15458 W Josephine St

Wichita, KS 67052

$204,500B

5 bd · 2.0 ba · 1,503 sqft · Built 2026 · MultiFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,012/mo
• Mortgage (P&I): −$1,072
• Tax + insurance: −$466
• HOA: −$70
• Vac / Maint / Mgmt: −$843
• Net cashflow: $1,561/mo
• Annual: $18,732/yr
• Cap rate: 16.19%
• Cash-on-cash: 35.34%
• DSCR: 2.57
• 1% rule: 1.96%
• Cash to close: $57,260

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $204k. Condition is rated excellent.
• 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).
• It's been on market 59 days — a 3% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (3.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: flood insurance adds $125/mo.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.
• 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.