2104 SE California Ave · Topeka, KS 66605

$295,000

2 bd · 2.0 ba · 1,152 sqft · MultiFamily public records · 143 Days on market

Built 1960 0.44 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Seize this superb investment opportunity and secure an immediate stream of rental income with these fully-occupied properties for sale in Topeka, Kansas. This package comprises three side-by-side duplexes, yielding a total of six units with gross rental income of $3,250/mo. Each unit offers one bedroom and one bathroom. County has all three properties listed under 2104 SE California Ave. Individual property addresses are 2104, 2106, & 2108 SE California Ave. Don't miss out on this rare opportunity to secure a multi-family investment package. The detailed rent information is available upon request.

Key facts

• 0.44 acre lot
• 8 parking spots
• Built 1960

Property features AI

Finance

• Financial info: Annual tax amount listed (not included per instructions)

Exterior

• Parking: 8 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (2–4 units)
• Exterior features: Corner lot in the Highland Acres subdivision

Interior

• Heating & cooling: Central heating; Window unit air conditioning
• Interior features: Central heating; Window air conditioning units

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 4.3% in Topeka — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, commute F.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Eisenhower Middle School (math 10% / reading 8%, grade F, #204 of 219 statewide, top 94%, 486 students, 90% FRL); Highland Park High (math 8% / reading 12%, grade F, #306 of 327 statewide, top 95%, 857 students, 85% FRL) — zoned schools average 88% FRL vs 69% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 52 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• At $4,774/mo this rent would consume 97% of the median local household income ($59k/yr) (locally 490% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $87k; list at $295k implies a 239% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
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: 1.62% ✓
• Cap rate: 13.76%
• Cash-on-cash: 26.67%
• DSCR: 2.19
• GRM: 5.1

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: 20.5%
• Equity multiple: 1.84×
• Total profit: $69,110
• Equity at exit: $43,985

10-year hold

• IRR: 28.7%
• Equity multiple: 3.55×
• Total profit: $210,748
• Equity at exit: $25,506

Cash invested: $82,600 (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 66605

• Active inventory: 52
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $4,774 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$266 /mo · $3,192/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,003
• Net cashflow: $1,835

Break-even live

Break-even rent $2,451

Max offer price $295,000

Occupancy floor 57%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,776
Total (6 units)			$4,774

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2351 SE Bellview Ave Topeka, KS	1.0–3.0	1.0–1.5	1132	$1,105	$0.98	21d	1	0.45mi
2435 SE Colorado Ave Topeka, KS	3.0	1.0	1100	$1,200	$1.09	21d	1	0.45mi
1110 SE Powell St Unit 12-2169 Topeka, KS	3.0	1.5	909	$980	$1.08	21d	1	0.51mi
1110 SE Powell St Topeka, KS	2.0	1.5	765	$695	$0.91	21d	1	0.51mi
1724 SE Pennsylvania Ave Unit B Topeka, KS	2.0	1.0	960	$850	$0.89	21d	1	0.96mi
3024 SE Swygart St Apt F Topeka, KS	2.0	1.0	800	$895	$1.12	21d	1	1.17mi
501 SE 25th St Topeka, KS	3.0	1.5	1200	$1,295	$1.08	21d	1	1.18mi
2704 SE Massachusetts Ave Topeka, KS	3.0	1.0	936	$950	$1.01	21d	1	1.19mi
423 SE Winfield Ave Unit 421-23 Arter-423 Arter Topeka, KS	3.0	1.0	775	$910	$1.17	21d	1	1.48mi

Listing history 19 events

1. 2026-06-19
   days on market $295,000 Active 143 DOM
2. 2026-06-18
   days on market $295,000 Active 142 DOM
3. 2026-06-17
   days on market $295,000 Active 141 DOM
4. 2026-06-16
   days on market $295,000 Active 140 DOM
5. 2026-06-15
   days on market $295,000 Active 139 DOM
6. 2026-06-14
   days on market $295,000 Active 137 DOM
7. 2026-06-13
   days on market $295,000 Active 136 DOM
8. 2026-06-10
   days on market $295,000 Active 134 DOM
9. 2026-06-09
   days on market $295,000 Active 133 DOM
10. 2026-06-08
    days on market $295,000 Active 132 DOM
11. 2026-06-07
    days on market $295,000 Active 131 DOM
12. 2026-06-02
    days on market $295,000 Active 126 DOM
13. 2026-06-01
    days on market $295,000 Active 125 DOM
14. 2026-05-31
    days on market $295,000 Active 124 DOM
15. 2026-05-30
    days on market $295,000 Active 123 DOM
16. 2026-04-27
    price $295,000
17. 2026-01-27
    listed $300,000 Active
18. 2012-03-15
    soldstatus
19. 2000-03-01
    soldstatus $87,000

ⓘ 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: $3,192 · $266/mo
• Projected year-2 tax: $4,160 · $347/mo
• Expected delta: +$967/yr (+$81/mo · 30.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,288
• − Mortgage interest: −$16,525
• − Property taxes: −$3,192
• − Insurance: −$1,475
• − Repairs & maintenance: −$4,583
• − Management: −$4,583
• − Depreciation: −$8,582
• Taxable income: $18,348
• Est. tax owed @ 24.0%: −$4,404
• After-tax cash flow: $17,622/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

Amenities A- Commute F Cost of living A+ Crime F Employment C- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 20,891
• Household income: $59,106
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 490.0

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 20% Black 13% Two or more races 10%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9% Other Indo-European 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.37%
• Current HPI: 206.375
• Rent YoY: —
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+239.1% since first listed

4 events — show timeline

• 2026-04-27 Price Changed $295,000 Sunflower MLS as distributed by MLS GRID
• 2026-01-27 Listed $300,000 Sunflower MLS as distributed by MLS GRID
• 2012-03-15 Sold (Public Records) — Public Records
• 2000-03-01 Sold (Public Records) $87,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,192 · +7.0% YoY. Source: county tax records.