9610/9612 E Wassall St

Wichita, KS 67210

$379,900D+

None bd · None ba · 2,414 sqft · Built 2026 · MultiFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,298/mo
• Mortgage (P&I): −$1,992
• Tax + insurance: −$633
• HOA: −$150
• Vac / Maint / Mgmt: −$693
• Net cashflow: $-170/mo
• Annual: $-2,040/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.92%
• DSCR: 0.91
• 1% rule: 0.87%
• Cash to close: $106,372

Investor read

• This is a 2 × 4-bed/2-bath units multifamily listed at $380k. Condition is rated poor.
• 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).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $330k (13.2% below list) — sets the bar for 1% rule.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• 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).
• 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.

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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?

Repairs flagged (vision-AI assessment)

• 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.