205 Indiana St · Oswego, KS 67356

$399,000

8 bd · 4.0 ba · 4,064 sqft · MultiFamily public records · 328 Days on market

Built 2003 1.93 ac lot ↓ 16% since listing

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Why this score? — see what drove the C 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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Key facts

• 1.93 acre lot
• Garage
• Built 2003

Property features AI

Finance

• Other: Total units on site: 8 (all 2-bedroom, one-bath units); Current occupancy over 95%; Unit layout: about 4 rooms per unit
• Financial info: Gross income reported: $3,575; Operating expenses include other items
• HOA & community: No association fees

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer; Individual water heaters; Independent heating and air
• Home design: Residential income property; Single-story buildings; Zoned R
• Construction: Frame construction; Composition roof; Slab foundation; Property age: approximately 21–30 years
• Exterior features: Building exterior maintenance provided; Lawn maintenance provided; Not in a flood plain; Large lot (approx. 84,000 sq ft)

Interior

• Kitchen: Dishwasher; Disposal; Range/oven (electric); Microwave; Refrigerator
• Bedrooms: Two-bedroom units
• Bathrooms: One bathroom per unit
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Individual heating and air (independent systems for units); Storm windows and storm doors
• Laundry & utility: Individual washer and dryer in units; Hot water heater

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/1.6-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive. Per door: $119/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#148 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Oswego (rural): math 22% / reading 38% proficiency, ranked #106 of 169 in KS (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 1 units permitted in Labette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• Labette County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 328 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $76k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.5%
• Equity multiple: 1.77×
• Total profit: $86,048
• Equity at exit: $179,408

10-year hold

• IRR: 15.4%
• Equity multiple: 3.27×
• Total profit: $253,332
• Equity at exit: $276,489

Cash invested: $111,720 (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 67356

• Active inventory: 7
• Price-to-rent: 39.2×

Monthly cashflow live

• Estimated rent: $4,244 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$891
• Net cashflow: $595

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	1.6	$4,245
Total (5 units)			$4,244

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $399,000 Active 328 DOM
2. 2026-06-17
   days on market $399,000 Active 327 DOM
3. 2026-06-16
   days on market $399,000 Active 326 DOM
4. 2026-06-15
   days on market $399,000 Active 325 DOM
5. 2026-06-13
   days on market $399,000 Active 323 DOM
6. 2026-06-12
   days on market $399,000 Active 322 DOM
7. 2026-06-09
   days on market $399,000 Active 319 DOM
8. 2026-06-08
   days on market $399,000 Active 318 DOM
9. 2026-06-07
   days on market $399,000 Active 317 DOM
10. 2026-06-05
    days on market $399,000 Active 315 DOM
11. 2026-06-04
    days on market $399,000 Active 313 DOM
12. 2026-06-02
    days on market $399,000 Active 312 DOM
13. 2026-06-01
    days on market $399,000 Active 311 DOM
14. 2026-05-31
    days on market $399,000 Active 310 DOM
15. 2026-05-31
    days on market $399,000 Active 309 DOM
16. 2026-04-08
    status Active
17. 2026-04-08
    price $399,000
18. 2026-02-12
    status Pending
19. 2025-05-30
    listed $475,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,928
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,074
• − Management: −$4,074
• − Depreciation: −$11,607
• Taxable income: $842
• Est. tax owed @ 24.0%: −$202
• After-tax cash flow: $6,942/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.

Schools (NCES district)

• District: Oswego
• NCES district ID: 2010350
• Math proficiency: 22% ▼ -6.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $41,181
• Composite: 25.3/100
• National rank: #7485
• State rank: #106 of 169 in KS

Livability — Oswego

• Score: 71/100
• State rank: #148
• US rank: #7179

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oswego, KS
• Population (ZIP): 2,693

Population outlook (Labette County) Hauer SSP2

• Today (2025): 19,413 people
• By 2030: 18,552 · -4.4%
• By 2040: 16,701 · -14.0%
• By 2050: 14,832 · -23.6%
• By 2075: 11,046 · -43.1%
• By 2100: 8,020 · -58.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 4% Native American 2% Black 1%
• Common ancestry: English 1% Italian 1% Serbian 1%
• Foreign-born: 3% · Philippines, Canada, Jamaica
• Languages at home: 92% English-only · German/W. Germanic 7% Spanish 1%

Political lean MEDSL · Labette

• 2024 margin: Solid R (+38.2) · D 30.1% · R 68.3% · Other 1.6%
• 2008→2024 swing: -25.3pp toward R · 2008: -12.9pp · 2024: -38.2pp
• All cycles: 2024: R+38.2 2020: R+36.0 2016: R+37.9 2012: R+20.2 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-16.0% since first listed

4 events — show timeline

• 2026-04-08 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $399,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-12 Pending — Heartland MLS as Distributed by MLS Grid
• 2025-05-30 Listed $475,000 Heartland MLS as Distributed by MLS Grid