414 S Martin Luther King JR Dr · Manhattan, KS 66502

$255,000

3 bd · 2.0 ba · 1,033 sqft · MultiFamily public records · 11 Days on market

Built 1953 7,500 sqft lot

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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).

• Cash flow +8.8/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.6/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Solid all brick ranch Excellent condition, nothing to do, well maintained, duplex with a lot of remodeling, Live in the 3 bedroom main floor and rent out the lower level. Owners live upstairs , downstairs rented for 550/mo. new windows, oak floors, beautiful tile work throughout, granite counter tops, new facing on kitchen cabinets, 3 seasons room screened in, Great investment. Downstairs rents for 550/mo Upstairs when vacated should rent for 11-1200/mo. Owners live on main floor. Occupancy can be immediate. great location, across from city park, quick access to Ft Riley or KSU.

Key facts

• Near downtown
• Near parks
• Separate entrances

Tags

• SEPARATE ENTRANCES
• NEAR DOWNTOWN
• NEAR KANSAS STATE UNIVERSITY
• NEAR PARKS
• NEAR LOCAL AMENITIES

Property features AI

Finance

• Other: Zoning: RL-A
• HOA & community: No association amenities

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer; Natural gas available; Electricity available
• Home design: Single-family residence; Residential property
• Construction: Brick veneer construction; Composition roof; Below-grade finished area (basement); Above-grade finished area
• Exterior features: Pond on the property; No fencing; Gravel and concrete road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Wood; Ceramic tile; Tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric and natural gas heating; Central air conditioning; Ceiling fans
• Interior features: Eat-in kitchen; Ceiling fans; Finished basement; Electric living room fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $-208 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (23.8% below list).
• Recommended offer: $194k (23.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 336 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• This rent runs 42% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $135k; list at $255k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,200 (23.8% 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. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.02% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.32×
• Total profit: $-48,496
• Equity at exit: $38,021

10-year hold

• IRR: -6.3%
• Equity multiple: 0.54×
• Total profit: $-32,705
• Equity at exit: $22,048

Cash invested: $71,400 (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 66502

• Rents YoY: 6.0%
• Active inventory: 336
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $1,942 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$299 /mo · $3,589/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $-208

Break-even live

Break-even rent $2,206

Max offer price $218,190

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,942
Total (2 units)			$1,942

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-11
   status Pending
2. 2026-04-30
   listed $255,000 Active
3. 2021-03-24
   soldstatus
4. 2014-10-09
   soldstatus 586-char remark

   Show marketing remark (586 chars)

   Solid all brick ranch Excellent condition, nothing to do, well maintained, duplex with a lot of remodeling, Live in the 3 bedroom main floor and rent out the lower level. Owners live upstairs , downstairs rented for 550/mo. new windows, oak floors, beautiful tile work throughout, granite counter tops, new facing on kitchen cabinets, 3 seasons room screened in, Great investment. Downstairs rents for 550/mo Upstairs when vacated should rent for 11-1200/mo. Owners live on main floor. Occupancy can be immediate. great location, across from city park, quick access to Ft Riley or KSU.

5. 2014-09-03
   listed $169,000 586-char remark

   Show marketing remark (586 chars)

   Solid all brick ranch Excellent condition, nothing to do, well maintained, duplex with a lot of remodeling, Live in the 3 bedroom main floor and rent out the lower level. Owners live upstairs , downstairs rented for 550/mo. new windows, oak floors, beautiful tile work throughout, granite counter tops, new facing on kitchen cabinets, 3 seasons room screened in, Great investment. Downstairs rents for 550/mo Upstairs when vacated should rent for 11-1200/mo. Owners live on main floor. Occupancy can be immediate. great location, across from city park, quick access to Ft Riley or KSU.

6. 2006-04-01
   soldstatus $135,000
7. 2002-10-01
   soldstatus $93,500

ⓘ 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: $3,589 · $299/mo
• Projected year-2 tax: $3,596 · $300/mo
• Expected delta: +$7/yr (+$1/mo · 0.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 16 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: $23,304
• − Mortgage interest: −$14,284
• − Property taxes: −$3,589
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,864
• − Management: −$1,864
• − Depreciation: −$7,418
• Taxable loss: −$6,990
• Est. tax savings @ 24.0%: +$1,678
• After-tax cash flow: $-823/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 43,693
• Household income: $54,833
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 3089.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 9% Two or more races 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.54%
• Current HPI: 172.7795
• Rent YoY: ▲ 6.02%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+172.7% since first listed

7 events — show timeline

• 2026-05-11 Pending — FHAOR as distributed by MLS GRID
• 2026-04-30 Listed $255,000 FHAOR as distributed by MLS GRID
• 2021-03-24 Sold (Public Records) — Public Records
• 2014-10-09 Sold (MLS) — FHAOR as distributed by MLS GRID
• 2014-09-03 Listed $169,000 FHAOR as distributed by MLS GRID
• 2006-04-01 Sold (Public Records) $135,000 Public Records
• 2002-10-01 Sold (Public Records) $93,500 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,589 · +5.7% YoY. Source: county tax records.