1521 Leavenworth St · Manhattan, KS 66502

$235,000

6 bd · 5.0 ba · 2,889 sqft · MultiFamily public records · 50 Days on market

Built 1910 7,500 sqft lot

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Why this score? — see what drove the D+ 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 +15.2/30.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• Converted property
• K-state campus
• Large parking area

Tags

• INVESTMENT OPPORTUNITY
• CONVERTED PROPERTY
• LARGE PARKING AREA
• K-STATE CAMPUS

Property features AI

Finance

• Financial info: Actual rents: one 3-bed unit $1,350; three 1-bed units $800, $775, and $600

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (converted residence)
• Construction: Brick construction
• Exterior features: Partial fencing; Gravel road access

Interior

• Bedrooms: One 3-bedroom unit; Three 1-bedroom units
• Bathrooms: Five full bathrooms total; Each 1-bedroom unit has 1 bathroom; 3-bedroom unit has 1 bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Basement present (other type); No fireplace

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $82 ($981/yr) — positive. Per door: $41/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (1.9% below list).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 336 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• At $2,305/mo this rent would consume 50% of the median local household income ($55k/yr) (locally 3089% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $190k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.98% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.02% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.61×
• Total profit: $-25,550
• Equity at exit: $35,039

10-year hold

• IRR: 3.0%
• Equity multiple: 1.25×
• Total profit: $16,393
• Equity at exit: $20,319

Cash invested: $65,800 (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 66502

• Rents YoY: 6.0%
• Active inventory: 336
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,305 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$409 /mo · $4,907/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $82

Break-even live

Break-even rent $2,201

Max offer price $235,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,304
Total (2 units)			$2,305

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $235,000 Active 50 DOM
2. 2026-06-18
   days on market $235,000 Active 49 DOM
3. 2026-06-17
   days on market $235,000 Active 48 DOM
4. 2026-06-16
   days on market $235,000 Active 47 DOM
5. 2026-06-15
   days on market $235,000 Active 46 DOM
6. 2026-06-14
   days on market $235,000 Active 44 DOM
7. 2026-06-13
   days on market $235,000 Active 43 DOM
8. 2026-06-10
   days on market $235,000 Active 41 DOM
9. 2026-06-09
   days on market $235,000 Active 40 DOM
10. 2026-06-08
    days on market $235,000 Active 39 DOM
11. 2026-06-07
    days on market $235,000 Active 38 DOM
12. 2026-06-03
    days on market $235,000 Active 34 DOM
13. 2026-06-02
    days on market $235,000 Active 33 DOM
14. 2026-06-01
    days on market $235,000 Active 32 DOM
15. 2026-05-31
    days on market $235,000 Active 31 DOM
16. 2026-05-30
    days on market $235,000 Active 30 DOM
17. 2026-04-30
    listed $235,000 Active
18. 2025-10-09
    price $250,000
19. 2008-05-01
    soldstatus $190,000

ⓘ 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: $4,907 · $409/mo
• Projected year-2 tax: $4,907 · $409/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,660
• − Mortgage interest: −$13,164
• − Property taxes: −$4,907
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − Depreciation: −$6,836
• Taxable loss: −$2,847
• Est. tax savings @ 24.0%: +$683
• After-tax cash flow: $1,665/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 43,693
• Household income: $54,833
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 3089.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.54%
• Current HPI: 172.7795
• Rent YoY: ▲ 6.02%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+23.7% since first listed

3 events — show timeline

• 2026-04-30 Listed $235,000 FHAOR as distributed by MLS GRID
• 2025-10-09 Price Changed $250,000 FHAOR as distributed by MLS GRID
• 2008-05-01 Sold (Public Records) $190,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $4,907 · +10.2% YoY. Source: county tax records.