1900 NW Lyman Rd #278 · Topeka, KS 66608

$35,800

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 32 Days on market

Built 2026 Fair condition

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Livability +3.5/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a clubhouse, a swimming pool, and community events, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Swimming pool
• Community events

Tags

• CLUBHOUSE
• SWIMMING POOL
• COMMUNITY EVENTS

Property features AI

Finance

• Financial info: List price $35,800

Exterior

• Utilities: Natural gas; Central air conditioning
• Home design: Spec new-construction plan 92874; Active status
• Exterior features: Located at 1900 NW Lyman Rd #278, Topeka, KS 66608

Interior

• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 full bathrooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $36k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• Recommended offer: $35k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.6% vs local median 4.3% in Topeka — 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 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, crime F.
• Seaman (suburban): math 32% / reading 37% proficiency, ranked #51 of 169 in KS (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($248 loan paydown + $2k appreciation (5.0% local appreciation)).
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,726 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 3.23% ✓
• Cap rate: 28.61%
• Cash-on-cash: 79.71%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 85.7%
• Equity multiple: 6.06×
• Total profit: $50,750
• Equity at exit: $20,367

10-year hold

• IRR: 83.9%
• Equity multiple: 12.65×
• Total profit: $116,761
• Equity at exit: $35,216

Cash invested: $10,024 (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 66608

• Home prices YoY: 2.3%
• Active inventory: 32
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$188
• Tax est. 1.5%: −$45 /mo · $537/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $666

Break-even live

Break-even rent $313

Max offer price $35,800

Occupancy floor 37%

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: $8,950
• Closing costs: $1,074
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1700 NW Polk St Topeka, KS	3.0	1.0	988	$1,350	$1.37	21d	1	1.11mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	21d	1	1.16mi

Listing history 15 events

1. 2026-06-19
   days on market $35,800 Active 32 DOM
2. 2026-06-18
   days on market $35,800 Active 31 DOM
3. 2026-06-17
   days on market $35,800 Active 30 DOM
4. 2026-06-16
   days on market $35,800 Active 29 DOM
5. 2026-06-15
   days on market $35,800 Active 28 DOM
6. 2026-06-14
   days on market $35,800 Active 26 DOM
7. 2026-06-13
   days on market $35,800 Active 25 DOM
8. 2026-06-10
   days on market $35,800 Active 23 DOM
9. 2026-06-09
   days on market $35,800 Active 22 DOM
10. 2026-06-08
    days on market $35,800 Active 21 DOM
11. 2026-06-07
    days on market $35,800 Active 20 DOM
12. 2026-06-02
    days on market $35,800 Active 15 DOM
13. 2026-06-01
    days on market $35,800 Active 14 DOM
14. 2026-05-31
    days on market $35,800 Active 13 DOM
15. 2026-05-30
    days on market $35,800 Active 12 DOM

ⓘ 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 3/10 Moderate FEMA zone X · 14% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 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: $13,872
• − Mortgage interest: −$2,005
• − Property taxes: −$537
• − Insurance: −$179
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$1,041
• Taxable income: $7,890
• Est. tax owed @ 24.0%: −$1,893
• After-tax cash flow: $6,096/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This manufactured home requires significant repairs and maintenance, including major work on the roof, siding, and HVAC systems, as well as landscaping improvements. While the property is currently well-maintained, these necessary upgrades will significantly enhance its value and appeal to potential buyers or renters.

Repairs flagged

• Major roof — Signs of wear and discoloration suggest significant damage and potential leaks.
• Major siding — The siding is visibly worn and discolored, indicating it needs repainting or replacement.
• Major HVAC/mechanicals — The exterior condition suggests outdated or failing systems that need replacement or repair.
• Major landscaping — The overgrown and unkempt landscaping detracts from the property's curb appeal and value.

Value-add opportunities

• Both painting the exterior and interior — Fresh paint can significantly improve the home's curb appeal and interior condition, making it more attractive to potential buyers or renters.
• Both landscaping and yard maintenance — A well-maintained yard can enhance the property's curb appeal and attract more interest from potential buyers or renters.
• Both replacing or repairing the roof and siding — These repairs are critical to the home's structural integrity and can greatly increase its value by addressing major issues and improving its overall condition.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and discoloration suggest significant damage and potential leaks.	Major	$15,000–50,000
siding · The siding is visibly worn and discolored, indicating it needs repainting or replacement.	Major	$15,000–50,000
HVAC/mechanicals · The exterior condition suggests outdated or failing systems that need replacement or repair.	Major	$15,000–50,000
landscaping · The overgrown and unkempt landscaping detracts from the property's curb appeal and value.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both painting the exterior and interior — Fresh paint can significantly improve the home's curb appeal and interior condition, making it more attractive to potential buyers or renters. ↑
• Both landscaping and yard maintenance — A well-maintained yard can enhance the property's curb appeal and attract more interest from potential buyers or renters. ↑
• Both replacing or repairing the roof and siding — These repairs are critical to the home's structural integrity and can greatly increase its value by addressing major issues and improving its overall condition. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Seaman
• NCES district ID: 2011490
• Math proficiency: 32% ▼ -5.00%
• Reading proficiency: 37% ▬ 0.00%
• Median HH income: $65,842
• Composite: 31.43/100
• National rank: #5985
• State rank: #51 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• City population: 118,130
• Population (ZIP): 4,789

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Romanian 2% Iranian 2%
• Foreign-born: 1% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Korean 1%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.04%
• Current HPI: 223.2676
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0