3000 Arbor Dr

Manhattan, KS 66503

$145,000C

3 bd · 2.5 ba · 1,270 sqft · Built 1971 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,768/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$394
• HOA: −$0
• Vac / Maint / Mgmt: −$371
• Net cashflow: $242/mo
• Annual: $2,904/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• 1% rule: 1.22%
• Cash to close: $40,600

Investor read

• This is a 3-bed/2.5-bath single-family listed at $145k.
• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Zoned schools: Manhattan High School West/East Campus (math 30% / reading 38%, grade F, #45 of 327 statewide, top 14%, 1,954 students, 35% FRL).
• Watch-outs: property tax is 2.8% of price.
• Market conditions: Rents rising (+3.0%/yr); 189 active listings in the ZIP; solid renter incomes; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.