4527 N Sandplum

Wichita, KS 67205

$189,000B

3 bd · 2.0 ba · 1,250 sqft · Built 2024 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,747/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$75
• Vac / Maint / Mgmt: −$787
• Net cashflow: $1,579/mo
• Annual: $18,948/yr
• Cap rate: 16.32%
• Cash-on-cash: 35.80%
• DSCR: 2.59
• 1% rule: 1.98%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $189k. Condition is rated good.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• It's been on market 19 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• 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 (#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.
• Maize (rural): math 36% / reading 45% proficiency, ranked #20 of 169 in KS (top 12%) — 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: Maize Middle School (math 25% / reading 37%, grade F, #62 of 219 statewide, top 28%, 734 students, 29% FRL); Maize Sr High (math 25% / reading 26%, grade F, #98 of 327 statewide, top 30%, 1,289 students, 26% FRL).
• Zoned-school proficiency averages 28% at this address vs 40% district-wide (-12 pts) — the specific schools serving this property underperform the Maize average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.4%/yr); 206 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• 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 + 4.4% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 37% of the median local income ($121k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.
• 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.
• 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.