4110 NW Beecher Rd

Topeka, KS 66618

$285,000B-

3 bd · 2.5 ba · 2,352 sqft · Built 1971 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,163/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$874
• Net cashflow: $1,385/mo
• Annual: $16,616/yr
• Cap rate: 12.12%
• Cash-on-cash: 20.82%
• DSCR: 1.93
• 1% rule: 1.46%
• Cash to close: $79,800

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $285k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, commute F.
• Seaman (suburban): math 32% / reading 37% proficiency, ranked #51 of 169 in KS (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Indianola Elem (math 43% / reading 56%, grade D, #165 of 684 statewide, top 28%, 426 students, 26% FRL); Seaman Middle School (math 17% / reading 23%, grade F, #146 of 219 statewide, top 67%, 585 students, 37% FRL); Seaman High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 1,239 students, 31% FRL).
• Market conditions: 67 active listings in the ZIP; solid renter incomes; 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 7y ago 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 $80k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.1% vs local median 4.3% in Topeka — 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.
• At $4,163/mo this rent would consume 45% of the median local household income ($110k/yr) (locally 100% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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.
• 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.