2921 SW Atwood Ave · Topeka, KS 66614

$149,000

4 bd · 2.0 ba · 1,616 sqft · MultiFamily public records · 2 Days on market

Built 1966 8,712 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investor opportunity on the southwest side of Topeka! This side-by-side duplex at offers strong potential with a functional layout and desirable location close to highways, shopping, and restaurants. This multi-family property features a total of 4 bedrooms and 2 bathrooms across both units, offering approximately 1,600+ square feet of living space. Each unit includes 2 bedrooms and 1 bathroom, along with an unfinished basement providing ample storage and laundry space. Tenants will enjoy a fenced yard with private patio areas, perfect for added outdoor living and privacy. One side is currently rented, offering immediate income potential, while the other side provides flexibility for an own

Key facts

• Private patio areas
• Fenced yard
• Desirable location

Tags

• SOUTHWEST SIDE OF TOPEKA
• FUNCTIONAL LAYOUT
• DESIRABLE LOCATION
• FENCED YARD
• PRIVATE PATIO AREAS
• UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 11.4% 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.

Location & tenants

• 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.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jardine Elementary (math 18% / reading 24%, grade F, #583 of 684 statewide, top 85%, 743 students, 79% FRL); Jardine Middle School (math 13% / reading 23%, grade F, #164 of 219 statewide, top 76%, 542 students, 79% FRL); Topeka West High (math 13% / reading 20%, grade F, #244 of 327 statewide, top 75%, 1,085 students, 59% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: Rents rising fast (+9.9%/yr); 142 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $85k; list at $149k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.40% ✓
• Cap rate: 11.38%
• Cash-on-cash: 18.16%
• DSCR: 1.81
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.65×
• Total profit: $27,085
• Equity at exit: $22,216

10-year hold

• IRR: 27.4%
• Equity multiple: 4.01×
• Total profit: $125,502
• Equity at exit: $12,883

Cash invested: $41,720 (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 66614

• Rents YoY: 9.9%
• Active inventory: 142
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,081 high
• Mortgage (P&I): −$781
• Tax from tax record: −$169 /mo · $2,030/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $631

Break-even live

Break-even rent $1,282

Max offer price $149,000

Occupancy floor 65%

Sensitivity live

Price	-10% $716	-5% $674	+0% $631	+5% $589	+10% $547
Rent	-10% $467	-5% $549	+0% $631	+5% $714	+10% $796
Rate	-1.0pp $706	-0.5pp $669	base $631	+0.5pp $593	+1.0pp $553

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,080
Total (2 units)			$2,081

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3211 SW Twilight Ct Topeka, KS	1.0–3.0	1.0–2.0	965	$1,245	$1.29	22d	6	0.26mi
2211 SW Burnett Rd Topeka, KS	3.0	1.0	1239	$1,595	$1.29	22d	1	0.95mi
2320 SW Valley Brook Ln Topeka, KS	3.0	1.0	1200	$1,500	$1.25	22d	1	0.99mi
3630 SW Plass Ave Topeka, KS	3.0	1.5	1080	$1,250	$1.16	22d	3	1.43mi
3640 SW Plass Ave Topeka, KS	3.0	1.5	1180	$1,300	$1.10	22d	1	1.44mi

Listing history 3 events

1. 2026-04-23
   status Pending
2. 2026-04-21
   listed $149,000 Active
3. 2001-08-01
   soldstatus $85,000

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

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $2,030 · $169/mo
• Projected year-2 tax: $2,101 · $175/mo
• Expected delta: +$71/yr (+$6/mo · 3.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,972
• − Mortgage interest: −$8,346
• − Property taxes: −$2,030
• − Insurance: −$745
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$4,335
• Taxable income: $5,520
• Est. tax owed @ 24.0%: −$1,325
• After-tax cash flow: $6,251/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.

Schools (NCES district)

• District: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 32,538
• Household income: $71,377
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 852.0

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.56%
• Current HPI: 225.5592
• Rent YoY: ▲ 9.88%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+75.3% since first listed

3 events — show timeline

• 2026-04-23 Pending — Sunflower MLS as distributed by MLS GRID
• 2026-04-21 Listed $149,000 Sunflower MLS as distributed by MLS GRID
• 2001-08-01 Sold (Public Records) $85,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $2,030 · +3.8% YoY. Source: county tax records.