6016 Leavenworth Rd · Kansas City, KS 66104

$2,490,000

51 bd · 49.3 ba · — sqft · MultiFamily · 163 Days on market

Built 1979 1.44 ac lot ↓ 26% since listing

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 17 units. confirmed

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

Great investment ahead! This highly unique property presents an exceptional opportunity for a charity, nonprofit, or mission-driven organization seeking a turnkey facility with infrastructure already in place. Largely vacant and ready for immediate activation, the building was extensively improved over the past year with the intent of operating a residential or transitional housing center. While prior federal grant plans did not come to fruition for the current owner, the heavy lifting has been done—creating a rare chance for a new operator or investor to step in and bring a meaningful vision to life. Zoning allows for a wide range of potential uses, including traditional market-rate

Key facts

• Turnkey facility
• Ample parking
• Commercial kitchen

Tags

• TURNKEY FACILITY
• COMMERCIAL KITCHEN
• ON-SITE LAUNDRY FACILITY
• AMPLE PARKING
• LARGE COMMON GATHERING AREAS
• OUTDOOR COMMUNITY PATIO SPACE

Property features AI

Finance

• Other: Designed as a multi-unit apartment building with 49 total units; Current occupancy under 80%
• Financial info: Gross annual income reported at $626,640; Operating expenses include real estate taxes
• HOA & community: No association fees

Exterior

• Parking: Sixty off-street paved parking spaces
• Utilities: Public water; Public sewer; Separate meters
• Home design: Residential income property (apartment); Two stories; Zoned CP-1
• Construction: Brick construction; Brick/mortar exterior; Synthetic roof
• Exterior features: Property not in a flood plain; Lot recorded as 62,726 square feet (per public records)

Interior

• Bedrooms: Forty-seven 1-bedroom units; Two 2-bedroom units
• Bathrooms: Most units have 1 bathroom
• Heating & cooling: Natural gas heating; Electric and other cooling (central cooling present)
• Interior features: Central laundry facility; Separate utility meters
• Laundry & utility: Central laundry; Separate meters for utilities

What this means for you Summary

Snapshot

• This is a 17 × 3-bed/2.9-bath units multifamily listed at $2.49M.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $2.49M).
• Recommended offer: $2.19M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.8% in Kansas City — 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 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment D-.
• Kansas City (urban): math 8% / reading 15% proficiency, ranked #169 of 169 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 150 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $75k of value loss. Plan a longer hold.
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($2.19M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $875k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $2,191,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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 1979 — 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 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. 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: 1.18% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.26%
• DSCR: 1.46
• GRM: 7.1

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: -0.9%
• Equity multiple: 0.97×
• Total profit: $-23,518
• Equity at exit: $371,267

10-year hold

• IRR: 8.8%
• Equity multiple: 1.67×
• Total profit: $470,020
• Equity at exit: $215,290

Cash invested: $697,200 (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 66104

• Home prices YoY: -20.1%
• Active inventory: 150
• Price-to-rent: 120.3×

Monthly cashflow live

• Estimated rent: $29,325 medium
• Mortgage (P&I): −$13,058
• Tax est. 1.5%: −$3,112 /mo · $37,350/yr
• Insurance: −$1,038
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,158
• Net cashflow: $5,959

Break-even live

Break-even rent $21,782

Max offer price $2,490,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 17× units	3	2.9	$29,325
Total (17 units)			$29,325

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: $622,500
• Closing costs: $74,700
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $2,490,000 Active 163 DOM
2. 2026-06-17
   price $2,490,000 Active 162 DOM
3. 2026-06-17
   days on market $2,590,000 Active 162 DOM
4. 2026-06-16
   days on market $2,590,000 Active 161 DOM
5. 2026-06-15
   days on market $2,590,000 Active 160 DOM
6. 2026-06-13
   days on market $2,590,000 Active 158 DOM
7. 2026-06-13
   days on market $2,590,000 Active 157 DOM
8. 2026-06-09
   days on market $2,590,000 Active 154 DOM
9. 2026-06-08
   days on market $2,590,000 Active 153 DOM
10. 2026-06-07
    days on market $2,590,000 Active 152 DOM
11. 2026-06-05
    days on market $2,590,000 Active 149 DOM
12. 2026-06-03
    days on market $2,590,000 Active 148 DOM
13. 2026-06-02
    days on market $2,590,000 Active 147 DOM
14. 2026-06-01
    days on market $2,590,000 Active 146 DOM
15. 2026-05-31
    days on market $2,590,000 Active 145 DOM
16. 2026-05-07
    price $2,590,000
17. 2026-01-20
    price $2,950,000
18. 2026-01-06
    listed $3,365,000 Active
19. 2022-03-24
    historical
20. 2022-01-26
    status Active
21. 2022-01-13
    status Pending
22. 2021-10-13
    listed $3,500,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 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: $351,900
• − Mortgage interest: −$139,479
• − Property taxes: −$37,350
• − Insurance: −$12,450
• − Repairs & maintenance: −$28,152
• − Management: −$28,152
• − Depreciation: −$72,436
• Taxable income: $33,881
• Est. tax owed @ 24.0%: −$8,131
• After-tax cash flow: $63,376/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: Kansas City
• NCES district ID: 2007950
• Math proficiency: 8% ▼ -10.00%
• Reading proficiency: 15% ▼ -4.00%
• Median HH income: $34,774
• Composite: 9.38/100
• National rank: #9856
• State rank: #169 of 169 in KS

Livability — Kansas City

• Score: 72/100
• State rank: #103
• US rank: #6054

Category grades

Amenities A Commute A+ 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

• Census place: Kansas City, KS
• City population: 130,206
• Population (ZIP): 26,820

Population outlook (Wyandotte County) Hauer SSP2

• Today (2025): 177,063 people
• By 2030: 183,212 · +3.5%
• By 2040: 195,697 · +10.5%
• By 2050: 207,897 · +17.4%
• By 2075: 236,169 · +33.4%
• By 2100: 255,790 · +44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 37% Black 32% White 20% Two or more races 15% Asian 5% Native American 3%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Iranian 1%
• Foreign-born: 20% · Canada, Philippines
• Languages at home: 61% English-only · Spanish 32% Other Asian/Pacific 4% Vietnamese 1%

Political lean MEDSL · Wyandotte

• 2024 margin: Strong D (+23.9) · D 61.1% · R 37.3% · Other 1.6%
• 2008→2024 swing: -17.0pp toward R · 2008: 40.9pp · 2024: 23.9pp
• All cycles: 2024: D+23.9 2020: D+30.9 2016: D+29.1 2012: D+36.4 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.50%
• Current HPI: 523.3956
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-26.0% since first listed

7 events — show timeline

• 2026-05-07 Price Changed $2,590,000 Heartland MLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $2,950,000 Heartland MLS as Distributed by MLS Grid
• 2026-01-06 Listed $3,365,000 Heartland MLS as Distributed by MLS Grid
• 2022-03-24 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-01-26 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-01-13 Pending — Heartland MLS as Distributed by MLS Grid
• 2021-10-13 Listed $3,500,000 Heartland MLS as Distributed by MLS Grid