16904 W Kashmir St · Wichita, KS 67052-0149

$185,000

3 bd · 2.0 ba · 1,269 sqft · MultiFamily · 168 Days on market

Built 2025 8,276 sqft lot $117/mo HOA · 7% of rent

---

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 +9.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.9/10.0
• 1% rule +3.6/10.0
• Livability +3.6/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Key facts

• Open floor plan
• Quartz countertops
• Turnkey opportunity

Tags

• OPEN FLOOR PLAN
• QUARTZ COUNTERTOPS
• LOW MAINTENANCE LIVING
• TURNKEY OPPORTUNITY

Property features AI

Finance

• HOA & community: Has association; Association fee $1,404; HOA initiation fee $200; Association fee includes lawn service

Exterior

• Parking: Detached or attached 2-car garage
• Security: Smoke detector(s)
• Utilities: Sewer available; Natural gas available; Public utilities
• Home design: Duplex; One story
• Construction: Composition roof; No basement
• Exterior features: One level; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air (electric); Forced air heating (natural gas)
• Interior features: Dishwasher; Disposal; Microwave; Smoke detector(s)
• Laundry & utility: Laundry on main floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (13.7% below list).
• Recommended offer: $160k (13.7% 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: Explorer Elementary School (math 47% / reading 62%, grade C, #107 of 684 statewide, top 18%, 472 students, 27% FRL); Dwight D. Eisenhower Middle School (math 45% / reading 40%, grade D-, #17 of 219 statewide, top 7%, 614 students, 16% FRL); Goddard High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 948 students, 31% FRL).
• Market conditions: 5 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $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.
• 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 168 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Recommended offer $159,648 (13.7% 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 168 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• 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: 4.6%
• Equity multiple: 1.27×
• Total profit: $13,830
• Equity at exit: $83,184

10-year hold

• IRR: 7.8%
• Equity multiple: 2.18×
• Total profit: $61,379
• 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 67052-0149

• Active inventory: 5
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,596 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$117
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $-134

Break-even live

Break-even rent $1,766

Max offer price $165,570

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-70	+0% $-134	+5% $-198	+10% $-262
Rent	-10% $-260	-5% $-197	+0% $-134	+5% $-71	+10% $-8
Rate	-1.0pp $-41	-0.5pp $-87	base $-134	+0.5pp $-182	+1.0pp $-231

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 S 167th St W Goddard, KS	3.0–5.0	2.0–3.0	1543	$1,595	$1.03	16d	1	0.14mi
16277 W Ike Ct Unit 16277 Goddard, KS	3.0	2.0	1180	$1,475	$1.25	25d	1	1.09mi
15024 W Hayden St Wichita, KS	2.0	2.0	1800	$1,800	$1.00	23d	1	1.28mi

HOA detail

• Monthly dues: $117 · $1,404/yr

Listing history 7 events

1. 2026-06-07
   statusdays on market $185,000 Pending 168 DOM
2. 2026-06-03
   days on market $185,000 Active 167 DOM
3. 2026-06-02
   days on market $185,000 Active 166 DOM
4. 2026-06-01
   days on market $185,000 Active 165 DOM
5. 2026-05-31
   days on market $185,000 Active 164 DOM
6. 2026-05-30
   days on market $185,000 Active 163 DOM
7. 2025-12-18
   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: $19,158
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − HOA: −$1,404
• − Depreciation: −$5,382
• Taxable loss: −$4,756
• Est. tax savings @ 24.0%: +$1,141
• After-tax cash flow: $-470/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: 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

No demographic data for this ZIP.

Market trends

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

Price history

1 event — show timeline

• 2025-12-18 Listed $185,000 SCKMLS as Distributed by MLS Grid