3757 S Bluelake Ct · Wichita, KS 67015

$185,000

3 bd · None ba · 1,179 sqft · MultiFamily · 79 Days on market

Built 2026 5,091 sqft lot $70/mo HOA · 4% of rent

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Why this score? — see what drove the C- 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 +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +5.2/10.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Multi-family units

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

Key facts

• Irrigation
• Lawn care
• Bar seating

Tags

• WALK IN PANTRY
• BAR SEATING
• LAWN CARE
• IRRIGATION
• HASSLE FREE MAINTENANCE
• PRIME LOCATION

Property features AI

Finance

• HOA & community: Association exists with $840 annual fee and $200 initiation fee

Exterior

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

Interior

• Kitchen: Dishwasher, Disposal, Microwave, Range, Refrigerator
• Flooring: Other flooring
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Dishwasher, Disposal, Microwave, Range, Refrigerator; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.

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.
• Haysville (suburban): math 18% / reading 29% proficiency, ranked #137 of 169 in KS (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oatville Elem (math 42% / reading 57%, grade D, #165 of 684 statewide, top 28%, 401 students, 52% FRL); Haysville West Middle School (math 17% / reading 23%, grade F, #146 of 219 statewide, top 67%, 539 students, 55% FRL); Campus High Haysville (math 8% / reading 25%, grade F, #244 of 327 statewide, top 75%, 1,893 students, 48% FRL).
• Market conditions: 1 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.

Recommended offer $173,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.02% ✓
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 8.2

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: 10.6%
• Equity multiple: 1.61×
• Total profit: $31,388
• Equity at exit: $83,184

10-year hold

• IRR: 12.9%
• Equity multiple: 2.92×
• Total profit: $99,210
• Equity at exit: $128,196

Cash invested: $51,800 (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 67015

• Active inventory: 1
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,886 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$70
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $142

Break-even live

Break-even rent $1,707

Max offer price $185,000

Occupancy floor 87%

Sensitivity live

Price	-10% $270	-5% $206	+0% $142	+5% $78	+10% $14
Rent	-10% $-7	-5% $67	+0% $142	+5% $216	+10% $291
Rate	-1.0pp $235	-0.5pp $189	base $142	+0.5pp $94	+1.0pp $45

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3520 W 45th St S Wichita, KS	3.0	2.0	1223	$1,550	$1.27	14d	1	1.37mi
4422 S Mt Carmel St Wichita, KS	3.0	2.0	1400	$2,295	$1.64	24d	1	1.45mi

HOA detail

• Monthly dues: $70 · $840/yr

Listing history 2 events

1. 2026-05-16
   status Pending
2. 2026-02-26
   listed $185,000 Active

ⓘ 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: $22,637
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − HOA: −$840
• − Depreciation: −$5,382
• Taxable loss: −$1,269
• Est. tax savings @ 24.0%: +$305
• After-tax cash flow: $2,006/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.

Schools (NCES district)

• District: Haysville
• NCES district ID: 2007050
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $55,560
• Composite: 21.3/100
• National rank: #8385
• State rank: #137 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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-16 Pending — SCKMLS as Distributed by MLS Grid
• 2026-02-26 Listed $185,000 SCKMLS as Distributed by MLS Grid