1737-1739 S Limuel St

Wichita, KS 67205

$375,000D-

6 bd · 4.0 ba · 2,528 sqft · Built 2023 · MultiFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,370/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$782
• HOA: −$208
• Vac / Maint / Mgmt: −$708
• Net cashflow: $-294/mo
• Annual: $-3,530/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• 1% rule: 0.90%
• Cash to close: $105,000

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $375k.
• 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).
• It's been on market 60 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $323k (13.9% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• This rent runs 33% of the median local income ($121k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• 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?
• 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?