624 Bluemont Ave · Manhattan, KS 66502

$275,000

8 bd · 4.0 ba · 2,111 sqft · MultiFamily public records · 36 Days on market

Built 1920 6,075 sqft lot

---

Why this score? — see what drove the C- 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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.9/10.0
• 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

• 6,075 sq ft lot
• Community pool
• Built 1920

Property features AI

Finance

• Financial info: Unit rents reported: $500 (1-bed), $750 (2-bed), $1,000 (3-bed), $750 (1-bed); Owners pay gas and water for most units; tenants typically pay electric (one unit: owner pays water and electric)
• HOA & community: Community amenities include a park and a pool

Exterior

• Parking: Paved parking
• Utilities: Public water; Public sewer
• Home design: Residential income property — quadruplex
• Construction: Wood siding construction
• Exterior features: Concrete road/access; No fencing; Community pool and park access

Interior

• Bedrooms: Unit A: 1 bedroom; Unit B: 2 bedrooms; Unit C: 3 bedrooms; Unit D: 1 bedroom
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Partially finished walk-up basement; No fireplace

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive. Per door: $200/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 $273k (0.7% below list).
• Recommended offer: $267k (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 $2,732/mo this rent would consume 60% 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 $8k 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.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $275k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,750 (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. 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 1920 — 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. 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 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: 0.99% ✗
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 8.4

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: -3.6%
• Equity multiple: 0.86×
• Total profit: $-10,600
• Equity at exit: $41,003

10-year hold

• IRR: 9.1%
• Equity multiple: 1.79×
• Total profit: $60,702
• Equity at exit: $23,777

Cash invested: $77,000 (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: 16.8×

Monthly cashflow live

• Estimated rent: $2,732 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$202 /mo · $2,423/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $400

Break-even live

Break-even rent $2,226

Max offer price $275,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$2,732
Total (2 units)			$2,732

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $275,000 Active 36 DOM
2. 2026-06-18
   days on market $275,000 Active 35 DOM
3. 2026-06-17
   days on market $275,000 Active 34 DOM
4. 2026-06-16
   days on market $275,000 Active 33 DOM
5. 2026-06-15
   days on market $275,000 Active 32 DOM
6. 2026-06-14
   days on market $275,000 Active 30 DOM
7. 2026-06-13
   days on market $275,000 Active 29 DOM
8. 2026-06-10
   days on market $275,000 Active 27 DOM
9. 2026-06-09
   days on market $275,000 Active 26 DOM
10. 2026-06-08
    days on market $275,000 Active 25 DOM
11. 2026-06-07
    days on market $275,000 Active 24 DOM
12. 2026-06-03
    days on market $275,000 Active 20 DOM
13. 2026-06-02
    days on market $275,000 Active 19 DOM
14. 2026-06-01
    days on market $275,000 Active 18 DOM
15. 2026-05-31
    days on market $275,000 Active 17 DOM
16. 2026-05-30
    days on market $275,000 Active 16 DOM
17. 2026-05-13
    listed $275,000 Active
18. 2019-02-08
    listed $285,000
19. 2019-02-08
    listed $285,000
20. 2007-02-01
    soldstatus $90,000
21. 2007-02-01
    soldstatus $385,000
22. 1997-02-01
    soldstatus $49,500

ⓘ 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: $2,423 · $202/mo
• Projected year-2 tax: $3,878 · $323/mo
• Expected delta: +$1,455/yr (+$121/mo · 60.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 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: $32,784
• − Mortgage interest: −$15,404
• − Property taxes: −$2,423
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − Depreciation: −$8,000
• Taxable income: $337
• Est. tax owed @ 24.0%: −$81
• After-tax cash flow: $4,715/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

+455.6% since first listed

6 events — show timeline

• 2026-05-13 Listed $275,000 FHAOR as distributed by MLS GRID
• 2019-02-08 Listed $285,000 Sunflower MLS as distributed by MLS GRID
• 2019-02-08 Listed $285,000 Lawrence MLS as distributed by MLS GRID
• 2007-02-01 Sold (Public Records) $385,000 Public Records
• 2007-02-01 Sold (Public Records) $90,000 Public Records
• 1997-02-01 Sold (Public Records) $49,500 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,423 · -11.8% YoY. Source: county tax records.