1900 NW Lyman Rd #270

Topeka, KS 66608

$21,000C-

3 bd · 2.0 ba · 1,216 sqft · Built 2024 · Manufactured · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,077/mo
• Mortgage (P&I): −$110
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $706/mo
• Annual: $8,472/yr
• Cap rate: 46.63%
• Cash-on-cash: 144.08%
• DSCR: 7.41
• 1% rule: 5.13%
• Cash to close: $5,880

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $21k.
• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $21k).
• It's been on market 86 days — a 6% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($145 loan paydown + $1k appreciation (5.0% local appreciation)).
• 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-, crime F, commute 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.
• Zoned schools: Logan Elementary (math 22% / reading 32%, grade F, #507 of 684 statewide, top 78%, 624 students, 61% FRL); Seaman Middle School (math 17% / reading 23%, grade F, #146 of 219 statewide, top 67%, 585 students, 37% FRL); Seaman High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 1,239 students, 31% FRL) — zoned schools average 43% FRL vs 26% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 34% district-wide (-12 pts) — the specific schools serving this property underperform the Seaman average; the district grade overstates school quality for this exact location.
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).
• 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.
• Cap rate 46.6% 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.

Questions for listing agent

• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.