3311-3313 Fairman Cir · Manhattan, KS 66503

$350,000

6 bd · 3.0 ba · 1,056 sqft · MultiFamily public records · 37 Days on market

Built 1970 7,608 sqft lot ↓ 45% since listing

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Why this score? — see what drove the D 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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• Schools +3.6/10.0
• 1% rule +3.4/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Key facts

• Exterior paint
• New roofs
• New carpet

Tags

• FIVE DUPLEX BUILDINGS
• NEW ROOFS
• EXTERIOR PAINT
• INTERIOR PAINT
• NEW CARPET
• TILED SHOWERS

Property features AI

Finance

• Financial info: Actual rent: $1,050 for one 3-bedroom unit; Actual rent: $900 for the other 3-bedroom unit
• HOA & community: Community park; Trails

Exterior

• Parking: Paved parking pad
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Duplex (both sides); Residential income property
• Construction: No construction details provided
• Exterior features: Patio; Located on a cul-de-sac; Wooded lot; Concrete road access; Pets allowed

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two 3-bedroom units
• Flooring: Tile
• Bathrooms: Two full bathrooms (unit 1); Two full bathrooms (unit 2); Two half bathrooms total
• Heating & cooling: Central air conditioning; Electric heating; Natural gas heating
• Interior features: Finished walk-out basement; Tile flooring; Ceiling fans
• Laundry & utility: No laundry or utility appliance details provided

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $53 ($635/yr) — positive. Per door: $26/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (15.6% below list).
• Recommended offer: $295k (15.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 83/100 on livability (#6 in KS, #979 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 189 active listings in the ZIP; solid renter incomes; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• This rent runs 36% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.

Recommended offer $295,300 (15.6% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.65%
• DSCR: 1.03
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.98% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-53,445
• Equity at exit: $52,186

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-42,608
• Equity at exit: $30,262

Cash invested: $98,000 (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 66503

• Rents YoY: 3.0%
• Active inventory: 189
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $2,953 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$299 /mo · $3,584/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $53

Break-even live

Break-even rent $2,886

Max offer price $350,000

Occupancy floor 93%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,952
Total (2 units)			$2,953

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $350,000 Active 37 DOM
2. 2026-06-18
   days on market $350,000 Active 36 DOM
3. 2026-06-17
   days on market $350,000 Active 35 DOM
4. 2026-06-16
   days on market $350,000 Active 34 DOM
5. 2026-06-15
   days on market $350,000 Active 33 DOM
6. 2026-06-14
   days on market $350,000 Active 31 DOM
7. 2026-06-13
   days on market $350,000 Active 30 DOM
8. 2026-06-10
   days on market $350,000 Active 28 DOM
9. 2026-06-09
   days on market $350,000 Active 27 DOM
10. 2026-06-08
    days on market $350,000 Active 26 DOM
11. 2026-06-07
    days on market $350,000 Active 25 DOM
12. 2026-06-03
    days on market $350,000 Active 21 DOM
13. 2026-06-02
    days on market $350,000 Active 20 DOM
14. 2026-06-01
    days on market $350,000 Active 19 DOM
15. 2026-05-31
    days on market $350,000 Active 18 DOM
16. 2026-05-30
    days on market $350,000 Active 17 DOM
17. 2026-05-12
    listed $350,000 Active
18. 2008-05-01
    soldstatus $635,037

ⓘ 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: $3,584 · $299/mo
• Projected year-2 tax: $4,935 · $411/mo
• Expected delta: +$1,351/yr (+$113/mo · 37.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,436
• − Mortgage interest: −$19,605
• − Property taxes: −$3,584
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,835
• − Management: −$2,835
• − Depreciation: −$10,182
• Taxable loss: −$5,355
• Est. tax savings @ 24.0%: +$1,285
• After-tax cash flow: $1,920/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: Manhattan-Ogden
• NCES district ID: 2009180
• Math proficiency: 39% ▼ -1.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $44,001
• Composite: 35.97/100
• National rank: #4795
• State rank: #26 of 169 in KS

Livability — Manhattan

• Score: 83/100
• State rank: #6
• US rank: #979

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment C- Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manhattan, KS
• County: Riley County · 62,662 people
• City population: 60,966
• Metro: Manhattan, KS
• Population (ZIP): 17,273
• Household income: $97,846
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 421.0

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 8% Two or more races 8% Black 5% Asian 5% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 2% Italian 2% Portuguese 2%
• Foreign-born: 6% · China, Canada, South Korea
• Languages at home: 90% English-only · Spanish 4% Chinese 2% Korean 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -214.01%
• Current HPI: 141.8067
• Rent YoY: ▲ 2.98%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

-44.9% since first listed

2 events — show timeline

• 2026-05-12 Listed $350,000 FHAOR as distributed by MLS GRID
• 2008-05-01 Sold (Public Records) $635,037 Public Records

Property tax history

+5.5%/yr

Latest (2025): $3,584 · +32.7% YoY. Source: county tax records.