101 N Michigan St #75 · Lawrence, KS 66044

$22,500

2 bd · 1.0 ba · 960 sqft · Manufactured · 71 Days on market

Built 2026 Poor condition

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.8/5.0
• Livability +4.4/5.0
• Schools +3.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Basketball court
• Built 2026

Tags

• CLUBHOUSE
• BASKETBALL COURT

Property features AI

Finance

• Financial info: Listed price: $22,000

Exterior

• Utilities: Natural gas available; Central air conditioning available
• Home design: Spec (new construction inventory type); Plan 93281; Active listing
• Exterior features: Unit located at 101 N Michigan St #75, Lawrence, KS 66044

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Standard interior layout

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $22k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $21k (6.0% below list) — sets the bar for market timing.
• Cap rate 43.9% vs local median 2.7% in Lawrence — 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 88/100 on livability (#1 in KS, #237 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D-.
• Lawrence (urban): math 31% / reading 44% proficiency, ranked #46 of 169 in KS (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.0%/yr); 94 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 246 units permitted in Douglas County in 2024 (38 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $156 of loan paydown is wiped out by about $675 of value loss. Plan a longer hold.
• Douglas County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

Recommended offer $21,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. Crime grade is D 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?
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 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: 4.84% ✓
• Cap rate: 43.92%
• Cash-on-cash: 134.37%
• DSCR: 6.98
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.47×
• Total profit: $47,059
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 20.86×
• Total profit: $125,110
• Equity at exit: $1,945

Cash invested: $6,300 (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 66044

• Rents YoY: 9.0%
• Active inventory: 94
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,090 high
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $705

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 30%

Sensitivity live

Price	-10% $721	-5% $713	+0% $705	+5% $698	+10% $690
Rent	-10% $619	-5% $662	+0% $705	+5% $748	+10% $792
Rate	-1.0pp $717	-0.5pp $711	base $705	+0.5pp $700	+1.0pp $694

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1311 George Ct Lawrence, KS	2.0	1.0	870	$1,195	$1.37	3d	3	0.12mi
110 N Michigan St Lawrence, KS	3.0	3.0	1036	$949	$0.92	24d	1	0.18mi
255 N Michigan St Unit 12-75 Lawrence, KS	1.0	1.0	660	$795	$1.20	24d	1	0.24mi
113 Barstow Pl Lawrence, KS	1.0	1.0	800	$1,110	$1.39	13d	1	0.44mi
1621 W 9th St Lawrence, KS	1.0–2.0	1.0–2.0	769	$1,925	$2.50	24d	1	1.11mi
935 Michigan St Lawrence, KS	1.0	1.0	641	$1,095	$1.71	4d	1	1.15mi
935 Michigan St Lawrence, KS	1.0	1.0	641	$1,045	$1.63	24d	1	1.15mi
901 Illinois St Lawrence, KS	2.0	1.0	900	$1,200	$1.33	13d	4	1.16mi
951 Arkansas St Lawrence, KS	1.0	1.0	595	$835	$1.40	5d	2	1.18mi
1012 Emery Rd Lawrence, KS	2.0	1.5	950	$1,150	$1.21	11d	1	1.23mi
1015 Mississippi St Lawrence, KS	2.0	1.0	920	$920	$1.00	24d	1	1.31mi

Listing history 8 events

1. 2026-06-09
   days on market $22,500 Active 71 DOM
2. 2026-06-08
   days on market $22,500 Active 70 DOM
3. 2026-06-07
   days on market $22,500 Active 69 DOM
4. 2026-06-05
   days on market $22,500 Active 66 DOM
5. 2026-06-02
   days on market $22,500 Active 64 DOM
6. 2026-06-01
   pricedays on market $22,500 Active 63 DOM
7. 2026-05-31
   days on market $22,000 Active 62 DOM
8. 2026-05-30
   days on market $22,000 Active 61 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥109°F today · 16 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: $13,077
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − Depreciation: −$655
• Taxable income: $8,620
• Est. tax owed @ 24.0%: −$2,069
• After-tax cash flow: $6,396/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates, including a new roof, exterior siding and painting, HVAC and mechanical systems, and landscaping. Significant investment is needed to bring it up to a good condition and increase its resale and rental value.

Repairs flagged

• Major roof — The roof appears old and possibly leaking.
• Major exterior siding — The siding is weathered and in need of repainting or replacement.
• Major HVAC/mechanicals — The overall condition suggests outdated or in need of repair systems.
• Major landscaping — The landscaping is sparse and overgrown, which detracts from the curb appeal of the property.

Value-add opportunities

• Resale new roof — A new roof would significantly improve the home's appearance and reduce the risk of leaks.
• Resale exterior siding and painting — A fresh coat of paint and new siding would greatly enhance the home's curb appeal and value.
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, benefiting both resale and rental value.
• Resale landscaping and curb appeal — A well-maintained and landscaped yard would significantly increase the home's curb appeal and resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears old and possibly leaking.	Major	$15,000–50,000
exterior siding · The siding is weathered and in need of repainting or replacement.	Major	$15,000–50,000
HVAC/mechanicals · The overall condition suggests outdated or in need of repair systems.	Major	$15,000–50,000
landscaping · The landscaping is sparse and overgrown, which detracts from the curb appeal of the property.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale new roof — A new roof would significantly improve the home's appearance and reduce the risk of leaks. ↑
• Resale exterior siding and painting — A fresh coat of paint and new siding would greatly enhance the home's curb appeal and value. ↑
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, benefiting both resale and rental value. ↑
• Resale landscaping and curb appeal — A well-maintained and landscaped yard would significantly increase the home's curb appeal and resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lawrence
• NCES district ID: 2008400
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $46,259
• Composite: 32.02/100
• National rank: #5826
• State rank: #46 of 169 in KS

Livability — Lawrence

• Score: 88/100
• State rank: #1
• US rank: #237

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lawrence, KS
• County: Douglas County · 100,966 people
• City population: 100,966
• Metro: Lawrence, KS
• Population (ZIP): 28,820
• Household income: $55,955
• Rent vs Own: 61.4% rent · 38.6% own
• Severe rent burden: 2168.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 136,863 people
• By 2030: 147,255 · +7.6%
• By 2040: 167,760 · +22.6%
• By 2050: 190,593 · +39.3%
• By 2075: 253,850 · +85.5%
• By 2100: 314,741 · +130.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 9% Hispanic / Latino 7% Black 4% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Asian/Pacific 1% Chinese 1%

Political lean MEDSL · Douglas

• 2024 margin: Solid D (+38.0) · D 68.2% · R 30.2% · Other 1.6%
• 2008→2024 swing: +7.2pp toward D · 2008: 30.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+39.5 2016: D+32.7 2012: D+23.7 2008: D+30.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -357.53%
• Current HPI: 247.5888
• Rent YoY: ▲ 9.02%
• Metro: Lawrence, KS
• State GDP YoY: —
• F500 in state: 0