3305 N 103rd Pl

Kansas City, KS 66109

$210,000D

2 bd · 2.5 ba · 1,280 sqft · Built 2006 · Townhouse · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,863/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$67
• Vac / Maint / Mgmt: −$391
• Net cashflow: $-46/mo
• Annual: $-555/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• 1% rule: 0.89%
• Cash to close: $58,800

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $210k.
• At list price, monthly cash flow is $-46 ($-555/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (11.3% below list).
• It's been on market 45 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (11.3% below list) — sets the bar for 1% rule.
• 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.
• Location reads 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Piper-Kansas City (rural): math 37% / reading 44% proficiency, ranked #19 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Piper Prairie Elementary (539 students, 28% FRL); Piper Middle (math 26% / reading 33%, grade F, #72 of 219 statewide, top 38%, 708 students, 26% FRL); Piper High (math 17% / reading 32%, grade F, #105 of 327 statewide, top 49%, 779 students, 24% FRL).
• Zoned-school proficiency averages 27% at this address vs 40% district-wide (-14 pts) — the specific schools serving this property underperform the Piper-Kansas City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.8%/yr); 239 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 20y 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.
• Cap rate 6.0% vs local median 4.8% in Kansas City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.