12451 W Fennec St

Maize, KS 67223

$179,900C-

3 bd · 2.0 ba · 1,182 sqft · Built 2024 · SingleFamily · Pending · 492 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,674/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$85
• Vac / Maint / Mgmt: −$351
• Net cashflow: $-6/mo
• Annual: $-74/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• 1% rule: 0.93%
• Cash to close: $50,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-6 ($-74/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (7.0% below list).
• It's been on market 492 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#139 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Maize (rural): math 36% / reading 45% proficiency, ranked #20 of 169 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Maize South Middle School (math 28% / reading 40%, grade F, #55 of 219 statewide, top 25%, 549 students, 26% FRL); Maize South High School (math 43% / reading 41%, grade F, #12 of 327 statewide, top 5%, 1,095 students, 21% FRL).
• Market conditions: 40 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $180k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k 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?
• It's been on market 492 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.