2811-2813 W 55th Ct N · Wichita, KS 67204

$355,500

6 bd · 4.0 ba · 2,352 sqft · MultiFamily · 348 Days on market

Built 2020 Good condition 10,018 sqft lot $100/mo HOA · 6% of rent

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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 +13.3/30.0
• ARV discount +7.5/15.0
• 1% rule +4.1/10.0
• DSCR +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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.

Key facts

• Zero entry
• Large serving bar
• Private bathroom

Tags

• ZERO ENTRY
• PRIVATE BATHROOM
• WALK IN CLOSET
• OPEN DINING LIVING AREA
• LARGE SERVING BAR
• WALK IN PANTRY

Property features AI

Finance

• HOA & community: Has association; Association fee $1,200; HOA initiation fee $500; Association fee includes lawn service

Exterior

• Parking: Detached 2-car garage
• Utilities: Public sewer available
• Home design: Duplex
• Construction: Composition roof; No basement / slab foundation
• Exterior features: One-level property; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning (electric); Natural gas heating
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator; Range
• Laundry & utility: Washer; Dryer; Laundry on main floor

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $356k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-3 ($-33/yr) — negative. Per door: $-1/mo.
• To cash-flow at today's rent, offer at most $355k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $323k (9.1% below list).
• Recommended offer: $313k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime F, commute F.
• Valley Center Pub Schools (suburban): math 30% / reading 37% proficiency, ranked #57 of 169 in KS (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Valley Center Intermediate School (math 33% / reading 54%, grade F, #268 of 684 statewide, top 39%, 480 students, 41% FRL); Valley Center Middle School (math 23% / reading 28%, grade F, #104 of 219 statewide, top 49%, 761 students, 42% FRL); Valley Center High (math 22% / reading 22%, grade F, #165 of 327 statewide, top 55%, 995 students, 34% FRL).
• Market conditions: 60 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• At $3,233/mo this rent would consume 54% of the median local household income ($72k/yr) (locally 267% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 348 days — a 12% lower offer ($313k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 24417% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $312,840 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 348 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.91% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• GRM: 9.2

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: -16.3%
• Equity multiple: 0.42×
• Total profit: $-57,669
• Equity at exit: $53,006

10-year hold

• IRR: -8.0%
• Equity multiple: 0.50×
• Total profit: $-49,991
• Equity at exit: $30,737

Cash invested: $99,540 (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 67204

• Active inventory: 60
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $3,233 medium
• Mortgage (P&I): −$1,864
• Tax est. 1.5%: −$444 /mo · $5,332/yr
• Insurance: −$148
• HOA: −$100
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $-3

Break-even live

Break-even rent $3,236

Max offer price $355,108

Occupancy floor 95%

Sensitivity live

Price	-10% $243	-5% $120	+0% $-3	+5% $-126	+10% $-248
Rent	-10% $-258	-5% $-130	+0% $-3	+5% $125	+10% $253
Rate	-1.0pp $176	-0.5pp $88	base $-3	+0.5pp $-95	+1.0pp $-189

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,234
Total (2 units)			$3,233

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: $88,875
• Closing costs: $10,665
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $100 · $1,200/yr

Listing history 20 events

1. 2026-06-22
   days on market $355,500 Active 348 DOM
2. 2026-06-18
   days on market $355,500 Active 345 DOM
3. 2026-06-17
   days on market $355,500 Active 344 DOM
4. 2026-06-16
   days on market $355,500 Active 343 DOM
5. 2026-06-15
   days on market $355,500 Active 342 DOM
6. 2026-06-14
   days on market $355,500 Active 340 DOM
7. 2026-06-13
   days on market $355,500 Active 339 DOM
8. 2026-06-10
   days on market $355,500 Active 337 DOM
9. 2026-06-09
   days on market $355,500 Active 336 DOM
10. 2026-06-08
    days on market $355,500 Active 335 DOM
11. 2026-06-07
    days on market $355,500 Active 334 DOM
12. 2026-06-05
    days on market $355,500 Active 331 DOM
13. 2026-06-03
    days on market $355,500 Active 330 DOM
14. 2026-06-02
    days on market $355,500 Active 329 DOM
15. 2026-06-01
    days on market $355,500 Active 328 DOM
16. 2026-05-31
    days on market $355,500 Active 327 DOM
17. 2026-05-30
    days on market $355,500 Active 326 DOM
18. 2026-05-20
    listed $1,450
19. 2026-04-29
    price $355,500
20. 2025-07-08
    listed $362,500 Active

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

Taxation est. · year 1

• Rental income: $38,796
• − Mortgage interest: −$19,914
• − Property taxes: −$5,332
• − Insurance: −$1,778
• − Repairs & maintenance: −$3,104
• − Management: −$3,104
• − HOA: −$1,200
• − Depreciation: −$10,342
• Taxable loss: −$5,977
• Est. tax savings @ 24.0%: +$1,434
• After-tax cash flow: $1,402/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with minimal repairs needed. Painting the exterior and cleaning gutters would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Valley Center Pub Schools
• NCES district ID: 2012510
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $66,689
• Composite: 30.68/100
• National rank: #6178
• State rank: #57 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita, KS
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 22,538
• Household income: $71,999
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 267.0

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 49% Hispanic / Latino 42% Two or more races 19% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Lithuanian 3% Italian 2% Serbian 1%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 35%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.52%
• Current HPI: 246.2816
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-99.6% since first listed

3 events — show timeline

• 2026-05-20 Listed for Rent $1,450 APPFOLIO
• 2026-04-29 Price Changed $355,500 SCKMLS as Distributed by MLS Grid
• 2025-07-08 Listed $362,500 SCKMLS as Distributed by MLS Grid