9155 E Chris

Bel Aire, KS 67226

$195,000B

3 bd · 2.0 ba · 1,195 sqft · Built 2026 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,597/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$325
• HOA: −$8
• Vac / Maint / Mgmt: −$545
• Net cashflow: $696/mo
• Annual: $8,352/yr
• Cap rate: 10.58%
• Cash-on-cash: 15.30%
• DSCR: 1.68
• 1% rule: 1.33%
• Cash to close: $54,600

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $195k. Condition is rated good.
• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $55k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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.
• This rent runs 34% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.