4204 SW Shenandoah Rd · Topeka, KS 66610

$246,500

6 bd · 4.0 ba · 3,780 sqft · MultiFamily public records · 11 Days on market

Built 2009 0.31 ac lot ↓ 2% since listing

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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 +20.0/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +6.3/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Fantastic updated main-floor living ½ duplex! Large open floor plan with plenty of windows and light has newer kitchen and baths flanking the open flow dining room and living room. Huge primary is ensuite with spacious updated bathroom and safe-room walk-in closet. Two more bedrooms and another full bath are seperated from the primary by the living space and the laundry and large pantry are adjacent to the kitchen and garage entry. Easy, updated, and move-in ready just in time to click all your boxes!

Key facts

• Updated baths
• Updated kitchen
• Large pantry

Tags

• UPDATED KITCHEN
• UPDATED BATHS
• ENSUITE BATHROOM
• SAFE-ROOM WALK-IN CLOSET
• LARGE PANTRY

Property features AI

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Half duplex; Residential property
• Construction: Vinyl siding; Composition roof
• Exterior features: Patio

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Flooring: Laminate flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air
• Interior features: Cathedral ceilings; Pantry
• Laundry & utility: Laundry on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $246k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $246k).
• Cap rate 7.8% 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.
• Auburn Washburn (rural): math 34% / reading 42% proficiency, ranked #29 of 169 in KS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jay Shideler Elementary (math 51% / reading 62%, grade C+, #101 of 684 statewide, top 15%, 567 students, 16% FRL); Washburn Rural Middle School (math 28% / reading 31%, grade F, #72 of 219 statewide, top 38%, 943 students, 36% FRL); Washburn Rural High (math 25% / reading 30%, grade F, #83 of 327 statewide, top 25%, 1,884 students, 31% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 84 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $246,500

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.28%
• DSCR: 1.23
• GRM: 6.8

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: -8.0%
• Equity multiple: 0.71×
• Total profit: $-20,337
• Equity at exit: $36,754

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $8,305
• Equity at exit: $21,313

Cash invested: $69,020 (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 66610

• Home prices YoY: -18.8%
• Active inventory: 84
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $3,017 medium
• Mortgage (P&I): −$1,293
• Tax from tax record: −$685 /mo · $8,215/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $303

Break-even live

Break-even rent $2,633

Max offer price $246,500

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,018
Total (2 units)			$3,017

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: $61,625
• Closing costs: $7,395
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $246,500 Active 11 DOM
2. 2026-06-18
   days on market $246,500 Active 10 DOM
3. 2026-06-17
   days on market $246,500 Active 9 DOM
4. 2026-06-16
   days on market $246,500 Active 8 DOM
5. 2026-06-15
   days on market $246,500 Active 7 DOM
6. 2026-06-14
   days on market $246,500 Active 5 DOM
7. 2026-06-13
   days on market $246,500 Active 4 DOM
8. 2026-06-10
   days on market $246,500 Active 2 DOM
9. 2026-06-09
   remarks 507-char remark
10. 2026-06-09
    listed $246,500 Active 1 DOM

ⓘ 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: $8,215 · $685/mo
• Projected year-2 tax: $8,215 · $685/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 6/10 Major
• 🌡 Heat 5/10 Major 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,204
• − Mortgage interest: −$13,808
• − Property taxes: −$8,215
• − Insurance: −$1,232
• − Repairs & maintenance: −$2,896
• − Management: −$2,896
• − Depreciation: −$7,171
• Taxable loss: −$15
• Est. tax savings @ 24.0%: +$4
• After-tax cash flow: $3,645/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: Auburn Washburn
• NCES district ID: 2003200
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $71,903
• Composite: 34.91/100
• National rank: #5073
• State rank: #29 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
• City population: 118,130
• Population (ZIP): 9,728

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 (81%)
• Race & ethnicity: White 81% Asian 6% Black 5% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Portuguese 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Vietnam, Canada, China
• Languages at home: 95% English-only · Chinese 2% Spanish 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: ▼ -49.73%
• Current HPI: 214.1563
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-2.2% since first listed

4 events — show timeline

• 2026-06-09 Listed $246,500 Sunflower MLS as distributed by MLS GRID
• 2024-07-07 Price Changed $240,000 Sunflower MLS as distributed by MLS GRID
• 2024-06-29 Price Changed $249,000 Sunflower MLS as distributed by MLS GRID
• 2024-05-28 Price Changed $252,000 Sunflower MLS as distributed by MLS GRID

Property tax history

+4.4%/yr

Latest (2025): $8,215 · +0.2% YoY. Source: county tax records.