9610/9612 E Wassall St · Wichita, KS 67210

$379,900

None bd · None ba · 2,414 sqft · MultiFamily · 10 Days on market

Built 2026 Poor condition 10,161 sqft lot $150/mo HOA · 9% of rent

---

Why this score? — see what drove the D+ 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 +10.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Key facts

• 0.23 acre lot
• 8 parking spots
• Built 2026

Property features AI

Finance

• HOA & community: Has association; Association fee $1,800; One-time HOA initiation fee $150

Exterior

• Parking: Attached parking for 8 vehicles
• Utilities: Public water; Sewer available; Natural gas available
• Home design: Duplex
• Exterior features: Composition roof; Public water; Sewer available; Natural gas available

Interior

• Bedrooms: Duplex with two total units
• Interior features: Dishwasher; Disposal; Microwave; Range; Refrigerator; No basement

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2-bath units multifamily listed at $380k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative. Per door: $-85/mo.
• To cash-flow at today's rent, offer at most $355k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (13.2% below list).
• Recommended offer: $330k (13.2% below list) — sets the bar for 1% rule.

Location & tenants

• 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.
• Derby (suburban): math 29% / reading 36% proficiency, ranked #66 of 169 in KS (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Derby Hills Elem (math 32% / reading 37%, grade F, #388 of 684 statewide, top 61%, 384 students, 43% FRL); Derby North Middle School (math 29% / reading 29%, grade F, #85 of 219 statewide, top 40%, 828 students, 48% FRL); Derby High School (math 17% / reading 21%, grade F, #230 of 327 statewide, top 71%, 2,172 students, 43% FRL).
• Market conditions: 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $329,800 (13.2% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.92%
• DSCR: 0.91
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.84×
• Total profit: $196,219
• Equity at exit: $342,244

10-year hold

• IRR: 20.5%
• Equity multiple: 6.51×
• Total profit: $586,629
• Equity at exit: $738,062

Cash invested: $106,372 (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 67210

• Home prices YoY: 30.3%
• Active inventory: 44
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $3,298 high
• Mortgage (P&I): −$1,992
• Tax est. 1.5%: −$475 /mo · $5,698/yr
• Insurance: −$158
• HOA: −$150
• Vacancy / Maint / Mgmt: −$693
• Net cashflow: $-170

Break-even live

Break-even rent $3,513

Max offer price $355,303

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$3,298
Total (2 units)			$3,298

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: $94,975
• Closing costs: $11,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9922 E Kinkaid Cir Wichita, KS	3.0	2.0	1642	$1,575	$0.96	23d	1	0.67mi

HOA detail

• Monthly dues: $150 · $1,800/yr

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-05-05
   listed $379,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $39,576
• − Mortgage interest: −$21,280
• − Property taxes: −$5,698
• − Insurance: −$1,900
• − Repairs & maintenance: −$3,166
• − Management: −$3,166
• − HOA: −$1,800
• − Depreciation: −$11,052
• Taxable loss: −$8,486
• Est. tax savings @ 24.0%: +$2,037
• After-tax cash flow: $-3/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including a new roof, exterior painting, and flooring installation. Significant improvements would be needed to increase its resale and rental value.

Repairs flagged

• Major roof — Significant wear and tear visible.
• Major exterior walls — Peeling paint and exposed areas.
• Major interior walls/paint — No interior walls or paint are visible, but the exterior suggests poor condition.
• Major flooring — No flooring is visible, but the exterior suggests poor condition.
• Major systems — No systems are visible, but the exterior suggests poor condition.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality.
• Both exterior painting — New paint would improve the home's curb appeal and value.
• Both interior painting — New paint would improve the home's interior appearance and value.
• Both flooring installation — New flooring would improve the home's functionality and value.
• Both system upgrades — Upgrading the systems would improve the home's functionality and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear visible.	Major	$15,000–50,000
exterior walls · Peeling paint and exposed areas.	Major	$15,000–50,000
interior walls/paint · No interior walls or paint are visible, but the exterior suggests poor condition.	Major	$15,000–50,000
flooring · No flooring is visible, but the exterior suggests poor condition.	Major	$15,000–50,000
systems · No systems are visible, but the exterior suggests poor condition.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior painting — New paint would improve the home's curb appeal and value. ↑
• Both interior painting — New paint would improve the home's interior appearance and value. ↑
• Both flooring installation — New flooring would improve the home's functionality and value. ↑
• Both system upgrades — Upgrading the systems would improve the home's functionality and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Derby
• NCES district ID: 2005460
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 36% ▲ 1.00%
• Median HH income: $60,460
• Composite: 29.25/100
• National rank: #6564
• State rank: #66 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

Amenities A+ Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 365,168
• Population (ZIP): 9,178

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 43% Hispanic / Latino 19% Asian 16% Two or more races 16% Black 12%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 2% Serbian 1% Portuguese 1%
• Foreign-born: 18% · Vietnam, Canada, China
• Languages at home: 76% English-only · Spanish 12% Vietnamese 6% Other Asian/Pacific 3%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 77.21%
• Current HPI: 331.68
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-15 Pending — SCKMLS as Distributed by MLS Grid
• 2026-05-05 Listed $379,900 SCKMLS as Distributed by MLS Grid