2914 SE Walnut Dr · Topeka, KS 66605

$195,000

3 bd · 2.5 ba · 1,901 sqft · MultiFamily public records · 21 Days on market

Built 1996

---

Why this score? — see what drove the C+ 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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great opportunity for sweat equity in this half duplex home in SE Topeka. Two bedrooms on the main and 1 in the basement, 2.5 baths, 2 car attached garage, privacy fenced yard, back deck and more. Call today!

Key facts

• Back deck
• Big closets
• Privacy fenced yard

Tags

• BIG CLOSETS
• PRIVACY FENCED YARD
• BACK DECK

Property features AI

Exterior

• Home design: Built in 1996
• Construction: Living area approximately 1050
• Exterior features: Located in the East Topeka subdivision

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive. Per door: $290/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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-, schools D-, crime F.
• Shawnee Heights (rural): math 27% / reading 30% proficiency, ranked #90 of 169 in KS (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 52 active listings in the ZIP; 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• At $2,443/mo this rent would consume 50% of the median local household income ($59k/yr) (locally 490% 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 $6k 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 $55k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $17k; list at $195k implies a 1054% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $192,075 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.76%
• DSCR: 1.57
• GRM: 6.7

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $5,414
• Equity at exit: $29,075

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $52,479
• Equity at exit: $16,860

Cash invested: $54,600 (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 66605

• Active inventory: 52
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,443 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$246 /mo · $2,947/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $581

Break-even live

Break-even rent $1,708

Max offer price $195,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$2,442
Total (2 units)			$2,443

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-16
   status $195,000 Under Contract 21 DOM
2. 2026-06-15
   days on market $195,000 Active 21 DOM
3. 2026-06-14
   days on market $195,000 Active 19 DOM
4. 2026-06-13
   days on market $195,000 Active 18 DOM
5. 2026-06-10
   days on market $195,000 Active 16 DOM
6. 2026-06-09
   days on market $195,000 Active 15 DOM
7. 2026-06-08
   days on market $195,000 Active 14 DOM
8. 2026-06-07
   days on market $195,000 Active 13 DOM
9. 2026-06-05
   days on market $195,000 Active 10 DOM
10. 2026-06-03
    days on market $195,000 Active 9 DOM
11. 2026-06-02
    days on market $195,000 Active 8 DOM
12. 2026-06-01
    days on market $195,000 Active 7 DOM
13. 2026-05-31
    days on market $195,000 Active 6 DOM
14. 2026-05-30
    days on market $195,000 Active 5 DOM
15. 2026-05-25
    listed $195,000 Active
16. 2024-05-21
    soldstatus
17. 2024-05-17
    soldstatus Closed 208-char remark

    Show marketing remark (208 chars)

    Great opportunity for sweat equity in this half duplex home in SE Topeka. Two bedrooms on the main and 1 in the basement, 2.5 baths, 2 car attached garage, privacy fenced yard, back deck and more. Call today!

18. 2024-04-08
    status Pending 208-char remark

    Show marketing remark (208 chars)

    Great opportunity for sweat equity in this half duplex home in SE Topeka. Two bedrooms on the main and 1 in the basement, 2.5 baths, 2 car attached garage, privacy fenced yard, back deck and more. Call today!

19. 2024-03-28
    listed $160,000 Active 208-char remark

    Show marketing remark (208 chars)

    Great opportunity for sweat equity in this half duplex home in SE Topeka. Two bedrooms on the main and 1 in the basement, 2.5 baths, 2 car attached garage, privacy fenced yard, back deck and more. Call today!

20. 2008-06-05
    soldstatus
21. 1995-10-01
    soldstatus $16,900

ⓘ 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: $2,947 · $246/mo
• Projected year-2 tax: $2,947 · $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,316
• − Mortgage interest: −$10,923
• − Property taxes: −$2,947
• − Insurance: −$975
• − Repairs & maintenance: −$2,345
• − Management: −$2,345
• − Depreciation: −$5,673
• Taxable income: $4,108
• Est. tax owed @ 24.0%: −$986
• After-tax cash flow: $5,981/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: Shawnee Heights
• NCES district ID: 2012180
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $71,771
• Composite: 27.04/100
• National rank: #7053
• State rank: #90 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): 20,891
• Household income: $59,106
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 490.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 20% Black 13% Two or more races 10%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9% 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: ▼ -150.37%
• Current HPI: 206.375
• Rent YoY: —
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+1053.8% since first listed

7 events — show timeline

• 2026-05-25 Listed $195,000 FSBO.com
• 2024-05-21 Sold (Public Records) — Public Records
• 2024-05-17 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2024-04-08 Pending — Sunflower MLS as distributed by MLS GRID
• 2024-03-28 Listed $160,000 Sunflower MLS as distributed by MLS GRID
• 2008-06-05 Sold (Public Records) — Public Records
• 1995-10-01 Sold (Public Records) $16,900 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,947 · -4.5% YoY. Source: county tax records.