102 E 3rd St

Linwood, KS 66052

$599,000B-

27 bd · 2.0 ba · 4,310 sqft · Built 1900 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,868/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$523
• HOA: −$0
• Vac / Maint / Mgmt: −$2,072
• Net cashflow: $4,131/mo
• Annual: $49,572/yr
• Cap rate: 14.57%
• Cash-on-cash: 29.56%
• DSCR: 2.32
• 1% rule: 1.65%
• Cash to close: $167,720

Investor read

• This is a 9 × 3-bed/?-bath units multifamily listed at $599k.
• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $599k).
• It's been on market 17 days — a 2% lower offer ($590k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $590k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#343 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime F, amenities F, commute F.
• Basehor-Linwood (rural): math 37% / reading 45% proficiency, ranked #23 of 169 in KS (top 14%) — 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: Linwood Elementary School (math 54% / reading 54%, grade C, #107 of 684 statewide, top 18%, 247 students, 14% FRL); Basehor-Linwood High School (math 26% / reading 33%, grade F, #60 of 327 statewide, top 24%, 857 students, 14% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $32k; list at $599k implies a 1772% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.