15458 W Josephine St · Wichita, KS 67052

$204,500

5 bd · 2.0 ba · 1,503 sqft · MultiFamily · 59 Days on market

Built 2026 Excellent condition 5,227 sqft lot $70/mo HOA · 3% of rent ↓ 50% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +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 MLS

The "Kingston". Brand-new duplex offering exceptional space and convenience on each side! Each unit features 5 bedrooms and 2 bathrooms with a bright, open-concept layout connecting the kitchen, dining, and living areas-perfect for everyday living and entertaining. The living room is highlighted by a cozy electric fireplace, creating a warm and inviting atmosphere. The kitchen incudes a center island, ample cabinetry, and a pantry for added storage. Step outside to enjoy a fully fenced yard, ideal for privacy, pets, or outdoor gatherings. Luxury vinyl throughout. HOA dues provide added ease of living by covering lawn mowing and irrigation. Each unit features a 2 car garage. Perfect investment opportunity! Information deemed reliable, not guaranteed. Taxes are estimated.

Key facts

• Open-concept design
• New construction
• Vaulted ceiling

Tags

• NEW CONSTRUCTION
• OPEN-CONCEPT DESIGN
• VAULTED CEILING
• ELECTRIC FIREPLACE
• ABUNDANT NATURAL LIGHT
• ISLAND KITCHEN

Property features AI

Finance

• HOA & community: Has association; Association fee $840; One-time HOA initiation fee $250; Association covers lawn service, recreation facility, and general upkeep of common areas

Exterior

• Parking: 2-car garage
• Utilities: Public sewer available; Natural gas available; Public utilities
• Home design: Duplex; Single-story
• Construction: Composition roof; No foundation details listed
• Exterior features: One level; Patio; Wrought iron fencing; Storm windows

Interior

• Kitchen: Dishwasher; Range; Disposal
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central electric air conditioning
• Interior features: Dishwasher; Disposal; Range; Electric living room fireplace; Main-floor laundry in a separate room; No basement
• Laundry & utility: Main-floor laundry in a separate room

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $204k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $204k).
• Recommended offer: $198k (3.0% 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.
• Renwick (rural): math 46% / reading 51% proficiency, ranked #9 of 169 in KS (top 5%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: St. Marks School (math 57% / reading 67%, grade B, #59 of 684 statewide, top 9%, 315 students, 11% FRL); Andale High (math 27% / reading 32%, grade F, #60 of 327 statewide, top 24%, 375 students, 16% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 407 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• At $4,012/mo this rent would consume 47% of the median local household income ($103k/yr) (locally 43% 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.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,365 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.96% ✓
• Cap rate: 16.19%
• Cash-on-cash: 35.34%
• DSCR: 2.57
• GRM: 4.2

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: 27.9%
• Equity multiple: 2.16×
• Total profit: $66,465
• Equity at exit: $30,492

10-year hold

• IRR: 35.4%
• Equity multiple: 4.26×
• Total profit: $186,631
• Equity at exit: $17,681

Cash invested: $57,260 (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 67052

• Home prices YoY: -17.1%
• Active inventory: 407
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $4,012 medium
• Mortgage (P&I): −$1,072
• Tax est. 1.5%: −$256 /mo · $3,068/yr
• Insurance: −$85
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$70
• Vacancy / Maint / Mgmt: −$843
• Net cashflow: $1,561

Break-even live

Break-even rent $2,036

Max offer price $204,500

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	2	$4,012
Total (2 units)			$4,012

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: $51,125
• Closing costs: $6,135
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15800 W 21st St N Goddard, KS	3.0–5.0	2.0–3.0	1379	$1,950	$1.41	14d	1	0.89mi
2174 N Melody Ct Goddard, KS	5.0	2.0	1503	$1,695	$1.13	23d	1	0.95mi
2021 N Melody Ln , KS	5.0	2.0	1503	$1,695	$1.13	23d	1	1.00mi
15214 W Kristina St Goddard, KS	4.0	2.0	1433	$1,600	$1.12	23d	1	1.01mi

