2124 SW Morningside Rd · Topeka, KS 66614

$162,820

3 bd · 2.0 ba · 1,335 sqft · SingleFamily public records · 30 Days on market

Built 1952 7,405 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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Rent growth +5.0/5.0
• 1% rule +4.4/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Nice ranch style home with garage near Topeka West High School. Recently installed interior paint. Also includes a working wood burning fireplace with blower. Seller is licensed real estate agent in Kansas. This property is being sold as is and is one of six properties being sold in a package. Other properties are: 107 SW Taylor St. , 713 SW Clay St. , 922 SW Cambridge Ave. , 2323 SW Huntoon St. and 400 SW Orchard St. All properties estimated value by CMA of $799,342. We will consider all reasonable serious offers.

Key facts

• Ranch style home
• 7,405 sq ft lot
• Garage

Tags

• RANCH STYLE HOME
• WORKING WOOD BURNING FIREPLACE

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Frame construction; Composition roof
• Exterior features: Partial fenced yard

Interior

• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Window unit(s) for cooling
• Interior features: Pantry
• Laundry & utility: Laundry on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $163k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (5.7% below list).
• Recommended offer: $154k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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: Marjorie French Middle School (math 23% / reading 30%, grade F, #98 of 219 statewide, top 44%, 436 students, 70% FRL); Topeka West High (math 13% / reading 20%, grade F, #244 of 327 statewide, top 75%, 1,085 students, 59% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents rising fast (+9.9%/yr); 137 active listings in the ZIP; 9 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 $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $163k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,584 (5.7% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.94% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $96,120
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2612 SW Morningside Rd	0.55mi	3/1.0	1,152 (-14%)	19mo	$83,337	$72	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.84×
• Total profit: $-7,171
• Equity at exit: $24,277

10-year hold

• IRR: 10.4%
• Equity multiple: 1.98×
• Total profit: $44,902
• Equity at exit: $14,078

Cash invested: $45,590 (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 66614

• Rents YoY: 9.9%
• Active inventory: 137
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,536 high
• Mortgage (P&I): −$854
• Tax from tax record: −$117 /mo · $1,403/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $175

Break-even live

Break-even rent $1,315

Max offer price $162,820

Occupancy floor 84%

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: $40,705
• Closing costs: $4,885
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2320 SW Valley Brook Ln Topeka, KS	3.0	1.0	1200	$1,500	$1.25	21d	1	0.27mi
2310 SW Fairlawn Rd Topeka, KS	2.0	1.0	912	$1,095	$1.20	21d	1	0.33mi
2211 SW Burnett Rd Topeka, KS	3.0	1.0	1239	$1,595	$1.29	21d	1	0.35mi
5237 SW 20th Ter Topeka, KS	2.0	2.0	1050	$1,205	$1.15	21d	1	0.39mi
1700 SW Amhurst Rd Topeka, KS	3.0	1.5	1118	$1,350	$1.21	21d	1	0.66mi
5733 SW 20th St Topeka, KS	3.0	2.0	1450	$1,395	$0.96	21d	1	0.76mi
2920 SW Gage Blvd Topeka, KS	2.0	2.0	925	$850	$0.92	21d	1	1.22mi
4110 SW Twilight Dr Topeka, KS	2.0	1.5	1746	$1,150	$0.66	21d	1	1.35mi
3211 SW Twilight Ct Topeka, KS	1.0–3.0	1.0–2.0	965	$1,245	$1.29	21d	6	1.38mi

Listing history 18 events

1. 2026-06-19
   days on market $162,820 Active 30 DOM
2. 2026-06-18
   days on market $162,820 Active 29 DOM
3. 2026-06-17
   days on market $162,820 Active 28 DOM
4. 2026-06-16
   days on market $162,820 Active 27 DOM
5. 2026-06-15
   days on market $162,820 Active 26 DOM
6. 2026-06-14
   days on market $162,820 Active 24 DOM
7. 2026-06-13
   days on market $162,820 Active 23 DOM
8. 2026-06-10
   days on market $162,820 Active 21 DOM
9. 2026-06-09
   days on market $162,820 Active 20 DOM
10. 2026-06-08
    days on market $162,820 Active 19 DOM
11. 2026-06-07
    days on market $162,820 Active 18 DOM
12. 2026-06-02
    days on market $162,820 Active 13 DOM
13. 2026-06-01
    days on market $162,820 Active 12 DOM
14. 2026-05-31
    days on market $162,820 Active 11 DOM
15. 2026-05-30
    days on market $162,820 Active 10 DOM
16. 2026-05-20
    listed $162,820 Active
17. 2022-11-01
    soldstatus
18. 1987-07-01
    soldstatus $41,500

ⓘ 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: $1,403 · $117/mo
• Projected year-2 tax: $2,296 · $191/mo
• Expected delta: +$893/yr (+$74/mo · 63.6%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,430
• − Mortgage interest: −$9,120
• − Property taxes: −$1,403
• − Insurance: −$814
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − Depreciation: −$4,737
• Taxable loss: −$593
• Est. tax savings @ 24.0%: +$142
• After-tax cash flow: $2,239/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): 32,538
• Household income: $71,377
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 852.0

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 4% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Other Indo-European 1%

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: ▼ -160.56%
• Current HPI: 225.5592
• Rent YoY: ▲ 9.88%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+292.3% since first listed

3 events — show timeline

• 2026-05-20 Listed $162,820 Sunflower MLS as distributed by MLS GRID
• 2022-11-01 Sold (Public Records) — Public Records
• 1987-07-01 Sold (Public Records) $41,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,403 · +10.9% YoY. Source: county tax records.