1159 SW Plass Ave · Topeka, KS 66604

$94,999

3 bd · 2.0 ba · 868 sqft · SingleFamily public records · 46 Days on market

Built 1920 4,356 sqft lot Est $125k · 24% under

---

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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.3/10.0
• 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

Own your very own bungalow. This home offers one of those opportunities where the price of a home is more affordable than rent for you or your student. Or it's a move-in ready investment opportunity. The main floor has two bedrooms with new carpet and two full baths. The laundry is located in one of those bathrooms which also has a low threshold shower. Your cat or your plants can bask in the sun on the window seat in the living room while you bask in the sun on the covered front porch. The second floor is carpeted and has a large walk-in closet and a long, narrow L-shaped bedroom. (The second-floor measurements do not deduct for ceilings lower than 7 feet. ) There are updates throughout, i

Key facts

• Covered front porch
• Fenced back yard
• Low threshold shower

Tags

• MOVE-IN READY INVESTMENT
• LOW THRESHOLD SHOWER
• WINDOW SEAT
• COVERED FRONT PORCH
• LARGE WALK-IN CLOSET
• FENCED BACK YARD

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Frame construction
• Construction: Frame construction
• Exterior features: Chain link fencing; Lot approx. 0.1 acre

Interior

• Kitchen: Refrigerator
• Flooring: Hardwood; Ceramic tile; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Eat-in kitchen; Has basement (partial; block foundation and crawl space)
• Laundry & utility: Laundry on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 13 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 $657 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 $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $92,149 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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: 1.13% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $124,992
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
714 SW Macvicar Ave	0.56mi	2/1.0 (-1)	846 (-2%)	14mo	$121,900	$144	49

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,446
• Equity at exit: $14,165

10-year hold

• IRR: 12.3%
• Equity multiple: 2.03×
• Total profit: $27,367
• Equity at exit: $8,214

Cash invested: $26,600 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,073 high
• Mortgage (P&I): −$498
• Tax from tax record: −$69 /mo · $830/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $241

Break-even live

Break-even rent $768

Max offer price $94,999

Occupancy floor 73%

Sensitivity live

Price	-10% $295	-5% $268	+0% $241	+5% $214	+10% $187
Rent	-10% $156	-5% $198	+0% $241	+5% $283	+10% $326
Rate	-1.0pp $289	-0.5pp $265	base $241	+0.5pp $216	+1.0pp $191

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1027 SW Woodward Ave Topeka, KS	3.0	1.0	864	$1,195	$1.38	22d	1	0.24mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	22d	1	0.66mi
1516 SW 17th St Topeka, KS	2.0	1.0	699	$735	$1.05	22d	1	0.78mi
1436 SW Byron St Topeka, KS	2.0	1.0	900	$720	$0.80	22d	1	0.78mi
1623 SW Campbell Ave Topeka, KS	2.0	1.0	828	$1,100	$1.33	22d	1	0.84mi
1116 SW 18th St Topeka, KS	3.0	1.0	1105	$1,175	$1.06	22d	1	1.04mi
1900 SW Washburn Ave Topeka, KS	2.0	1.0	883	$890	$1.01	22d	1	1.05mi
1926 SW Washburn Ave Topeka, KS	2.0	1.0	600	$650	$1.08	22d	1	1.07mi
2045 SW Macvicar Ave Topeka, KS	2.0	2.0	860	$875	$1.02	22d	1	1.18mi
721 SW Polk St Topeka, KS	2.0	1.0	691	$599	$0.87	22d	1	1.22mi
512 SW 14th St Topeka, KS	2.0	1.0	815	$895	$1.10	22d	1	1.22mi
2409 SW 21st St Topeka, KS	3.0	1.0	890	$850	$0.96	22d	1	1.23mi
1438 SW Van Buren St Apt 4 Topeka, KS	2.0	1.0	700	$825	$1.18	22d	1	1.45mi

Listing history 7 events

1. 2026-05-19
   status Pending
2. 2026-04-21
   price $94,999
3. 2026-04-03
   listed $98,900 Active
4. 2025-08-19
   price $95,900
5. 2020-03-05
   listed $71,500
6. 2020-03-05
   listed $71,500
7. 2007-05-08
   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: $830 · $69/mo
• Projected year-2 tax: $1,339 · $112/mo
• Expected delta: +$510/yr (+$42/mo · 61.4%)

ⓘ 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: $12,876
• − Mortgage interest: −$5,321
• − Property taxes: −$830
• − Insurance: −$475
• − Repairs & maintenance: −$1,030
• − Management: −$1,030
• − Depreciation: −$2,764
• Taxable income: $1,426
• Est. tax owed @ 24.0%: −$342
• After-tax cash flow: $2,547/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

+32.9% since first listed

7 events — show timeline

• 2026-05-19 Pending — Sunflower MLS as distributed by MLS GRID
• 2026-04-21 Price Changed $94,999 Sunflower MLS as distributed by MLS GRID
• 2026-04-03 Listed $98,900 Sunflower MLS as distributed by MLS GRID
• 2025-08-19 Price Changed $95,900 Sunflower MLS as distributed by MLS GRID
• 2020-03-05 Listed $71,500 Sunflower MLS as distributed by MLS GRID
• 2020-03-05 Listed $71,500 Lawrence MLS as distributed by MLS GRID
• 2007-05-08 Sold (Public Records) — Public Records

Property tax history

+0.9%/yr

Latest (2025): $830 · +14.4% YoY. Source: county tax records.