16215-16217 W Ike Ct · Wichita, KS 67052

$385,000

8 bd · 0.0 ba · 2,710 sqft · MultiFamily · 58 Days on market

Built 2024 Good condition 9,046 sqft lot $167/mo HOA · 10% 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 +11.3/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• DSCR +3.3/10.0
• Rent growth +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

• 9,046 sq ft lot
• 4 parking spots
• Built 2024

Property features AI

Finance

• Financial info: Owner pays grounds care
• HOA & community: Has association; Annual association fee $2,000; One-time HOA initiation fee $500

Exterior

• Parking: Attached parking; Paved parking; More than 2 spaces per unit (total 4 spaces)
• Security: Fenced; Smoke detector(s)
• Utilities: Natural gas available; Sewer available; Public water
• Home design: Duplex
• Exterior features: Fenced yard; Smoke detectors; Composition roof

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 2-unit property (duplex)
• Heating & cooling: Electric cooling; Natural gas heating
• Interior features: Dishwasher; Disposal; Microwave; Range; Refrigerator; No basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $385k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-142 ($-2k/yr) — negative. Per door: $-71/mo.
• To cash-flow at today's rent, offer at most $365k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (11.7% below list).
• Recommended offer: $340k (11.7% 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: Apollo Elementary School (math 62% / reading 67%, grade B, #45 of 684 statewide, top 8%, 527 students, 25% FRL); Dwight D. Eisenhower Middle School (math 45% / reading 40%, grade D-, #17 of 219 statewide, top 7%, 614 students, 16% FRL); Eisenhower High School (math 29% / reading 40%, grade F, #32 of 327 statewide, top 13%, 1,002 students, 23% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 407 active listings in the ZIP; solid renter incomes; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• This rent runs 40% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 58 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $340,000 (11.7% 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 58 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.88% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• GRM: 9.4

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: -18.8%
• Equity multiple: 0.34×
• Total profit: $-71,254
• Equity at exit: $57,405

10-year hold

• IRR: -11.3%
• Equity multiple: 0.32×
• Total profit: $-73,038
• Equity at exit: $33,288

Cash invested: $107,800 (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 67052

• Home prices YoY: -17.1%
• Active inventory: 407
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $3,400 medium
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$167
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $-142

Break-even live

Break-even rent $3,579

Max offer price $364,503

Occupancy floor 99%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,400
Total (2 units)			$3,400

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $167 · $2,004/yr

Listing history 19 events

1. 2026-06-18
   days on market $385,000 Active 58 DOM
2. 2026-06-17
   days on market $385,000 Active 57 DOM
3. 2026-06-16
   days on market $385,000 Active 56 DOM
4. 2026-06-15
   days on market $385,000 Active 55 DOM
5. 2026-06-14
   days on market $385,000 Active 53 DOM
6. 2026-06-13
   days on market $385,000 Active 52 DOM
7. 2026-06-10
   days on market $385,000 Active 50 DOM
8. 2026-06-09
   days on market $385,000 Active 49 DOM
9. 2026-06-08
   days on market $385,000 Active 48 DOM
10. 2026-06-07
    days on market $385,000 Active 47 DOM
11. 2026-06-03
    days on market $385,000 Active 43 DOM
12. 2026-06-02
    days on market $385,000 Active 42 DOM
13. 2026-06-01
    days on market $385,000 Active 41 DOM
14. 2026-05-31
    days on market $385,000 Active 40 DOM
15. 2026-05-30
    days on market $385,000 Active 39 DOM
16. 2026-04-21
    listed $385,000 Active
17. 2025-10-25
    historical $1,595
18. 2025-09-03
    price $1,595
19. 2025-08-05
    listed $1,695

ⓘ 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 5/10 Major
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,800
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,264
• − Management: −$3,264
• − HOA: −$2,004
• − Depreciation: −$11,200
• Taxable loss: −$8,198
• Est. tax savings @ 24.0%: +$1,968
• After-tax cash flow: $268/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 · 8 photos

Good 80/100 None rehab

This multi-family home is in good condition with a modern kitchen and neutral paint. It has minimal repairs and maintenance needs, making it a good investment opportunity.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping the front yard — A well-maintained front yard can improve curb appeal and attract potential buyers/tenants.
• Resale Upgrading the kitchen appliances — Modern appliances can increase the home's appeal to potential buyers.
• Rental Adding a small patio or deck — A small outdoor space can increase rental value by providing a relaxing area for tenants.
• Both Upgrading the flooring in the bathrooms — Upgrading the flooring can improve the home's overall appearance and increase its value.
• Both Adding a smart home system — A smart home system can increase the home's value by providing convenience and energy efficiency features.

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 the front yard — A well-maintained front yard can improve curb appeal and attract potential buyers/tenants. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can increase the home's appeal to potential buyers. ↑
• Rental Adding a small patio or deck — A small outdoor space can increase rental value by providing a relaxing area for tenants. ↑
• Both Upgrading the flooring in the bathrooms — Upgrading the flooring can improve the home's overall appearance and increase its value. ↑
• Both Adding a smart home system — A smart home system can increase the home's value by providing convenience and energy efficiency features. ↑

ⓘ 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): 9,262
• Household income: $103,148
• Rent vs Own: 14.9% rent · 85.1% own
• Severe rent burden: 43.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · China, Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -54.44%
• Current HPI: 264.1893
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+22613.9% since first listed

4 events — show timeline

• 2026-04-21 Listed $385,000 SCKMLS as Distributed by MLS Grid
• 2025-10-25 Rental Removed $1,595 APPFOLIO
• 2025-09-03 Price Changed $1,595 APPFOLIO
• 2025-08-05 Listed for Rent $1,695 APPFOLIO