1100 N 4th St

Lansing, KS 66043

$600,000D

104 bd · 1.0 ba · 3,200 sqft · Built 1978 · MultiFamily · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,649/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$586
• HOA: −$0
• Vac / Maint / Mgmt: −$5,596
• Net cashflow: $17,320/mo
• Annual: $207,842/yr
• Cap rate: 40.93%
• Cash-on-cash: 123.72%
• DSCR: 6.50
• 1% rule: 4.44%
• Cash to close: $168,000

Investor read

• This is a 13 × 8-bed/6.0-bath units multifamily listed at $600k.
• At list price, monthly cash flow is $17k ($208k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $600k).
• It's been on market 254 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#52 in KS, #3,637 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lansing (town): math 32% / reading 45% proficiency, ranked #25 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lansing Elementary School (math 42% / reading 37%, grade F, #321 of 684 statewide, top 52%, 762 students, 40% FRL); Lansing High 9-12 (math 23% / reading 36%, grade F, #60 of 327 statewide, top 24%, 870 students, 25% FRL).
• Market conditions: 52 active listings in the ZIP; solid renter incomes; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 40.9% vs local median 3.5% in Lansing — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $26,649/mo this rent would consume 310% of the median local household income ($103k/yr) (locally 154% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?