12105 / 12107 W Shadow Lakes St

Maize, KS 67205-5261

$365,000D-

6 bd · 4.0 ba · 2,316 sqft · Built 2022 · MultiFamily · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,122/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$828
• HOA: −$133
• Vac / Maint / Mgmt: −$656
• Net cashflow: $-409/mo
• Annual: $-4,903/yr
• Cap rate: 4.95%
• Cash-on-cash: -4.80%
• DSCR: 0.79
• 1% rule: 0.86%
• Cash to close: $102,200

Investor read

• This is a 2 × 3-bed/2-bath units multifamily listed at $365k. Condition is rated good.
• At list price, monthly cash flow is $-409 ($-5k/yr) — negative. Per door: $-204/mo.
• To cash-flow at today's rent, offer at most $293k (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $312k (14.5% below list).
• It's been on market 72 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $293k (19.8% below list) — sets the bar for cash-flow.
• In year one you build about $13k of equity ($3k loan paydown + $11k appreciation (3.0% local appreciation)).
• Location reads 71/100 on livability (#139 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities 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: 4 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 72 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?