5326-5328 N Cypress St · Bel Aire, KS 67226

$422,500

8 bd · 6.0 ba · 4,102 sqft · MultiFamily public records · 124 Days on market

Built 2019 0.87 ac lot $17/mo HOA · 1% 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 +11.0/30.0
• ARV discount +7.5/15.0
• 1% rule +3.8/10.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• DSCR +3.2/10.0
• 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

• Duplex investment
• Long term tenants
• Fully occupied

Tags

• DUPLEX INVESTMENT
• STRONG RENTAL HISTORY
• TENANT PAID UTILITIES
• ENERGY EFFICIENT SYSTEMS
• FULLY OCCUPIED
• LONG TERM TENANTS

Property features AI

Finance

• Other:
• Financial info: Owner pays grounds care and trash collection
• HOA & community: Has association; Association fee of $200

Exterior

• Parking: 10 total parking spaces; Paved parking; Attached parking; Approximately 2 spaces per unit
• Security: Fenced
• Utilities: Natural gas available; Sewer available; Public water
• Home design: Duplex
• Construction: Composition roof
• Exterior features: Fenced yard

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms:
• Flooring: Carpet; Wood; Other
• Bathrooms:
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Finished basement; Dishwasher; Disposal; Microwave; Range; Refrigerator
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $422k.

Deal economics

• At list price, monthly cash flow is $-175 ($-2k/yr) — negative. Per door: $-87/mo.
• To cash-flow at today's rent, offer at most $392k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $374k (11.6% below list).
• Recommended offer: $372k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#110 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Circle (rural): math 33% / reading 45% proficiency, ranked #28 of 169 in KS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Circle Greenwich Elementary (math 57% / reading 67%, grade B, #59 of 684 statewide, top 9%, 332 students, 21% FRL); Circle Middle School (math 17% / reading 33%, grade F, #108 of 219 statewide, top 50%, 303 students, 32% FRL); Circle High (math 17% / reading 32%, grade F, #105 of 327 statewide, top 49%, 600 students, 31% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 112 active listings in the ZIP; solid renter incomes; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• At $3,737/mo this rent would consume 49% of the median local household income ($92k/yr) (locally 779% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 124 days — a 12% lower offer ($372k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $371,800 (12.0% 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 124 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.7% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.38×
• Total profit: $-72,902
• Equity at exit: $62,996

10-year hold

• IRR: -6.0%
• Equity multiple: 0.58×
• Total profit: $-49,443
• Equity at exit: $36,530

Cash invested: $118,300 (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 67226

• Home prices YoY: -11.5%
• Rents YoY: 4.7%
• Active inventory: 112
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $3,737 high
• Mortgage (P&I): −$2,216
• Tax from tax record: −$718 /mo · $8,618/yr
• Insurance: −$176
• HOA: −$17
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $-175

Break-even live

Break-even rent $3,958

Max offer price $391,649

Occupancy floor 100%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,736
Total (2 units)			$3,737

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: $105,625
• Closing costs: $12,675
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 3 events

1. 2026-05-09
   status Pending
2. 2026-03-26
   price $422,500
3. 2026-01-05
   listed $425,000 Active

ⓘ 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: $8,618 · $718/mo
• Projected year-2 tax: $8,618 · $718/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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,844
• − Mortgage interest: −$23,667
• − Property taxes: −$8,618
• − Insurance: −$2,112
• − Repairs & maintenance: −$3,588
• − Management: −$3,588
• − HOA: −$204
• − Depreciation: −$12,291
• Taxable loss: −$9,223
• Est. tax savings @ 24.0%: +$2,214
• After-tax cash flow: $118/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: Circle
• NCES district ID: 2012300
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $64,703
• Composite: 35.03/100
• National rank: #5039
• State rank: #28 of 169 in KS

Livability — Bel Aire

• Score: 72/100
• State rank: #110
• US rank: #6178

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bel Aire, KS
• County: Sedgwick County · 432,957 people
• Metro: Wichita, KS
• Population (ZIP): 21,596
• Household income: $92,341
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 779.0

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 (71%)
• Race & ethnicity: White 71% Black 11% Hispanic / Latino 6% Two or more races 6% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 87% English-only · Arabic 5% Spanish 2% Vietnamese 2%

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: ▼ -28.84%
• Current HPI: 221.9475
• Rent YoY: ▲ 4.70%
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-0.6% since first listed

3 events — show timeline

• 2026-05-09 Pending — SCKMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $422,500 SCKMLS as Distributed by MLS Grid
• 2026-01-05 Listed $425,000 SCKMLS as Distributed by MLS Grid

Property tax history

+91.1%/yr

Latest (2025): $8,618 · +10.3% YoY. Source: county tax records.