2811-2813 W 55th Ct N

Wichita, KS 67204

$355,500D

6 bd · 4.0 ba · 2,352 sqft · Built 2020 · MultiFamily · Active · 348 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,233/mo
• Mortgage (P&I): −$1,864
• Tax + insurance: −$592
• HOA: −$100
• Vac / Maint / Mgmt: −$679
• Net cashflow: $-3/mo
• Annual: $-33/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.91%
• Cash to close: $99,540

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $356k. Condition is rated good.
• 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).
• It's been on market 348 days — a 12% lower offer ($313k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $313k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask is 24417% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• 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.

Questions for listing agent

• 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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?