1221 SW Mulvane St · Topeka, KS 66604

$70,000

3 bd · 1.5 ba · 1,680 sqft · SingleFamily public records · 4 Days on market

Built 1910 7,405 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity is knocking at 1221 SW Mulvane! Priced approximately $30,000 below county appraisal, this fixer-upper is ready for its next owner to bring it back to life. Whether you're an investor searching for your next project or a buyer looking to build equity through hard work and vision, this property offers tremendous potential at an affordable price. Conveniently located in the heart of Topeka, you'll be just minutes from downtown, local hospitals, the library, shopping, dining, and have quick access to other areas of town via 12th Street. Its central location makes it an excellent opportunity for homeowners, investors, or those looking to add to their rental portfolio. This property i

Key facts

• Central location
• 7,405 sq ft lot
• Garage

Tags

• CENTRAL LOCATION
• MINUTES FROM DOWNTOWN
• QUICK ACCESS TO OTHER AREAS

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Located in the Elmhurst subdivision
• Construction: Frame construction with wood siding
• Exterior features: Fenced yard; Composition roof

Interior

• Flooring: Hardwood flooring; Carpeted areas
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Window unit(s) for cooling
• Interior features: Gas water heater; Basement present
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 15.0% 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: Lowman Hill Elem (math 17% / reading 22%, grade F, #593 of 684 statewide, top 89%, 308 students, 88% 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: Rents rising fast (+4.4%/yr); 130 active listings in the ZIP; 13 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 $484 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 + 4.4% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $70,000

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: 1.87% ✓
• Cap rate: 15.00%
• Cash-on-cash: 31.09%
• DSCR: 2.38
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $181,440
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1216 SW Woodward Ave	0.22mi	3/1.5	1,690 (+1%)	18mo	$169,900	$101	74
1020 / 1024 SW Fillmore St	0.62mi	3/1.0	1,630 (-3%)	2mo	$124,000	$76	63
1193 SW Jewell Ave	0.20mi	4/2.0 (+1)	1,460 (-13%)	11mo	$157,900	$108	52
2706 SW Lee Ct	0.64mi	3/2.0	1,549 (-8%)	18mo	$190,000	$123	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.39% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.17×
• Total profit: $22,897
• Equity at exit: $10,437

10-year hold

• IRR: 35.9%
• Equity multiple: 4.55×
• Total profit: $69,589
• Equity at exit: $6,052

Cash invested: $19,600 (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 66604

• Rents YoY: 4.4%
• Active inventory: 130
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,307 high
• Mortgage (P&I): −$367
• Tax from tax record: −$129 /mo · $1,544/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $508

Break-even live

Break-even rent $664

Max offer price $70,000

Occupancy floor 56%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1275 SW Mulvane St Topeka, KS	3.0	1.5	1791	$1,350	$0.75	21d	1	0.15mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	21d	1	0.57mi
1647 SW Buchanan St Topeka, KS	3.0	2.0	1550	$1,395	$0.90	21d	1	0.63mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	21d	1	0.64mi
1415 SW Western Ave Topeka, KS	4.0	1.0	1190	$1,400	$1.18	21d	1	0.69mi
1116 SW 18th St Topeka, KS	3.0	1.0	1105	$1,175	$1.06	21d	1	0.74mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	21d	1	0.87mi
1624 SW Polk St Topeka, KS	3.0	2.0	1288	$1,350	$1.05	21d	1	0.89mi
1936 SW Clay St Topeka, KS	3.0	1.0	1572	$1,000	$0.64	21d	1	0.95mi
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	21d	1	1.10mi
520 SW 5th St Topeka, KS	4.0	1.0	1224	$1,250	$1.02	21d	1	1.26mi
111 NW Quinton Ave Topeka, KS	3.0	1.5	1232	$1,045	$0.85	21d	1	1.44mi
703 SW Parkview St Topeka, KS	3.0	2.0	1922	$1,995	$1.04	21d	1	1.48mi

Listing history 5 events

1. 2026-06-15
   status $70,000 Pending 4 DOM
2. 2026-06-15
   days on market $70,000 Active 4 DOM
3. 2026-06-14
   days on market $70,000 Active 2 DOM
4. 2026-06-13
   remarks 699-char remark
5. 2026-06-13
   listed $70,000 Active 1 DOM

ⓘ 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: $1,544 · $129/mo
• Projected year-2 tax: $1,544 · $129/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 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,686
• − Mortgage interest: −$3,921
• − Property taxes: −$1,544
• − Insurance: −$350
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − Depreciation: −$2,036
• Taxable income: $5,325
• Est. tax owed @ 24.0%: −$1,278
• After-tax cash flow: $4,815/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): 23,006
• Household income: $60,874
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 1192.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 15% Two or more races 11% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1% Other Indo-European 1%

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: ▼ -151.78%
• Current HPI: 227.637
• Rent YoY: ▲ 4.39%
• Metro: Topeka, KS
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-11 Listed $70,000 Sunflower MLS as distributed by MLS GRID

Property tax history

+2.1%/yr

Latest (2025): $1,544 · +5.1% YoY. Source: county tax records.