185-187 N Mendocino Ct · Wichita, KS 67235

$420,000

8 bd · 0.0 ba · 3,037 sqft · MultiFamily · 43 Days on market

Built 2025 Poor condition 10,454 sqft lot $140/mo HOA · 6% 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 +18.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +5.3/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Key facts

• 0.24 acre lot
• 4 parking spots
• Built 2025

Property features AI

Finance

• HOA & community: Homeowners association (association fee $1,680); Association pays grounds care

Exterior

• Parking: 4 parking spaces (2 per unit)
• Utilities: Natural gas available; Private and public water sources
• Home design: Duplex
• Exterior features: Composition roof

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range
• Heating & cooling: Electric cooling; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Disposal; Microwave; Range

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2-bath units multifamily listed at $420k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive. Per door: $181/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $420k).
• Recommended offer: $407k (3.0% below list) — sets the bar for market timing.

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); Eisenhower High School (math 29% / reading 40%, grade F, #32 of 327 statewide, top 13%, 1,002 students, 23% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 217 active listings in the ZIP; high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• This rent runs 44% of the median local income ($118k/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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($407k) is reasonable based on typical stale-listing flexibility.

Recommended offer $407,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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. 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?
10. 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.
11. 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.
12. 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: 1.03% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• GRM: 8.1

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: -10.5%
• Equity multiple: 0.62×
• Total profit: $-44,827
• Equity at exit: $62,623

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-8,702
• Equity at exit: $36,314

Cash invested: $117,600 (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 67235

• Home prices YoY: -16.1%
• Active inventory: 217
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $4,310 medium
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$140
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $362

Break-even live

Break-even rent $3,851

Max offer price $420,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$4,310
Total (2 units)			$4,310

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $140 · $1,680/yr

Listing history 16 events

1. 2026-06-18
   days on market $420,000 Active 43 DOM
2. 2026-06-17
   days on market $420,000 Active 42 DOM
3. 2026-06-16
   days on market $420,000 Active 41 DOM
4. 2026-06-15
   days on market $420,000 Active 40 DOM
5. 2026-06-14
   days on market $420,000 Active 38 DOM
6. 2026-06-13
   days on market $420,000 Active 37 DOM
7. 2026-06-10
   days on market $420,000 Active 35 DOM
8. 2026-06-09
   days on market $420,000 Active 34 DOM
9. 2026-06-08
   days on market $420,000 Active 33 DOM
10. 2026-06-07
    days on market $420,000 Active 32 DOM
11. 2026-06-03
    days on market $420,000 Active 28 DOM
12. 2026-06-02
    days on market $420,000 Active 27 DOM
13. 2026-06-01
    days on market $420,000 Active 26 DOM
14. 2026-05-31
    days on market $420,000 Active 25 DOM
15. 2026-05-30
    days on market $420,000 Active 24 DOM
16. 2026-05-06
    listed $420,000 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: $51,720
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,138
• − Management: −$4,138
• − HOA: −$1,680
• − Depreciation: −$12,218
• Taxable loss: −$2,380
• Est. tax savings @ 24.0%: +$571
• After-tax cash flow: $4,920/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to bring it up to a livable condition. Significant investment is needed in the exterior, interior, and HVAC systems to make it move-in ready.

Repairs flagged

• Major exterior siding — No visible damage or wear
• Major roof — No visible damage or wear
• Major flooring — No visible damage or wear
• Major interior walls/paint — No visible damage or wear
• Major HVAC/mechanicals — No visible damage or wear
• Major landscaping/curb appeal — No visible damage or wear

Value-add opportunities

• Both exterior siding — Enhances curb appeal and protects the structure
• Both roof — Improves structural integrity and protects the home
• Both flooring — Enhances the home's aesthetic and protects the structure
• Both interior walls/paint — Enhances the home's aesthetic and protects the structure
• Both HVAC/mechanicals — Improves comfort and energy efficiency
• Both landscaping/curb appeal — Enhances the home's aesthetic and attracts potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · No visible damage or wear	Major	$15,000–50,000
roof · No visible damage or wear	Major	$15,000–50,000
flooring · No visible damage or wear	Major	$15,000–50,000
interior walls/paint · No visible damage or wear	Major	$15,000–50,000
HVAC/mechanicals · No visible damage or wear	Major	$15,000–50,000
landscaping/curb appeal · No visible damage or wear	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding — Enhances curb appeal and protects the structure ↑
• Both roof — Improves structural integrity and protects the home ↑
• Both flooring — Enhances the home's aesthetic and protects the structure ↑
• Both interior walls/paint — Enhances the home's aesthetic and protects the structure ↑
• Both HVAC/mechanicals — Improves comfort and energy efficiency ↑
• Both landscaping/curb appeal — Enhances the home's aesthetic and attracts potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 14,958
• Household income: $118,050
• Rent vs Own: 6.4% rent · 93.6% own
• Severe rent burden: 49.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 8% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, China
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Other Indo-European 1%

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: ▼ -40.88%
• Current HPI: 212.876
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-06 Listed $420,000 SCKMLS as Distributed by MLS Grid