16904 W Kashmir St

Wichita, KS 67052-0149

$185,000D

3 bd · 2.0 ba · 1,269 sqft · Built 2025 · MultiFamily · Pending · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,596/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$117
• Vac / Maint / Mgmt: −$335
• Net cashflow: $-134/mo
• Annual: $-1,611/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• 1% rule: 0.86%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $185k.
• 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).
• It's been on market 168 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (13.7% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• 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).
• 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.

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 168 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?