1904 W 3rd St · Lawrence, KS 66044

$220,000

4 bd · 1.5 ba · 1,257 sqft · Townhouse public records · 4 Days on market

Built 1983 5,302 sqft lot

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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 +12.3/30.0
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• Livability +4.4/5.0
• DSCR +3.6/10.0
• Schools +3.2/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Disclaimer: Sight unseen offers may be accepted by the Seller. The Showing Begin Date is subject to change.

Key facts

• Backs to green space
• Secluded back yard
• Large laundry room

Tags

• LARGE PRIMARY BEDROOM
• LARGE LAUNDRY ROOM
• SECLUDED BACK YARD
• BACKS TO GREEN SPACE

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Parking: Attached garage facing the front (1-car garage)
• Utilities: Public water
• Home design: Attached townhouse; 2 stories; Faces south
• Construction: Frame construction; Composition roof; Slab foundation; Built approximately 41–50 years ago
• Exterior features: Paved road with public maintenance; Not in a flood plain

Interior

• Kitchen: Kitchen and dining combined
• Bedrooms: 2 bedrooms (both on the upper level)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: Living room fireplace
• Laundry & utility: Laundry room on the bedroom level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $-42 ($-499/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (19.0% below list).
• Recommended offer: $178k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.7% in Lawrence — 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 88/100 on livability (#1 in KS, #237 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D-.
• Lawrence (urban): math 31% / reading 44% proficiency, ranked #46 of 169 in KS (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pinckney Elem (math 32% / reading 52%, grade F, #273 of 684 statewide, top 45%, 212 students, 64% FRL); Lawrence West Middle School (math 24% / reading 35%, grade F, #72 of 219 statewide, top 38%, 609 students, 43% FRL); Lawrence Free State High (math 29% / reading 39%, grade F, #45 of 327 statewide, top 14%, 1,777 students, 32% FRL) — zoned schools average 46% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.0%/yr); 94 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 246 units permitted in Douglas County in 2024 (38 in 5+ unit buildings).
• This rent runs 38% of the median local income ($56k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Douglas County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• 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 $178,289 (19.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.81%
• DSCR: 0.96
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $134,499
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 Birch Ln	0.05mi	3/1.5 (-1)	1,257 (0%)	12mo	$209,000	$166	82
255 N Michigan St #22	0.57mi	3/1.5 (-1)	1,254 (-0%)	7mo	$132,900	$106	63
255 N Michigan St #100	0.62mi	3/1.5 (-1)	1,254 (-0%)	6mo	$125,000	$100	61
1506 Pin Oak Dr	0.56mi	3/2.0 (-1)	1,401 (+12%)	11mo	$150,000	$107	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.53×
• Total profit: $-28,894
• Equity at exit: $32,803

10-year hold

• IRR: 2.7%
• Equity multiple: 1.23×
• Total profit: $14,244
• Equity at exit: $19,022

Cash invested: $61,600 (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 66044

• Rents YoY: 9.0%
• Active inventory: 94
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,783 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$205 /mo · $2,457/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-42

Break-even live

Break-even rent $1,836

Max offer price $212,648

Occupancy floor 97%

Sensitivity live

Price	-10% $83	-5% $21	+0% $-42	+5% $-104	+10% $-166
Rent	-10% $-182	-5% $-112	+0% $-42	+5% $29	+10% $99
Rate	-1.0pp $69	-0.5pp $14	base $-42	+0.5pp $-99	+1.0pp $-157

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 N Michigan St Lawrence, KS	3.0	3.0	1036	$949	$0.92	25d	1	0.52mi
2305 Brett Dr Lawrence, KS	3.0	2.0	1340	$1,650	$1.23	16d	1	0.75mi
901 Missouri St Lawrence, KS	4.0	4.0	1580	$3,600	$2.28	9d	1	0.94mi

Listing history 4 events

1. 2026-06-21
   days on market $220,000 Coming Soon 4 DOM
2. 2026-06-19
   days on market $220,000 Coming Soon 2 DOM
3. 2026-06-18
   remarks 243-char remark

   Show marketing remark (107 chars)

   Disclaimer: Sight unseen offers may be accepted by the Seller. The Showing Begin Date is subject to change.

4. 2026-06-18
   listed $220,000 Coming Soon 1 DOM

   Show marketing remark (107 chars)

   Disclaimer: Sight unseen offers may be accepted by the Seller. The Showing Begin Date is subject to change.

ⓘ 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: $2,457 · $205/mo
• Projected year-2 tax: $3,102 · $258/mo
• Expected delta: +$645/yr (+$54/mo · 26.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥110°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,395
• − Mortgage interest: −$12,323
• − Property taxes: −$2,457
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$6,400
• Taxable loss: −$4,309
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $535/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: Lawrence
• NCES district ID: 2008400
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $46,259
• Composite: 32.02/100
• National rank: #5826
• State rank: #46 of 169 in KS

Livability — Lawrence

• Score: 88/100
• State rank: #1
• US rank: #237

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime D- Employment C+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lawrence, KS
• County: Douglas County · 100,966 people
• City population: 100,966
• Metro: Lawrence, KS
• Population (ZIP): 28,820
• Household income: $55,955
• Rent vs Own: 61.4% rent · 38.6% own
• Severe rent burden: 2168.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 136,863 people
• By 2030: 147,255 · +7.6%
• By 2040: 167,760 · +22.6%
• By 2050: 190,593 · +39.3%
• By 2075: 253,850 · +85.5%
• By 2100: 314,741 · +130.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 9% Hispanic / Latino 7% Black 4% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Asian/Pacific 1% Chinese 1%

Political lean MEDSL · Douglas

• 2024 margin: Solid D (+38.0) · D 68.2% · R 30.2% · Other 1.6%
• 2008→2024 swing: +7.2pp toward D · 2008: 30.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+39.5 2016: D+32.7 2012: D+23.7 2008: D+30.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -357.53%
• Current HPI: 247.5888
• Rent YoY: ▲ 9.02%
• Metro: Lawrence, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+14.0% since first listed

12 events — show timeline

• 2026-06-18 Coming Soon $220,000 Lawrence MLS as distributed by MLS GRID
• 2026-06-18 Coming Soon $220,000 Heartland MLS as Distributed by MLS Grid
• 2025-04-24 Sold (Public Records) — Public Records
• 2025-04-24 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2025-04-24 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2025-03-27 Pending — Sunflower MLS as distributed by MLS GRID
• 2025-03-27 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-03-25 Listed $193,000 Sunflower MLS as distributed by MLS GRID
• 2025-03-24 Listed $193,000 Heartland MLS as Distributed by MLS Grid
• 2023-06-03 Rental Removed — RENT.
• 2016-08-15 Sold (Public Records) — Public Records
• 1998-09-04 Sold (Public Records) — Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,457 · -0.2% YoY. Source: county tax records.