HOA detail

• Monthly dues: $70 · $840/yr
• Likely covers: electric

Listing history 17 events

1. 2026-06-18
   days on market $204,500 Active 59 DOM
2. 2026-06-17
   days on market $204,500 Active 58 DOM
3. 2026-06-16
   days on market $204,500 Active 57 DOM
4. 2026-06-15
   days on market $204,500 Active 56 DOM
5. 2026-06-14
   days on market $204,500 Active 54 DOM
6. 2026-06-10
   days on market $204,500 Active 51 DOM
7. 2026-06-09
   days on market $204,500 Active 50 DOM
8. 2026-06-08
   days on market $204,500 Active 49 DOM
9. 2026-06-07
   days on market $204,500 Active 48 DOM
10. 2026-06-05
    days on market $204,500 Active 45 DOM
11. 2026-06-03
    days on market $204,500 Active 44 DOM
12. 2026-06-02
    days on market $204,500 Active 43 DOM
13. 2026-06-01
    days on market $204,500 Active 42 DOM
14. 2026-05-31
    days on market $204,500 Active 41 DOM
15. 2026-05-30
    days on market $204,500 Active 40 DOM
16. 2026-04-17
    listed $409,000 Active 798-char remark

    Show marketing remark (798 chars)

    The "Kingston". Brand-new duplex offering exceptional space and convenience on each side! Each unit features 5 bedrooms and 2 bathrooms with a bright, open-concept layout connecting the kitchen, dining, and living areas-perfect for everyday living and entertaining. The living room is highlighted by a cozy electric fireplace, creating a warm and inviting atmosphere. The kitchen incudes a center island, ample cabinetry, and a pantry for added storage. Step outside to enjoy a fully fenced yard, ideal for privacy, pets, or outdoor gatherings. Luxury vinyl throughout. HOA dues provide added ease of living by covering lawn mowing and irrigation. Each unit features a 2 car garage. Perfect investment opportunity! Information deemed reliable, not guaranteed. Taxes are estimated.

17. 2026-04-17
    listed $204,500 Active

    Show marketing remark (798 chars)

    The "Kingston". Brand-new duplex offering exceptional space and convenience on each side! Each unit features 5 bedrooms and 2 bathrooms with a bright, open-concept layout connecting the kitchen, dining, and living areas-perfect for everyday living and entertaining. The living room is highlighted by a cozy electric fireplace, creating a warm and inviting atmosphere. The kitchen incudes a center island, ample cabinetry, and a pantry for added storage. Step outside to enjoy a fully fenced yard, ideal for privacy, pets, or outdoor gatherings. Luxury vinyl throughout. HOA dues provide added ease of living by covering lawn mowing and irrigation. Each unit features a 2 car garage. Perfect investment opportunity! Information deemed reliable, not guaranteed. Taxes are estimated.

ⓘ 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 7/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,144
• − Mortgage interest: −$11,455
• − Property taxes: −$3,068
• − Insurance: −$2,525
• − Repairs & maintenance: −$3,852
• − Management: −$3,852
• − HOA: −$840
• − Depreciation: −$5,949
• Taxable income: $16,604
• Est. tax owed @ 24.0%: −$3,985
• After-tax cash flow: $14,747/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 · 9 photos

Excellent 100/100 None rehab

This home is in excellent condition with a modern kitchen, well-maintained exterior, and neutral interior decor. It is move-in ready and would benefit from some minor updates to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping the yard — A well-maintained yard can improve curb appeal and attract potential buyers/tenants.
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers/tenants.
• Both Upgrading the kitchen appliances — Modern, energy-efficient appliances can increase the home's value and appeal to buyers/tenants.
• Both Adding a smart thermostat — A smart thermostat can improve energy efficiency and comfort, making the home more attractive to buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping the yard — A well-maintained yard can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Modern, energy-efficient appliances can increase the home's value and appeal to buyers/tenants. ↑
• Both Adding a smart thermostat — A smart thermostat can improve energy efficiency and comfort, making the home more attractive to buyers/tenants. ↑

ⓘ 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: Renwick
• NCES district ID: 2011080
• Math proficiency: 46% ▼ -7.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $76,876
• Composite: 44.1/100
• National rank: #2869
• State rank: #9 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

• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 9,262
• Household income: $103,148
• Rent vs Own: 14.9% rent · 85.1% own
• Severe rent burden: 43.0

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: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -54.44%
• Current HPI: 264.1893
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-50.0% since first listed

2 events — show timeline

• 2026-04-17 Listed $204,500 SCKMLS as Distributed by MLS Grid
• 2026-04-17 Listed $409,000 SCKMLS as Distributed by MLS Grid