3305-3307 Fairman Cir

Manhattan, KS 66503

$350,000D

6 bd · 3.0 ba · 1,056 sqft · Built 1970 · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,953/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$446
• HOA: −$0
• Vac / Maint / Mgmt: −$620
• Net cashflow: $52/mo
• Annual: $621/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• 1% rule: 0.84%
• Cash to close: $98,000

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $52 ($621/yr) — positive. Per door: $26/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 $295k (15.6% below list).
• It's been on market 37 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• 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.
• This rent runs 36% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1970 — 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.
• 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?
• 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.