225 SW Polk St · Topeka, KS 66603

$45,000

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 24 Days on market

Built 1920

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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 +6.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

Investor Alert! Current rent is $400/month with the current tenants living there for 10+ years. New water heater and some recent foundation work has been completed. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

Key facts

• New water heater
• Built 1920
• Listed 23 days

Tags

• NEW WATER HEATER
• RECENT FOUNDATION WORK

Property features AI

Exterior

• Utilities: Public water
• Home design: One and one-half story single-family residence; Residential property

Interior

• Bathrooms: 1 full bathroom
• Interior features: Unfinished basement; Has basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($893 rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.3% 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.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 8 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($311 loan paydown + $2k appreciation (3.8% 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 (3.8% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($44k) 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,325 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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?
4. 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?
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: 1.98% ✓
• Cap rate: 17.29%
• Cash-on-cash: 39.28%
• DSCR: 2.75
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 3.66×
• Total profit: $33,558
• Equity at exit: $22,220

10-year hold

• IRR: 44.9%
• Equity multiple: 7.38×
• Total profit: $80,426
• Equity at exit: $35,875

Cash invested: $12,600 (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 66603

• Home prices YoY: 2.1%
• Active inventory: 8
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $893 high
• Mortgage (P&I): −$236
• Tax from tax record: −$38 /mo · $456/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $412

Break-even live

Break-even rent $371

Max offer price $45,000

Occupancy floor 49%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 SW 6th Ave Unit 001 Topeka, KS	1.0	1.0	710	$700	$0.99	21d	1	0.41mi
603 SW Topeka Blvd Topeka, KS	1.0	1.0	710	$700	$0.99	21d	1	0.41mi
101 N Kansas Ave Topeka, KS	2.0	1.0	1009	$1,325	$1.31	21d	3	0.50mi
721 SW Polk St Topeka, KS	2.0	1.0	691	$599	$0.87	21d	1	0.52mi
901 SW Buchanan St Topeka, KS	1.0	1.0	680	$1,300	$1.91	21d	1	0.80mi
1125 SW Polk St Topeka, KS	1.0	1.0	670	$725	$1.08	21d	2	0.95mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	21d	1	1.13mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	21d	1	1.15mi
1300 SW Tyler St Topeka, KS	1.0	1.0	550	$590	$1.07	21d	1	1.17mi
1307 SW Harrison St Topeka, KS	1.0	1.0	585	$718	$1.23	21d	1	1.17mi
1307 SW Harrison St Unit 1301 B33 Topeka, KS	1.0	1.0	585	$742	$1.27	21d	1	1.18mi
1307 SW Harrison St Unit 1301 C31 Topeka, KS	1.0	1.0	585	$749	$1.28	21d	1	1.18mi
1258 SW Clay St Unit 4 Topeka, KS	1.0	1.0	650	$695	$1.07	21d	1	1.21mi
512 SW 14th St Topeka, KS	2.0	1.0	815	$895	$1.10	21d	1	1.23mi
1001 NE Atchison Ave Topeka, KS	2.0	1.0	689	$809	$1.17	21d	19	1.24mi
1438 SW Van Buren St Apt 4 Topeka, KS	2.0	1.0	700	$825	$1.18	21d	1	1.32mi
1027 SW Woodward Ave Topeka, KS	3.0	1.0	864	$1,195	$1.38	21d	1	1.42mi
1700 NW Polk St Topeka, KS	3.0	1.0	988	$1,350	$1.37	21d	1	1.47mi

Listing history 18 events

1. 2026-06-19
   days on market $45,000 Active 24 DOM
2. 2026-06-18
   days on market $45,000 Active 23 DOM
3. 2026-06-17
   days on market $45,000 Active 22 DOM
4. 2026-06-16
   days on market $45,000 Active 21 DOM
5. 2026-06-15
   days on market $45,000 Active 20 DOM
6. 2026-06-14
   days on market $45,000 Active 18 DOM
7. 2026-06-13
   days on market $45,000 Active 17 DOM
8. 2026-06-10
   days on market $45,000 Active 15 DOM
9. 2026-06-09
   days on market $45,000 Active 14 DOM
10. 2026-06-08
    days on market $45,000 Active 13 DOM
11. 2026-06-07
    days on market $45,000 Active 12 DOM
12. 2026-06-02
    days on market $45,000 Active 7 DOM
13. 2026-06-01
    days on market $45,000 Active 6 DOM
14. 2026-05-31
    days on market $45,000 Active 5 DOM
15. 2026-05-30
    days on market $45,000 Active 4 DOM
16. 2026-05-26
    listed $45,000 Active 308-char remark

    Show marketing remark (308 chars)

    Investor Alert! Current rent is $400/month with the current tenants living there for 10+ years. New water heater and some recent foundation work has been completed. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

17. 2026-05-26
    listed $45,000 Active

    Show marketing remark (308 chars)

    Investor Alert! Current rent is $400/month with the current tenants living there for 10+ years. New water heater and some recent foundation work has been completed. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

18. 1990-10-01
    soldstatus

ⓘ 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: $456 · $38/mo
• Projected year-2 tax: $634 · $53/mo
• Expected delta: +$178/yr (+$15/mo · 39.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $10,712
• − Mortgage interest: −$2,521
• − Property taxes: −$456
• − Insurance: −$225
• − Repairs & maintenance: −$857
• − Management: −$857
• − Depreciation: −$1,309
• Taxable income: $4,487
• Est. tax owed @ 24.0%: −$1,077
• After-tax cash flow: $3,872/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 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): 1,304

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 42% Two or more races 35% Hispanic / Latino 22% Black 8% Native American 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Italian 5% Iranian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 13% German/W. Germanic 2%

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: ▲ 3.77%
• Current HPI: 183.9857
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

3 events — show timeline

• 2026-05-26 Listed $45,000 Sunflower MLS as distributed by MLS GRID
• 2026-05-26 Listed $45,000 Lawrence MLS as distributed by MLS GRID
• 1990-10-01 Sold (Public Records) — Public Records

Property tax history

+5.3%/yr

Latest (2025): $456 · +6.8% YoY. Source: county tax records.