911 SW 3rd St · Topeka, KS 66606

$48,000

2 bd · 1.5 ba · 1,330 sqft · SingleFamily public records · 36 Days on market

Built 1905 7,405 sqft lot

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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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity is knocking at 911 SW Third! This fixer-upper is primed and ready for the next owner to bring their vision to life. With solid bones and endless potential, this property is perfect for investors, flippers, or buyers looking to build sweat equity and add a valuable asset to their portfolio. Whether you’re planning a full renovation or a strategic refresh, the possibilities here are wide open. Don’t miss your chance to transform this property into something special! Seller is a licensed agent in the State of Kansas. Home sold as is where is.

Key facts

• 7,405 sq ft lot
• Built 1905
• Listed 35 days

Property features AI

Finance

• Other: Lot size approximately 0.17 acres

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Located in the Original Town subdivision
• Construction: Vinyl siding
• Exterior features: Composition roof

Interior

• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning
• Interior features: Gas water heater; Basement (unfinished)
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.6% 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: Meadows Elementary (math 27% / reading 27%, grade F, #507 of 684 statewide, top 78%, 417 students, 85% FRL); Robinson Middle School (math 10% / reading 19%, grade F, #180 of 219 statewide, top 83%, 360 students, 84% FRL); Topeka High (math 11% / reading 20%, grade F, #248 of 327 statewide, top 76%, 1,514 students, 72% FRL).
• Market conditions: 67 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $48k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.26% ✓
• Cap rate: 19.63%
• Cash-on-cash: 47.65%
• DSCR: 3.12
• GRM: 3.7

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: 45.1%
• Equity multiple: 2.95×
• Total profit: $26,222
• Equity at exit: $7,157

10-year hold

• IRR: 51.0%
• Equity multiple: 5.96×
• Total profit: $66,645
• Equity at exit: $4,150

Cash invested: $13,440 (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 66606

• Home prices YoY: -34.5%
• Active inventory: 67
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,085 high
• Mortgage (P&I): −$252
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $534

Break-even live

Break-even rent $410

Max offer price $48,000

Occupancy floor 46%

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	21d	1	0.16mi
111 NW Quinton Ave Topeka, KS	3.0	1.5	1232	$1,045	$0.85	21d	1	0.40mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	21d	1	0.49mi
101 N Kansas Ave Topeka, KS	2.0	1.0	1009	$1,325	$1.31	21d	3	0.72mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	21d	1	0.94mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	21d	1	1.05mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	21d	1	1.11mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	21d	1	1.16mi
1275 SW Mulvane St Topeka, KS	3.0	1.5	1791	$1,350	$0.75	21d	1	1.39mi
1001 NE Atchison Ave Topeka, KS	2.0	1.0	689	$809	$1.17	21d	19	1.45mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	21d	1	1.50mi

Listing history 20 events

1. 2026-06-19
   days on market $48,000 Active 36 DOM
2. 2026-06-18
   days on market $48,000 Active 35 DOM
3. 2026-06-17
   days on market $48,000 Active 34 DOM
4. 2026-06-16
   days on market $48,000 Active 33 DOM
5. 2026-06-15
   days on market $48,000 Active 32 DOM
6. 2026-06-14
   days on market $48,000 Active 30 DOM
7. 2026-06-13
   remarks 557-char remark
8. 2026-06-13
   pricedays on market $48,000 Active 29 DOM
9. 2026-06-10
   days on market $52,000 Active 27 DOM
10. 2026-06-09
    days on market $52,000 Active 26 DOM
11. 2026-06-08
    days on market $52,000 Active 25 DOM
12. 2026-06-07
    days on market $52,000 Active 24 DOM
13. 2026-06-02
    days on market $52,000 Active 19 DOM
14. 2026-06-01
    days on market $52,000 Active 18 DOM
15. 2026-05-31
    days on market $52,000 Active 17 DOM
16. 2026-05-30
    days on market $52,000 Active 16 DOM
17. 2026-05-22
    price $52,000
18. 2026-05-14
    listed $60,000 Active
19. 2024-12-12
    soldstatus
20. 2001-09-01
    soldstatus $20,000

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $677 · $56/mo
• Expected delta: +$55/yr (+$5/mo · 8.9%)

ⓘ 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 1/10 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,020
• − Mortgage interest: −$2,689
• − Property taxes: −$622
• − Insurance: −$240
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$1,396
• Taxable income: $5,990
• Est. tax owed @ 24.0%: −$1,438
• After-tax cash flow: $4,966/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): 9,842
• Household income: $57,169
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 521.0

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 6% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -120.02%
• Current HPI: 227.5883
• Rent YoY: —
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+160.0% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $52,000 Sunflower MLS as distributed by MLS GRID
• 2026-05-14 Listed $60,000 Sunflower MLS as distributed by MLS GRID
• 2024-12-12 Sold (Public Records) — Public Records
• 2001-09-01 Sold (Public Records) $20,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $622 · +13.5% YoY. Source: county tax records.