3323 Iowa St #132 · Lawrence, KS 66046

$24,700

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 114 Days on market

Built 2023

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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
• Rent growth +4.8/5.0
• Livability +4.4/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2023
• Listed 113 days

Property features AI

Finance

• Other: Address: 3323 Iowa St #132, Lawrence, KS 66046
• Financial info: List price $24,200

Exterior

• Utilities: Natural gas heating; Central air conditioning
• Home design: Spec inventory type; Plan name 93222; Active status
• Exterior features: Living area approximately 1,056

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 bathrooms (full)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $22k (9.0% below list) — sets the bar for market timing.
• Cap rate 63.9% vs local median 2.7% in Lawrence — 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 88/100 on livability (#1 in KS, #237 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D-.
• Lawrence (urban): math 31% / reading 44% proficiency, ranked #46 of 169 in KS (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.4%/yr); 61 active listings in the ZIP; 246 units permitted in Douglas County in 2024 (38 in 5+ unit buildings).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $171 of loan paydown is wiped out by about $741 of value loss. Plan a longer hold.
• Douglas County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $22,477 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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. 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?
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: 6.95% ✓
• Cap rate: 63.90%
• Cash-on-cash: 205.74%
• DSCR: 10.15
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.66×
• Total profit: $80,620
• Equity at exit: $3,683

10-year hold

• IRR: —
• Equity multiple: 31.20×
• Total profit: $208,854
• Equity at exit: $2,136

Cash invested: $6,916 (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 66046

• Rents YoY: 9.4%
• Active inventory: 61
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$130
• Tax est. 1.5%: −$31 /mo · $370/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $1,186

Break-even live

Break-even rent $216

Max offer price $24,700

Occupancy floor 26%

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: $6,175
• Closing costs: $741
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $24,700 Active 114 DOM
2. 2026-06-18
   days on market $24,700 Active 113 DOM
3. 2026-06-17
   days on market $24,700 Active 112 DOM
4. 2026-06-16
   days on market $24,700 Active 111 DOM
5. 2026-06-15
   days on market $24,700 Active 110 DOM
6. 2026-06-14
   days on market $24,700 Active 108 DOM
7. 2026-06-13
   days on market $24,700 Active 107 DOM
8. 2026-06-09
   days on market $24,700 Active 104 DOM
9. 2026-06-08
   days on market $24,700 Active 103 DOM
10. 2026-06-07
    days on market $24,700 Active 102 DOM
11. 2026-06-05
    days on market $24,700 Active 99 DOM
12. 2026-06-02
    days on market $24,700 Active 97 DOM
13. 2026-06-01
    pricedays on market $24,700 Active 96 DOM
14. 2026-05-31
    days on market $24,200 Active 95 DOM
15. 2026-05-30
    days on market $24,200 Active 94 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥109°F today · 16 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: $20,604
• − Mortgage interest: −$1,384
• − Property taxes: −$370
• − Insurance: −$124
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$719
• Taxable income: $14,712
• Est. tax owed @ 24.0%: −$3,531
• After-tax cash flow: $10,698/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: Lawrence
• NCES district ID: 2008400
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $46,259
• Composite: 32.02/100
• National rank: #5826
• State rank: #46 of 169 in KS

Livability — Lawrence

• Score: 88/100
• State rank: #1
• US rank: #237

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime D- Employment C+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lawrence, KS
• County: Douglas County · 100,966 people
• City population: 100,966
• Metro: Lawrence, KS
• Population (ZIP): 19,658
• Household income: $65,478
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 1201.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 136,863 people
• By 2030: 147,255 · +7.6%
• By 2040: 167,760 · +22.6%
• By 2050: 190,593 · +39.3%
• By 2075: 253,850 · +85.5%
• By 2100: 314,741 · +130.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 10% Asian 9% Hispanic / Latino 7% Black 6% Native American 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Iranian 3% Italian 2%
• Foreign-born: 11% · China, Canada, Vietnam
• Languages at home: 85% English-only · Chinese 4% Spanish 3% Other Asian/Pacific 2%

Political lean MEDSL · Douglas

• 2024 margin: Solid D (+38.0) · D 68.2% · R 30.2% · Other 1.6%
• 2008→2024 swing: +7.2pp toward D · 2008: 30.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+39.5 2016: D+32.7 2012: D+23.7 2008: D+30.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -246.73%
• Current HPI: 236.534
• Rent YoY: ▲ 9.36%
• Metro: Lawrence, KS
• State GDP YoY: —
• F500 in state: 0