16215-16217 W Ike Ct

Wichita, KS 67052

$385,000D-

8 bd · 0.0 ba · 2,710 sqft · Built 2024 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,400/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$642
• HOA: −$167
• Vac / Maint / Mgmt: −$714
• Net cashflow: $-142/mo
• Annual: $-1,700/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 0.88%
• Cash to close: $107,800

Investor read

• This is a 2 × 3-bed/2-bath units multifamily listed at $385k. Condition is rated good.
• 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).
• It's been on market 58 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $340k (11.7% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• This rent runs 40% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 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?
• 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?