1737-1739 S Limuel St · Wichita, KS 67205

$375,000

6 bd · 4.0 ba · 2,528 sqft · MultiFamily public records · 60 Days on market

Built 2023 9,279 sqft lot $208/mo HOA · 12% of rent

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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 +9.0/30.0
• ARV discount +7.5/15.0
• 1% rule +4.0/10.0
• Schools +3.9/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Key facts

• Hoa manages lawn
• Modern finishes
• Convenient location

Tags

• FUNCTIONAL FLOOR DESIGN
• CONVENIENT LOCATION
• EASY ACCESS TO HIGHWAY
• HOA MANAGES LAWN
• MODERN FINISHES
• WALK IN PANTRY

Property features AI

Finance

• Other: Owner pays: None
• HOA & community: Has association; Association fee $2,500; HOA initiation fee $500

Exterior

• Parking: 4 parking spaces total; Attached parking with 2+ spaces per unit
• Security: Smoke detector(s)
• Utilities: Natural gas available; Sewer available; Public water
• Home design: Duplex
• Exterior features: Fenced yard; Smoke detectors; Composition roof

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range
• Bedrooms: 2 total units (duplex)
• Heating & cooling: Individual unit natural gas heating; Electric cooling (multi-unit)
• Interior features: Dishwasher; Disposal; Microwave; Range

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $-294 ($-4k/yr) — negative. Per door: $-147/mo.
• To cash-flow at today's rent, offer at most $323k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (10.1% below list).
• Recommended offer: $323k (13.9% below list) — sets the bar for cash-flow.

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.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Amelia Earhart Elementary School (math 52% / reading 52%, grade C-, #131 of 684 statewide, top 23%, 491 students, 26% FRL); Goddard Middle School (math 26% / reading 32%, grade F, #85 of 219 statewide, top 40%, 493 students, 30% FRL); Goddard High (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 948 students, 31% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 211 active listings in the ZIP; high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• This rent runs 33% of the median local income ($121k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $323,040 (13.9% 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. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.90% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.36% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.29×
• Total profit: $-74,551
• Equity at exit: $55,914

10-year hold

• IRR: -9.9%
• Equity multiple: 0.35×
• Total profit: $-68,205
• Equity at exit: $32,423

Cash invested: $105,000 (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 67205

• Home prices YoY: -18.9%
• Rents YoY: 4.4%
• Active inventory: 211
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $3,370 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$626 /mo · $7,508/yr
• Insurance: −$156
• HOA: −$208
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $-294

Break-even live

Break-even rent $3,742

Max offer price $323,040

Occupancy floor —

Sensitivity live

Price	-10% $-82	-5% $-188	+0% $-294	+5% $-400	+10% $-506
Rent	-10% $-560	-5% $-427	+0% $-294	+5% $-161	+10% $-28
Rate	-1.0pp $-105	-0.5pp $-199	base $-294	+0.5pp $-391	+1.0pp $-490

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,370
Total (2 units)			$3,370

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $208 · $2,496/yr

Listing history 2 events

1. 2026-06-21
   days on market $375,000 Active 60 DOM
2. 2026-06-19
   listed $375,000 Active 57 DOM

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

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $7,508 · $626/mo
• Projected year-2 tax: $7,508 · $626/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,440
• − Mortgage interest: −$21,006
• − Property taxes: −$7,508
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,235
• − Management: −$3,235
• − HOA: −$2,496
• − Depreciation: −$10,909
• Taxable loss: −$9,824
• Est. tax savings @ 24.0%: +$2,358
• After-tax cash flow: $-1,172/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: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 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

• Census place: Wichita, KS
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 20,098
• Household income: $121,245
• Rent vs Own: 20.6% rent · 79.4% own
• Severe rent burden: 385.0

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: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4% Salvadoran 1%
• Common ancestry: Lithuanian 4% Italian 3% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, Dominican Republic
• Languages at home: 94% English-only · Spanish 3% Vietnamese 1% Chinese 0%

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: ▼ -48.67%
• Current HPI: 209.3886
• Rent YoY: ▲ 4.36%
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+97.5% since first listed

5 events — show timeline

• 2026-04-22 Listed $375,000 SCKMLS as Distributed by MLS Grid
• 2024-08-17 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2024-08-04 Relisted — SCKMLS as Distributed by MLS Grid
• 2024-06-27 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2024-03-26 Listed $189,900 SCKMLS as Distributed by MLS Grid

Property tax history

+318.2%/yr

Latest (2025): $7,508 · +85.4% YoY. Source: county tax records.