12822 W Red Rock · Wichita, KS 67235

$220,000

4 bd · 2.0 ba · 1,576 sqft · MultiFamily · 31 Days on market

Built 2026 Good condition 5,662 sqft lot $65/mo HOA · 3% 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).

• Cash flow +11.0/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• 1% rule +3.6/10.0
• Livability +3.6/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Key facts

• Brand new build
• Electric fireplace
• Sprinkler system

Tags

• BRAND NEW BUILD
• OPEN CONCEPT LAYOUT
• ELECTRIC FIREPLACE
• DEDICATED LAUNDRY ROOM
• OVERSIZED WALK IN CLOSET
• SPRINKLER SYSTEM

Property features AI

Finance

• Other: Property located in Sedgwick County
• HOA & community: Has homeowners association; Association fee $780; One-time HOA initiation fee $125

Exterior

• Parking: 2-car garage
• Utilities: Public utilities; Natural gas available; Sewer available
• Home design: Duplex
• Construction: No foundation details listed
• Exterior features: One-level property; Composition roof

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning (electric); Forced air heating (natural gas)
• Interior features: Main-floor laundry; No basement
• Laundry & utility: Laundry on main floor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (14.1% below list).
• Recommended offer: $189k (14.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime F, commute F.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Amelia Earhart Elementary School (math 52% / reading 52%, grade C-, #131 of 684 statewide, top 23%, 491 students, 26% FRL); Goddard Middle School (math 26% / reading 32%, grade F, #85 of 219 statewide, top 40%, 493 students, 30% FRL); Goddard High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 948 students, 31% FRL).
• Market conditions: 217 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,915 (14.1% 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. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.81%
• DSCR: 0.92
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-41,501
• Equity at exit: $32,803

10-year hold

• IRR: -11.8%
• Equity multiple: 0.29×
• Total profit: $-43,482
• Equity at exit: $19,022

Cash invested: $61,600 (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 67235

• Home prices YoY: -16.1%
• Active inventory: 217
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,889 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$65
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-93

Break-even live

Break-even rent $2,007

Max offer price $206,551

Occupancy floor 100%

Sensitivity live

Price	-10% $59	-5% $-17	+0% $-93	+5% $-169	+10% $-245
Rent	-10% $-242	-5% $-168	+0% $-93	+5% $-18	+10% $56
Rate	-1.0pp $18	-0.5pp $-37	base $-93	+0.5pp $-150	+1.0pp $-208

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12820 W Wheatland Ct Wichita, KS	3.0	2.0	1186	$1,500	$1.26	24d	1	0.80mi
12874 W Wheatland Ct Wichita, KS	3.0	2.0	1200	$1,595	$1.33	24d	1	0.87mi
12868 W Wheatland Ct Wichita, KS	3.0	2.0	1200	$1,595	$1.33	24d	1	0.87mi
1744 S Hickory Creek St Wichita, KS	3.0	2.0	1200	$1,595	$1.33	24d	1	0.91mi
1717 S Hickory Creek St Wichita, KS	4.0	2.0	1355	$1,595	$1.18	24d	1	0.91mi
1738 S Hickory Creek St Wichita, KS	3.0	2.0	1200	$1,595	$1.33	14d	1	0.91mi
11117 W Grant St Wichita, KS	4.0	3.0	2116	$2,095	$0.99	24d	1	1.20mi
11828 W Graber St Unit 100 Wichita, KS	3.0	2.0	1195	$1,595	$1.33	24d	1	1.30mi
12001 W US HWY Wichita, KS	3.0–4.0	2.0	1279	$1,650	$1.29	14d	1	1.45mi

HOA detail

• Monthly dues: $65 · $780/yr

Listing history 16 events

1. 2026-06-18
   days on market $220,000 Active 31 DOM
2. 2026-06-17
   days on market $220,000 Active 30 DOM
3. 2026-06-16
   days on market $220,000 Active 29 DOM
4. 2026-06-15
   days on market $220,000 Active 28 DOM
5. 2026-06-14
   days on market $220,000 Active 26 DOM
6. 2026-06-13
   days on market $220,000 Active 25 DOM
7. 2026-06-10
   days on market $220,000 Active 23 DOM
8. 2026-06-09
   days on market $220,000 Active 22 DOM
9. 2026-06-08
   days on market $220,000 Active 21 DOM
10. 2026-06-07
    days on market $220,000 Active 20 DOM
11. 2026-06-03
    days on market $220,000 Active 16 DOM
12. 2026-06-02
    days on market $220,000 Active 15 DOM
13. 2026-06-01
    days on market $220,000 Active 14 DOM
14. 2026-05-31
    days on market $220,000 Active 13 DOM
15. 2026-05-30
    days on market $220,000 Active 12 DOM
16. 2026-05-18
    listed $220,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,670
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,814
• − Management: −$1,814
• − HOA: −$780
• − Depreciation: −$6,400
• Taxable loss: −$4,861
• Est. tax savings @ 24.0%: +$1,167
• After-tax cash flow: $51/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 · 12 photos

Good 80/100 None rehab

This multi-family home is in excellent condition with a good condition score of 80. It is move-in ready with no visible repairs or maintenance needed. The home has a good resale and rental value with potential for further improvements to enhance its curb appeal and functionality.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers/tenants.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's value and appeal to tech-savvy buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/tenants. ↑

ⓘ 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: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita, KS
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 14,958
• Household income: $118,050
• Rent vs Own: 6.4% rent · 93.6% own
• Severe rent burden: 49.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 8% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, China
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Other Indo-European 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: ▼ -40.88%
• Current HPI: 212.876
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-18 Listed $220,000 SCKMLS as Distributed by MLS Grid