4440 Tuttle Creek Blvd #13

Manhattan, KS 66502

$21,300D+

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$112
• Tax + insurance: −$36
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $857/mo
• Annual: $10,281/yr
• Cap rate: 54.56%
• Cash-on-cash: 172.39%
• DSCR: 8.67
• 1% rule: 5.97%
• Cash to close: $5,964

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $21k.
• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $21k).
• It's been on market 29 days — a 2% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $147 of loan paydown is wiped out by about $639 of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frank V Bergman Elem (math 46% / reading 52%, grade D, #194 of 684 statewide, top 28%, 536 students, 40% FRL); Susan B Anthony Middle School (math 36% / reading 44%, grade F, #25 of 219 statewide, top 12%, 747 students, 30% FRL); Manhattan High School West/East Campus (math 30% / reading 38%, grade F, #45 of 327 statewide, top 14%, 1,954 students, 35% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 341 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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 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.