115 SW Fillmore St · Topeka, KS 66606

$69,500

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 3 Days on market

Built 1910 4,792 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks just steps from Ward-Meade Park. This 2 bed, 1 bath has the good stuff already baked in. Original hardwood floors, tons of character, and an inviting front porch that’s perfect for slow mornings with coffee or listening to the rain. Rehab has already started and it’s priced to reflect the work left. Whether you're building equity or adding to your portfolio, bring your vision and make it worth your time. Schedule your showing and go take a look. Home is being sold as-is, where-is.

Key facts

• Inviting front porch
• 4,792 sq ft lot
• Garage

Tags

• ORIGINAL HARDWOOD FLOORS
• INVITING FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($956 rent vs $70k).
• Cap rate 11.4% vs local median 4.3% in Topeka — 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.

Location & tenants

• Location reads 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, commute F.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Meadows Elementary (math 27% / reading 27%, grade F, #507 of 684 statewide, top 78%, 417 students, 85% FRL); Robinson Middle School (math 10% / reading 19%, grade F, #180 of 219 statewide, top 83%, 360 students, 84% FRL); Topeka High (math 11% / reading 20%, grade F, #248 of 327 statewide, top 76%, 1,514 students, 72% FRL).
• Market conditions: 67 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $24k; list at $70k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,500

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 11.38%
• Cash-on-cash: 18.15%
• DSCR: 1.81
• GRM: 6.1

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: 9.8%
• Equity multiple: 1.38×
• Total profit: $7,489
• Equity at exit: $10,363

10-year hold

• IRR: 18.9%
• Equity multiple: 2.58×
• Total profit: $30,673
• Equity at exit: $6,009

Cash invested: $19,460 (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 66606

• Home prices YoY: -34.5%
• Active inventory: 67
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $956 high
• Mortgage (P&I): −$364
• Tax from tax record: −$68 /mo · $810/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $294

Break-even live

Break-even rent $583

Max offer price $69,500

Occupancy floor 64%

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 SW 6th Ave Unit 001 Topeka, KS	1.0	1.0	710	$700	$0.99	20d	1	0.65mi
603 SW Topeka Blvd Topeka, KS	1.0	1.0	710	$700	$0.99	20d	1	0.66mi
721 SW Polk St Topeka, KS	2.0	1.0	691	$599	$0.87	20d	1	0.70mi
101 N Kansas Ave Topeka, KS	2.0	1.0	1009	$1,325	$1.31	20d	3	0.75mi
901 SW Buchanan St Topeka, KS	1.0	1.0	680	$1,300	$1.91	20d	1	0.83mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	20d	1	0.96mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	20d	1	1.01mi
1125 SW Polk St Topeka, KS	1.0	1.0	670	$725	$1.08	20d	2	1.11mi
1258 SW Clay St Unit 4 Topeka, KS	1.0	1.0	650	$695	$1.07	20d	1	1.33mi
1700 NW Polk St Topeka, KS	3.0	1.0	988	$1,350	$1.37	20d	1	1.34mi
1027 SW Woodward Ave Topeka, KS	3.0	1.0	864	$1,195	$1.38	20d	1	1.34mi
1300 SW Tyler St Topeka, KS	1.0	1.0	550	$590	$1.07	20d	1	1.35mi
1307 SW Harrison St Topeka, KS	1.0	1.0	585	$718	$1.23	20d	1	1.38mi
1307 SW Harrison St Unit 1301 B33 Topeka, KS	1.0	1.0	585	$742	$1.27	20d	1	1.39mi
1307 SW Harrison St Unit 1301 C31 Topeka, KS	1.0	1.0	585	$749	$1.28	20d	1	1.39mi
512 SW 14th St Topeka, KS	2.0	1.0	815	$895	$1.10	20d	1	1.42mi
1001 NE Atchison Ave Topeka, KS	2.0	1.0	689	$809	$1.17	20d	19	1.49mi

Listing history 3 events

1. 2026-04-24
   status Pending
2. 2026-04-21
   listed $69,500 Active
3. 1988-12-01
   soldstatus $23,500

ⓘ 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: $810 · $68/mo
• Projected year-2 tax: $980 · $82/mo
• Expected delta: +$170/yr (+$14/mo · 20.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,473
• − Mortgage interest: −$3,893
• − Property taxes: −$810
• − Insurance: −$348
• − Repairs & maintenance: −$918
• − Management: −$918
• − Depreciation: −$2,022
• Taxable income: $2,565
• Est. tax owed @ 24.0%: −$616
• After-tax cash flow: $2,917/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• County: Shawnee County · 118,130 people
• City population: 118,130
• Metro: Topeka, KS
• Population (ZIP): 9,842
• Household income: $57,169
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 521.0

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.02%
• Current HPI: 227.5883
• Rent YoY: —
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+195.7% since first listed

3 events — show timeline

• 2026-04-24 Pending — Sunflower MLS as distributed by MLS GRID
• 2026-04-21 Listed $69,500 Sunflower MLS as distributed by MLS GRID
• 1988-12-01 Sold (Public Records) $23,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $810 · +6.9% YoY. Source: county tax records.