12518 W Northstar St · Maize, KS 67223

$229,900

4 bd · 3.0 ba · 1,755 sqft · MultiFamily · 19 Days on market

Built 2025 Poor condition 3,920 sqft lot $90/mo HOA · 5% of rent

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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).

• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• DSCR +1.8/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Quartz countertops
• Lawn
• Sprinkler system

Tags

• WHITE CABINETRY
• SUBWAY TILE BACKSPLASH
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• LAWN
• SPRINKLER SYSTEM

Property features AI

Finance

• HOA & community: Has association; association fee $1,080 with $200 initiation fee; Association covers general upkeep for common areas and lawn service

Exterior

• Parking: Attached 2-car garage
• Utilities: Public utilities; Sewer available
• Home design: Duplex; Two-story
• Construction: Composition roof; No basement
• Exterior features: Two levels; Patio; Wood and wrought iron fencing

Interior

• Kitchen: Dishwasher, Disposal, Microwave, Range
• Bathrooms: Three full bathrooms
• Heating & cooling: Central air conditioning (electric); Electric heating
• Interior features: Dishwasher, Disposal, Microwave, Range
• Laundry & utility: Laundry room on upper level

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $230k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-264 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (22.1% below list).
• Recommended offer: $179k (22.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#139 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Maize (rural): math 36% / reading 45% proficiency, ranked #20 of 169 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Maize South Middle School (math 28% / reading 40%, grade F, #55 of 219 statewide, top 25%, 549 students, 26% FRL); Maize South High School (math 43% / reading 41%, grade F, #12 of 327 statewide, top 5%, 1,095 students, 21% FRL).
• Market conditions: 40 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Recommended offer $179,031 (22.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.93%
• DSCR: 0.78
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.8%
• Equity multiple: 2.68×
• Total profit: $108,449
• Equity at exit: $207,112

10-year hold

• IRR: 18.9%
• Equity multiple: 6.17×
• Total profit: $332,774
• Equity at exit: $446,645

Cash invested: $64,372 (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 67223

• Home prices YoY: 7.7%
• Active inventory: 40
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,790 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$90
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-264

Break-even live

Break-even rent $2,125

Max offer price $191,635

Occupancy floor —

Sensitivity live

Price	-10% $-106	-5% $-185	+0% $-264	+5% $-344	+10% $-423
Rent	-10% $-406	-5% $-335	+0% $-264	+5% $-194	+10% $-123
Rate	-1.0pp $-149	-0.5pp $-206	base $-264	+0.5pp $-324	+1.0pp $-385

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12452 W Fennec St Wichita, KS	4.0	2.0	1376	$1,695	$1.23	22d	1	0.10mi
12438 W Blanford St Wichita, KS	4.0	2.0	1376	$1,745	$1.27	15d	1	0.15mi
12198 Northstar St Wichita, KS	3.0	2.0	1470	$1,795	$1.22	15d	1	0.20mi
12048 W Swift Fox St Wichita, KS	5.0	3.0	2083	$2,150	$1.03	24d	1	0.32mi
3700 N 119th St W Wichita, KS	3.0–5.0	2.0–3.0	1632	$1,898	$1.16	15d	1	0.37mi
12123 W Cora St Unit 12123 Cora Wichita, KS	3.0	2.0	1255	$1,495	$1.19	24d	1	0.47mi
11901 W Central Park Ct Wichita, KS	5.0	3.0	2560	$2,250	$0.88	15d	1	1.29mi
3540 N Maize Rd Wichita, KS	1.0–3.0	1.0–2.0	1027	$1,616	$1.57	15d	13	1.49mi

HOA detail

• Monthly dues: $90 · $1,080/yr

Listing history 15 events

1. 2026-06-21
   pricedays on market $229,900 Active 19 DOM
2. 2026-06-18
   days on market $199,900 Active 16 DOM
3. 2026-06-17
   days on market $199,900 Active 15 DOM
4. 2026-06-16
   days on market $199,900 Active 14 DOM
5. 2026-06-15
   price $199,900 Active 13 DOM
6. 2026-06-15
   days on market $229,900 Active 13 DOM
7. 2026-06-14
   days on market $229,900 Active 11 DOM
8. 2026-06-13
   days on market $229,900 Active 10 DOM
9. 2026-06-10
   days on market $229,900 Active 8 DOM
10. 2026-06-09
    days on market $229,900 Active 7 DOM
11. 2026-06-09
    price $229,900 Active 6 DOM
12. 2026-06-08
    days on market $235,000 Active 6 DOM
13. 2026-06-07
    pricedays on market $235,000 Active 5 DOM
14. 2026-06-05
    days on market $229,900 Active 2 DOM
15. 2026-06-03
    listed $229,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,484
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,719
• − Management: −$1,719
• − HOA: −$1,080
• − Depreciation: −$6,688
• Taxable loss: −$7,198
• Est. tax savings @ 24.0%: +$1,727
• After-tax cash flow: $-1,446/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.

Condition & rehab AI · 3 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and maintenance, including roof, exterior, flooring, and HVAC/mechanical systems. Immediate action is needed to stabilize the property and improve its value.

Repairs flagged

• Major roof — Significant damage and visible leaks.
• Major exterior — Exposed framing and structural issues.
• Major flooring — Uneven and damaged concrete from flooding.
• Major HVAC/mechanicals — No visible systems, indicating potential issues that need assessment.

Value-add opportunities

• Both landscaping and curb appeal — Improving the landscaping and curb appeal can enhance both resale and rental value.
• Both roof repair — Fixing the roof will prevent further water damage and improve the overall condition of the property.
• Both exterior repairs — Addressing the structural issues will stabilize the property and improve its overall appearance.
• Both flooring replacement — Replacing the damaged flooring will improve the living conditions and increase the property's value.
• Both HVAC/mechanical assessment and repair — Assessing and repairing the HVAC and mechanical systems will ensure the property is in good working condition and improve its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and visible leaks.	Major	$15,000–50,000
exterior · Exposed framing and structural issues.	Major	$15,000–50,000
flooring · Uneven and damaged concrete from flooding.	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, indicating potential issues that need assessment.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both landscaping and curb appeal — Improving the landscaping and curb appeal can enhance both resale and rental value. ↑
• Both roof repair — Fixing the roof will prevent further water damage and improve the overall condition of the property. ↑
• Both exterior repairs — Addressing the structural issues will stabilize the property and improve its overall appearance. ↑
• Both flooring replacement — Replacing the damaged flooring will improve the living conditions and increase the property's value. ↑
• Both HVAC/mechanical assessment and repair — Assessing and repairing the HVAC and mechanical systems will ensure the property is in good working condition and improve its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Maize
• NCES district ID: 2009140
• Math proficiency: 36% ▼ -6.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $87,686
• Composite: 38.48/100
• National rank: #4184
• State rank: #20 of 169 in KS

Livability — Maize

• Score: 71/100
• State rank: #139
• US rank: #6865

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C- Housing A+ Health & safety B+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maize, KS
• City population: 6,941
• Population (ZIP): 773

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.53%
• Current HPI: 160.75
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-02 Listed $229,900 SCKMLS as Distributed by MLS Grid