5408 N Sandkey · Wichita, KS 67204

$205,000

8 bd · 4.0 ba · 2,728 sqft · MultiFamily public records · 39 Days on market

Built 2024 Good condition 4,356 sqft lot $75/mo HOA · 5% of rent

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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 +26.9/30.0
• 1% rule +9.3/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Quartz countertops
• Fenced yard
• Walk in closet

Tags

• WALK IN CLOSET
• WALK IN SHOWER
• FENCED YARD
• LUXURY VINYL PLANK FLOORING
• QUARTZ COUNTERTOPS

Property features AI

Finance

• HOA & community: Has association; Association fee $900; One-time HOA initiation fee $250; Association includes lawn service

Exterior

• Parking: 2-car garage
• Utilities: Natural gas available; Public utilities
• Home design: One-level duplex
• Construction: Composition roof; Slab foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating
• Interior features: Dishwasher, Disposal, Microwave, Range, Refrigerator; Laminate flooring; Laundry in a separate room; No basement
• Laundry & utility: Laundry located in a separate room

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $205k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, crime F, commute F.
• Valley Center Pub Schools (suburban): math 30% / reading 37% proficiency, ranked #57 of 169 in KS (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Valley Center Intermediate School (math 33% / reading 54%, grade F, #268 of 684 statewide, top 39%, 480 students, 41% FRL); Valley Center Middle School (math 23% / reading 28%, grade F, #104 of 219 statewide, top 49%, 761 students, 42% FRL); Valley Center High (math 22% / reading 22%, grade F, #165 of 327 statewide, top 55%, 995 students, 34% FRL).
• Market conditions: 60 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• At $2,934/mo this rent would consume 49% of the median local household income ($72k/yr) (locally 267% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.43% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 5.8

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,196
• Equity at exit: $30,566

10-year hold

• IRR: 11.2%
• Equity multiple: 1.88×
• Total profit: $50,364
• Equity at exit: $17,725

Cash invested: $57,400 (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 67204

• Active inventory: 60
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,934 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$515 /mo · $6,175/yr
• Insurance: −$85
• HOA: −$75
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $568

Break-even live

Break-even rent $2,215

Max offer price $205,000

Occupancy floor 76%

Sensitivity live

Price	-10% $684	-5% $626	+0% $568	+5% $510	+10% $452
Rent	-10% $336	-5% $452	+0% $568	+5% $684	+10% $800
Rate	-1.0pp $671	-0.5pp $620	base $568	+0.5pp $515	+1.0pp $461

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,934
Total (2 units)			$2,934

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $75 · $900/yr

Listing history 20 events

1. 2026-06-22
   days on market $205,000 Active 39 DOM
2. 2026-06-18
   days on market $205,000 Active 36 DOM
3. 2026-06-17
   days on market $205,000 Active 35 DOM
4. 2026-06-16
   days on market $205,000 Active 34 DOM
5. 2026-06-15
   days on market $205,000 Active 33 DOM
6. 2026-06-14
   days on market $205,000 Active 31 DOM
7. 2026-06-13
   days on market $205,000 Active 30 DOM
8. 2026-06-10
   days on market $205,000 Active 28 DOM
9. 2026-06-09
   days on market $205,000 Active 27 DOM
10. 2026-06-08
    days on market $205,000 Active 26 DOM
11. 2026-06-07
    days on market $205,000 Active 25 DOM
12. 2026-06-05
    days on market $205,000 Active 22 DOM
13. 2026-06-03
    days on market $205,000 Active 21 DOM
14. 2026-06-02
    days on market $205,000 Active 20 DOM
15. 2026-06-01
    days on market $205,000 Active 19 DOM
16. 2026-05-31
    days on market $205,000 Active 18 DOM
17. 2026-05-30
    days on market $205,000 Active 17 DOM
18. 2026-05-13
    listed $205,000 Active
19. 2026-03-27
    historical $1,650
20. 2026-02-25
    listed $1,650

ⓘ 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: $6,175 · $515/mo
• Projected year-2 tax: $6,175 · $515/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,208
• − Mortgage interest: −$11,483
• − Property taxes: −$6,175
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,817
• − Management: −$2,817
• − HOA: −$900
• − Depreciation: −$5,964
• Taxable income: $4,028
• Est. tax owed @ 24.0%: −$967
• After-tax cash flow: $5,847/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 · 12 photos

Good 80/100 None rehab

This multi-family home is in excellent condition with modern amenities and a well-maintained exterior. It is move-in ready and has the potential for further value increases through minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value.
• Both Adding smart home features — Smart home features can attract tech-savvy buyers and renters.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — A well-maintained yard can increase both resale and rental value. ↑
• Both Adding smart home features — Smart home features can attract tech-savvy buyers and renters. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers and renters. ↑

ⓘ 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: Valley Center Pub Schools
• NCES district ID: 2012510
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $66,689
• Composite: 30.68/100
• National rank: #6178
• State rank: #57 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

Amenities A+ Commute F 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: Wichita, KS
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 22,538
• Household income: $71,999
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 267.0

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 49% Hispanic / Latino 42% Two or more races 19% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Lithuanian 3% Italian 2% Serbian 1%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 35%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.52%
• Current HPI: 246.2816
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+12324.2% since first listed

3 events — show timeline

• 2026-05-13 Listed $205,000 SCKMLS as Distributed by MLS Grid
• 2026-03-27 Rental Removed $1,650 APPFOLIO
• 2026-02-25 Listed for Rent $1,650 APPFOLIO

Property tax history

+131.4%/yr

Latest (2025): $6,175 · +110.6% YoY. Source: county tax records.