12242 W Rosemary St

Maize, KS 67223

$211,900D

3 bd · 2.0 ba · 1,368 sqft · Built — · MultiFamily · Pending · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,646/mo
• Mortgage (P&I): −$1,111
• Tax + insurance: −$353
• HOA: −$90
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-254/mo
• Annual: $-3,052/yr
• Cap rate: 4.85%
• Cash-on-cash: -5.14%
• DSCR: 0.77
• 1% rule: 0.78%
• Cash to close: $59,332

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $212k.
• At list price, monthly cash flow is $-254 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (22.3% below list).
• It's been on market 106 days — a 9% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (22.3% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $21k 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: Vermillion Elementary School (math 40% / reading 43%, grade F, #306 of 684 statewide, top 45%, 835 students, 25% FRL); Maize Middle School (math 25% / reading 37%, grade F, #62 of 219 statewide, top 28%, 734 students, 29% FRL); Maize Sr High (math 25% / reading 26%, grade F, #98 of 327 statewide, top 30%, 1,289 students, 26% FRL).
• Market conditions: 40 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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.
• 2 sale attempts; this cycle's ask has dropped $212k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$36k 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 106 days. Have you received any prior offers? Is the seller open to a 22% 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?
• 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?
• 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.