12518 W Northstar St

Maize, KS 67223

$229,900D

4 bd · 3.0 ba · 1,755 sqft · Built 2025 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,790/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$90
• Vac / Maint / Mgmt: −$376
• Net cashflow: $-264/mo
• Annual: $-3,173/yr
• Cap rate: 4.91%
• Cash-on-cash: -4.93%
• DSCR: 0.78
• 1% rule: 0.78%
• Cash to close: $64,372

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $230k. Condition is rated poor.
• 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).
• It's been on market 19 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (22.1% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• 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: Vermillion Elementary School (math 40% / reading 43%, grade F, #306 of 684 statewide, top 45%, 835 students, 25% FRL); 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 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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.