185-187 N Mendocino Ct

Wichita, KS 67235

$420,000D+

8 bd · 0.0 ba · 3,037 sqft · Built 2025 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,310/mo
• Mortgage (P&I): −$2,203
• Tax + insurance: −$700
• HOA: −$140
• Vac / Maint / Mgmt: −$905
• Net cashflow: $362/mo
• Annual: $4,348/yr
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• 1% rule: 1.03%
• Cash to close: $117,600

Investor read

• This is a 2 × 4-bed/2-bath units multifamily listed at $420k. Condition is rated poor.
• 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).
• It's been on market 43 days — a 3% lower offer ($407k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $407k (3.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 44% of the median local income ($118k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?

Repairs flagged (vision-AI assessment)

• 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