% YoY. Source: county tax records.