2405 S Capri #1106 · Wichita, KS 67210

$114,900

1 bd · 2.0 ba · 1,293 sqft · Condo public records · 17 Days on market

Built 1983 $300/mo HOA · 30% 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.9/30.0
• 1% rule +3.6/10.0
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.2/10.0

Key facts

• Community pool
• Full bathroom
• Front and back deck

Tags

• LOW MAINTENANCE LIVING
• COMMUNITY POOL
• OPEN PLAN LIVING ROOM
• FULL BATHROOM
• FRONT AND BACK DECK

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Association fee $3,600 per year; One-time initiation fee $300; Association covers insurance, exterior maintenance, general common area upkeep, lawn service, recreation facility, security, snow removal, trash, and water

Exterior

• Security: Smoke detector(s)
• Utilities: Public utilities
• Home design: Community housing/condo/townhome/co-op property type
• Construction: Composition roof; Full foundation (no basement windows)
• Exterior features: Bi-level configuration; Smoke detectors; Composition roof; Full foundation with no basement windows

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; One gas wood-burning fireplace with decorative glass doors
• Laundry & utility: Washer and dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (34.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (13.6% below list).
• Recommended offer: $75k (34.8% below list) — sets the bar for cash-flow.

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.
• Derby (suburban): math 29% / reading 36% proficiency, ranked #66 of 169 in KS (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wineteer Elem (math 42% / reading 52%, grade D-, #200 of 684 statewide, top 33%, 391 students, 53% FRL); Derby North Middle School (math 29% / reading 29%, grade F, #85 of 219 statewide, top 40%, 828 students, 48% FRL); Derby High School (math 17% / reading 21%, grade F, #230 of 327 statewide, top 71%, 2,172 students, 43% FRL).
• Market conditions: 44 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($794 loan paydown + $11k appreciation (10.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago 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

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: major 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 $74,933 (34.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 3.93%
• Cash-on-cash: -8.44%
• DSCR: 0.62
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 2.50×
• Total profit: $48,316
• Equity at exit: $103,511

10-year hold

• IRR: 17.2%
• Equity multiple: 5.78×
• Total profit: $153,909
• Equity at exit: $223,225

Cash invested: $32,172 (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 67210

• Home prices YoY: 30.3%
• Active inventory: 44
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $993 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$60 /mo · $725/yr
• Insurance: −$48
• HOA: −$300
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $-226

Break-even live

Break-even rent $1,280

Max offer price $74,933

Occupancy floor —

Sensitivity live

Price	-10% $-161	-5% $-194	+0% $-226	+5% $-259	+10% $-291
Rent	-10% $-305	-5% $-265	+0% $-226	+5% $-187	+10% $-148
Rate	-1.0pp $-168	-0.5pp $-197	base $-226	+0.5pp $-256	+1.0pp $-286

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2303 S White Oak Dr Unit 1 Wichita, KS	2.0	1.5	1200	$1,100	$0.92	25d	1	0.21mi
2200 S Rock Rd Wichita, KS	1.0–2.0	1.0–2.0	942	$810	$0.86	15d	20	0.45mi
1770 S Rock Rd Wichita, KS	1.0–2.0	1.0–1.5	785	$925	$1.18	15d	9	0.90mi
9211 E Harry St Wichita, KS	1.0–2.0	1.0–2.0	817	$750	$0.92	23d	1	1.11mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-22
   days on market $114,900 Active 17 DOM
2. 2026-06-18
   days on market $114,900 Active 14 DOM
3. 2026-06-17
   days on market $114,900 Active 13 DOM
4. 2026-06-16
   days on market $114,900 Active 12 DOM
5. 2026-06-15
   days on market $114,900 Active 11 DOM
6. 2026-06-14
   days on market $114,900 Active 9 DOM
7. 2026-06-10
   days on market $114,900 Active 6 DOM
8. 2026-06-09
   days on market $114,900 Active 5 DOM
9. 2026-06-08
   days on market $114,900 Active 4 DOM
10. 2026-06-07
    listed $114,900 Active 3 DOM

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

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $725 · $60/mo
• Projected year-2 tax: $1,620 · $135/mo
• Expected delta: +$895/yr (+$75/mo · 123.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,918
• − Mortgage interest: −$6,436
• − Property taxes: −$725
• − Insurance: −$574
• − Repairs & maintenance: −$953
• − Management: −$953
• − HOA: −$3,600
• − Depreciation: −$3,343
• Taxable loss: −$4,667
• Est. tax savings @ 24.0%: +$1,120
• After-tax cash flow: $-1,595/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: Derby
• NCES district ID: 2005460
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 36% ▲ 1.00%
• Median HH income: $60,460
• Composite: 29.25/100
• National rank: #6564
• State rank: #66 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
• City population: 365,168
• Population (ZIP): 9,178

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 43% Hispanic / Latino 19% Asian 16% Two or more races 16% Black 12%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 2% Serbian 1% Portuguese 1%
• Foreign-born: 18% · Vietnam, Canada, China
• Languages at home: 76% English-only · Spanish 12% Vietnamese 6% Other Asian/Pacific 3%

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: ▲ 77.21%
• Current HPI: 331.68
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+194.6% since first listed

3 events — show timeline

• 2026-06-04 Listed $114,900 SCKMLS as Distributed by MLS Grid
• 2014-08-21 Sold (Public Records) — Public Records
• 2014-05-23 Listed $39,000 SCKMLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2025): $725 · +2.5% YoY. Source: county tax records.