313 E Kay St · Lansing, KS 66043

$185,000

3 bd · 1.0 ba · 1,481 sqft · SingleFamily public records · 66 Days on market

Built 1920 8,712 sqft lot Est $252k · 27% under

---

Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.1/10.0
• Livability +3.8/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

Key facts

• Ample parking
• Modern finishes
• Formal dining area

Tags

• HARDWOOD FLOORS
• MODERN FINISHES
• FORMAL DINING AREA
• MAIN-LEVEL LAUNDRY
• FLAT PARTIALLY FENCED YARD
• AMPLE PARKING

Property features AI

Finance

• Other: Approximately 1,481 living area (per public records); Lot size approximately 0.2 acres; Not in a flood plain; Age: 101 years or more

Exterior

• Parking: Carport; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; 2 stories; Entry level information not specified; Facing direction not specified
• Construction: Frame construction with vinyl siding; Composition roof; Has basement (inside entrance, unfinished)
• Exterior features: Porch; Metal fencing; City lot; Corner lot; Level lot; Paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Electric range
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: Ceiling fans
• Laundry & utility: Laundry on main level, off the kitchen; Sump pump in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.5% in Lansing — 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 76/100 on livability (#52 in KS, #3,637 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lansing (town): math 32% / reading 45% proficiency, ranked #25 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lansing Elementary School (math 42% / reading 37%, grade F, #321 of 684 statewide, top 52%, 762 students, 40% FRL); Lansing High 9-12 (math 23% / reading 36%, grade F, #60 of 327 statewide, top 24%, 870 students, 25% FRL).
• Market conditions: 52 active listings in the ZIP; solid renter incomes; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.56%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $251,770
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 E Kansas Ave	0.06mi	3/2.0	1,366 (-8%)	6mo	$210,000	$154	75
306 E Kay St	0.05mi	2/2.0 (-1)	1,304 (-12%)	4mo	$229,900	$176	65
503 1st St	0.55mi	3/1.5	1,344 (-9%)	2mo	$230,000	$171	55
102 S 3rd Ct	0.25mi	3/2.5	1,670 (+13%)	7mo	$260,000	$156	55
506 1st Ter	0.54mi	3/2.5	1,352 (-9%)	7mo	$229,900	$170	48
210 E Kay St	0.19mi	2/2.5 (-1)	1,345 (-9%)	21mo	$210,000	$156	47
334 Fawn Valley Ct	0.56mi	3/2.0	1,638 (+11%)	11mo	$300,000	$183	43
115 Ida St	0.65mi	4/2.0 (+1)	1,596 (+8%)	12mo	$170,000	$107	38
509 Forestglen Ln	0.59mi	3/3.0	1,685 (+14%)	19mo	$295,000	$175	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-9,149
• Equity at exit: $27,584

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $18,979
• Equity at exit: $15,995

Cash invested: $51,800 (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 66043

• Home prices YoY: -17.8%
• Active inventory: 52
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,060 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$254 /mo · $3,049/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $326

Break-even live

Break-even rent $1,647

Max offer price $185,000

Occupancy floor 79%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $185,000 Active 66 DOM
2. 2026-06-17
   days on market $185,000 Active 65 DOM
3. 2026-06-16
   days on market $185,000 Active 64 DOM
4. 2026-06-15
   price $185,000 Active 63 DOM
5. 2026-06-15
   days on market $200,000 Active 63 DOM
6. 2026-06-13
   days on market $200,000 Active 61 DOM
7. 2026-06-13
   days on market $200,000 Active 60 DOM
8. 2026-06-09
   days on market $200,000 Active 57 DOM
9. 2026-06-08
   days on market $200,000 Active 56 DOM
10. 2026-06-07
    days on market $200,000 Active 55 DOM
11. 2026-06-03
    days on market $200,000 Active 51 DOM
12. 2026-06-02
    days on market $200,000 Active 50 DOM
13. 2026-06-01
    days on market $200,000 Active 49 DOM
14. 2026-05-31
    days on market $200,000 Active 48 DOM
15. 2026-04-13
    listed $200,000 Active
16. 2023-02-03
    soldstatus Closed 564-char remark

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

17. 2023-02-03
    soldstatus

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

18. 2023-01-12
    status Pending 564-char remark

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

19. 2023-01-11
    status Active 564-char remark

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

20. 2022-12-26
    historical 564-char remark

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

21. 2022-12-10
    listed $198,000 Active 564-char remark

    Show marketing remark (564 chars)

    All the major updates have been completed on this 3 bedroom home in Lansing. New kitchen, New roof, New High Efficiency Furnace and A/C, New High Efficienct Tankless Water Heated, New doors and windows, and New Carpet. The original Antique Hardwood Floors have been professionall refinished. New sheet rock and interior paint. The home sits on a nice flat corner lot and is partial fenced for your pet or childs play area. A new carport was installed over the double wide driveway for plenty of off street parking. This house is move-in ready and ready for you!

22. 2022-08-04
    soldstatus

ⓘ 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: $3,049 · $254/mo
• Projected year-2 tax: $3,049 · $254/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 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: $24,724
• − Mortgage interest: −$10,363
• − Property taxes: −$3,049
• − Insurance: −$925
• − Repairs & maintenance: −$1,978
• − Management: −$1,978
• − Depreciation: −$5,382
• Taxable income: $1,049
• Est. tax owed @ 24.0%: −$252
• After-tax cash flow: $3,664/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: Lansing
• NCES district ID: 2008340
• Math proficiency: 32% ▼ -3.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $82,125
• Composite: 36.27/100
• National rank: #4703
• State rank: #25 of 169 in KS

Livability — Lansing

• Score: 76/100
• State rank: #52
• US rank: #3637

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, KS
• County: Leavenworth County · 57,713 people
• City population: 11,056
• Metro: Kansas City, MO-KS
• Population (ZIP): 11,056
• Household income: $103,060
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 154.0

Population outlook (Leavenworth County) Hauer SSP2

• Today (2025): 85,138 people
• By 2030: 87,518 · +2.8%
• By 2040: 91,715 · +7.7%
• By 2050: 95,304 · +11.9%
• By 2075: 103,750 · +21.9%
• By 2100: 101,230 · +18.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 11% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Leavenworth

• 2024 margin: Strong R (+22.8) · D 37.6% · R 60.4% · Other 2.1%
• 2008→2024 swing: -11.2pp toward R · 2008: -11.6pp · 2024: -22.8pp
• All cycles: 2024: R+22.8 2020: R+21.1 2016: R+24.7 2012: R+20.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.88%
• Current HPI: 192.7951
• Rent YoY: —
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

+1.0% since first listed

8 events — show timeline

• 2026-04-13 Listed $200,000 Heartland MLS as Distributed by MLS Grid
• 2023-02-03 Sold (Public Records) — Public Records
• 2023-02-03 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2023-01-12 Pending — Heartland MLS as Distributed by MLS Grid
• 2023-01-11 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-12-26 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-12-10 Listed $198,000 Heartland MLS as Distributed by MLS Grid
• 2022-08-04 Sold (Public Records) — Public Records

Property tax history

+11.1%/yr

Latest (2025): $3,049 · -0.2% YoY. Source: county tax records.