429 NE Grattan St · Topeka, KS 66616

$130,000

4 bd · 2.0 ba · 1,620 sqft · Manufactured public records · 16 Days on market

Built 2002 10,019 sqft 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 +25.0/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is a rare opportunity to buy a move in ready home for under county appraisal. Good luck finding another home with a master bathroom, walk in closet, TWO living spaces, and four bedrooms in this price range. Although this home is being sold as is, seller has a home inspection on file; there will be no surprises with this purchase. Come hang out with us this weekend at one of two open houses! Saturday, February 24th: 1:00-3:00pm. Sunday, February 25th: 2:00-4:00pm. Don’t forget to ask us about the free grant money that could help you buy this house with NO MONEY DOWN! Don’t wait on this one.

Key facts

• 0.23 acre lot
• Built 2002
• Listed 15 days

Property features AI

Exterior

• Utilities: Public water
• Home design: Manufactured home; Single-story (manufactured house); Residential property
• Construction: Vinyl siding; Manufactured house construction
• Exterior features: Storm door(s); Composition roof

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Gas range, dishwasher, refrigerator; Vinyl flooring
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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-, crime F, commute 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.
• Zoned schools: State Street Elem (math 23% / reading 21%, grade F, #569 of 684 statewide, top 85%, 456 students, 89% FRL); Chase Middle School (math 11% / reading 15%, grade F, #188 of 219 statewide, top 87%, 378 students, 93% FRL); Highland Park High (math 8% / reading 12%, grade F, #306 of 327 statewide, top 95%, 857 students, 85% FRL) — zoned schools average 89% FRL vs 69% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 27 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $30k; list at $130k implies a 333% gain — meaningful room to come down on a strong offer.

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 $128,050 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.33%
• DSCR: 1.41
• GRM: 7.2

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: -2.2%
• Equity multiple: 0.92×
• Total profit: $-3,024
• Equity at exit: $19,383

10-year hold

• IRR: 7.5%
• Equity multiple: 1.57×
• Total profit: $20,660
• Equity at exit: $11,240

Cash invested: $36,400 (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 66616

• Home prices YoY: -7.1%
• Active inventory: 27
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,495 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$162 /mo · $1,947/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $283

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 76%

Sensitivity live

Price	-10% $357	-5% $320	+0% $283	+5% $246	+10% $209
Rent	-10% $165	-5% $224	+0% $283	+5% $342	+10% $401
Rate	-1.0pp $348	-0.5pp $316	base $283	+0.5pp $249	+1.0pp $215

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
724 NE Wabash Ave Topeka, KS	4.0	2.0	1771	$1,495	$0.84	21d	1	0.63mi

Listing history 12 events

1. 2026-06-19
   days on market $130,000 Active 16 DOM
2. 2026-06-18
   days on market $130,000 Active 15 DOM
3. 2026-06-17
   days on market $130,000 Active 14 DOM
4. 2026-06-16
   days on market $130,000 Active 13 DOM
5. 2026-06-15
   days on market $130,000 Active 12 DOM
6. 2026-06-14
   days on market $130,000 Active 10 DOM
7. 2026-06-13
   days on market $130,000 Active 9 DOM
8. 2026-06-10
   days on market $130,000 Active 7 DOM
9. 2026-06-09
   days on market $130,000 Active 6 DOM
10. 2026-06-08
    days on market $130,000 Active 5 DOM
11. 2026-06-07
    remarks 583-char remark
12. 2026-06-07
    listed $130,000 Active 4 DOM

ⓘ 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: $1,947 · $162/mo
• Projected year-2 tax: $1,947 · $162/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 · 0% 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: $17,940
• − Mortgage interest: −$7,282
• − Property taxes: −$1,947
• − Insurance: −$650
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$3,782
• Taxable income: $1,409
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $3,057/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): 6,065

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 55% Hispanic / Latino 32% Two or more races 15% Black 6% Native American 3%
• Hispanic origin (detail): Mexican 31% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 7%

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: ▼ -16.11%
• Current HPI: 211.4386
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+333.3% since first listed

8 events — show timeline

• 2026-05-28 Listed $130,000 Sunflower MLS as distributed by MLS GRID
• 2024-06-01 Rental Removed $1,500 BUILDIUM
• 2024-05-20 Listed for Rent $1,500 BUILDIUM
• 2024-03-27 Sold (Public Records) — Public Records
• 2024-03-26 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2024-02-29 Pending — Sunflower MLS as distributed by MLS GRID
• 2024-02-23 Listed $99,900 Sunflower MLS as distributed by MLS GRID
• 1988-05-01 Sold (Public Records) $30,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,947 · -10.7% YoY. Source: county tax records.