1114 Vattier St · Manhattan, KS 66502

$324,900

12 bd · 4.0 ba · 2,452 sqft · MultiFamily public records · 232 Days on market

Built 1920 7,500 sqft lot

---

Why this score? — see what drove the C 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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.0/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. 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.

Key facts

• 7,500 sq ft lot
• Built 1920
• Listed 232 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive. Per door: $178/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.

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).
• At $3,589/mo this rent would consume 79% of the median local household income ($55k/yr) (locally 3089% 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 $10k 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.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $91k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 232 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $35k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $139k; list at $325k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $285,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 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 1920 — 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. 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.
8. 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.
9. 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: 1.10% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.5

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-7,403
• Equity at exit: $48,444

10-year hold

• IRR: 10.7%
• Equity multiple: 1.95×
• Total profit: $86,648
• Equity at exit: $28,091

Cash invested: $90,972 (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: 22.6×

Monthly cashflow live

• Estimated rent: $3,589 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$464 /mo · $5,563/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$754
• Net cashflow: $533

Break-even live

Break-even rent $2,915

Max offer price $324,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$3,588
Total (3 units)			$3,589

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-04
   soldstatus
2. 2026-04-14
   status Pending
3. 2025-11-13
   price $324,900
4. 2025-11-03
   status Active
5. 2025-11-01
   historical
6. 2025-10-14
   price $339,900
7. 2025-09-24
   status Active
8. 2025-08-19
   status Pending
9. 2025-07-18
   listed $359,900 Active
10. 2025-03-18
    price $387,000
11. 2025-03-12
    price $412,000
12. 2024-03-24
    historical $650
13. 2024-03-13
    listed $650
14. 2023-08-20
    historical $600
15. 2022-07-25
    price $600
16. 2000-11-01
    soldstatus $139,000
17. 1991-09-01
    soldstatus $90,000

ⓘ 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: $5,563 · $464/mo
• Projected year-2 tax: $5,563 · $464/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 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: $43,068
• − Mortgage interest: −$18,199
• − Property taxes: −$5,563
• − Insurance: −$1,624
• − Repairs & maintenance: −$3,445
• − Management: −$3,445
• − Depreciation: −$9,452
• Taxable income: $1,339
• Est. tax owed @ 24.0%: −$321
• After-tax cash flow: $6,070/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

+261.0% since first listed

17 events — show timeline

• 2026-05-04 Sold (Public Records) — Public Records
• 2026-04-14 Pending — FHAOR as distributed by MLS GRID
• 2025-11-13 Price Changed $324,900 FHAOR as distributed by MLS GRID
• 2025-11-03 Relisted — FHAOR as distributed by MLS GRID
• 2025-11-01 Delisted — FHAOR as distributed by MLS GRID
• 2025-10-14 Price Changed $339,900 FHAOR as distributed by MLS GRID
• 2025-09-24 Relisted — FHAOR as distributed by MLS GRID
• 2025-08-19 Pending — FHAOR as distributed by MLS GRID
• 2025-07-18 Listed $359,900 FHAOR as distributed by MLS GRID
• 2025-03-18 Price Changed $387,000 FHAOR as distributed by MLS GRID
• 2025-03-12 Price Changed $412,000 FHAOR as distributed by MLS GRID
• 2024-03-24 Rental Removed $650 APPFOLIO
• 2024-03-13 Listed for Rent $650 APPFOLIO
• 2023-08-20 Rental Removed $600 APPFOLIO
• 2022-07-25 Price Changed $600 APPFOLIO
• 2000-11-01 Sold (Public Records) $139,000 Public Records
• 1991-09-01 Sold (Public Records) $90,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $5,563 · +8.1% YoY. Source: county tax records.