217 N 13th St N

Kansas City, KS 66102

$214,950C+

4 bd · 3.0 ba · 419,211 sqft · Built 1920 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,733/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$414
• HOA: −$0
• Vac / Maint / Mgmt: −$574
• Net cashflow: $618/mo
• Annual: $7,417/yr
• Cap rate: 10.05%
• Cash-on-cash: 13.43%
• DSCR: 1.60
• 1% rule: 1.27%
• Cash to close: $60,186

Investor read

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $618 ($7k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 58 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: 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.
• Zoned schools: M E Pearson Elem (math 9% / reading 16%, grade F, #642 of 684 statewide, top 94%, 582 students, 93% FRL); Central Middle (math 3% / reading 12%, grade F, #207 of 219 statewide, top 95%, 686 students, 90% FRL); Wyandotte High (math 2% / reading 3%, grade F, #325 of 327 statewide, top 99%, 1,832 students, 83% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.4%/yr); 115 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $60k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.1% 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.
• At $2,733/mo this rent would consume 62% of the median local household income ($53k/yr) (locally 1253% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 58 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?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?