721&723 Ridgewood Dr · Manhattan, KS 66503

$250,000

4 bd · 2.5 ba · 1,426 sqft · MultiFamily public records · 2 Days on market

Built 1977 0.28 ac lot

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Why this score? — see what drove the C 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 +23.2/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +4.2/5.0
• Schools +3.6/10.0
• Rent growth +3.2/5.0
• Condition / age +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

Listing remarks MLS

Side by side duplex located in the Stagg Hill area. The large runit is 2 bedroom 1.5 bath and is leased at $875. The second unit is 2 bedroom 1 bath and is leased at $830. Both units feature a fireplace and garage.

Key facts

• Cozy fireplaces
• Laundry spaces
• Full duplex

Tags

• FULL DUPLEX
• STRONG RENTAL POTENTIAL
• SPACIOUS 2-BEDROOM LAYOUT
• INVITING LIVING AREAS
• COZY FIREPLACES
• LAUNDRY SPACES

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 189 active listings in the ZIP; solid renter incomes; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• This rent runs 34% of the median local income ($98k/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 $8k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.
• Current owner paid $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.12% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.80%
• DSCR: 1.35
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.98% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-11,528
• Equity at exit: $37,276

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $27,291
• Equity at exit: $21,615

Cash invested: $70,000 (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 66503

• Rents YoY: 3.0%
• Active inventory: 189
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$342 /mo · $4,102/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $455

Break-even live

Break-even rent $2,224

Max offer price $250,000

Occupancy floor 79%

Sensitivity live

Price	-10% $597	-5% $526	+0% $455	+5% $384	+10% $313
Rent	-10% $234	-5% $344	+0% $455	+5% $566	+10% $676
Rate	-1.0pp $581	-0.5pp $519	base $455	+0.5pp $390	+1.0pp $324

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,400
1× unit	2	1	$1,400
Total (2 units)			$2,800

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-25
   status Pending
2. 2026-04-22
   listed $250,000 Active
3. 2020-01-03
   soldstatus
4. 2020-01-02
   soldstatus 216-char remark

   Show marketing remark (216 chars)

   Side by side duplex located in the Stagg Hill area. The large runit is 2 bedroom 1.5 bath and is leased at $875. The second unit is 2 bedroom 1 bath and is leased at $830. Both units feature a fireplace and garage.

5. 2019-03-24
   listed $174,900 216-char remark

   Show marketing remark (216 chars)

   Side by side duplex located in the Stagg Hill area. The large runit is 2 bedroom 1.5 bath and is leased at $875. The second unit is 2 bedroom 1 bath and is leased at $830. Both units feature a fireplace and garage.

6. 2005-06-01
   soldstatus $160,000
7. 2000-11-01
   soldstatus $103,000
8. 2000-09-01
   soldstatus $109,000

ⓘ 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: $4,102 · $342/mo
• Projected year-2 tax: $4,102 · $342/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$14,004
• − Property taxes: −$4,102
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$7,273
• Taxable income: $1,596
• Est. tax owed @ 24.0%: −$383
• After-tax cash flow: $5,077/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 17,273
• Household income: $97,846
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 421.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 8% Two or more races 8% Black 5% Asian 5% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 2% Italian 2% Portuguese 2%
• Foreign-born: 6% · China, Canada, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 2% Korean 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.01%
• Current HPI: 141.8067
• Rent YoY: ▲ 2.98%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+129.4% since first listed

8 events — show timeline

• 2026-04-25 Pending — FHAOR as distributed by MLS GRID
• 2026-04-22 Listed $250,000 FHAOR as distributed by MLS GRID
• 2020-01-03 Sold (Public Records) — Public Records
• 2020-01-02 Sold (MLS) — FHAOR as distributed by MLS GRID
• 2019-03-24 Listed $174,900 FHAOR as distributed by MLS GRID
• 2005-06-01 Sold (Public Records) $160,000 Public Records
• 2000-11-01 Sold (Public Records) $103,000 Public Records
• 2000-09-01 Sold (Public Records) $109,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $4,102 · +11.7% YoY. Source: county tax records.