428 N 22nd St · Kansas City, KS 66102

$134,900

2 bd · 1.0 ba · 1,494 sqft · SingleFamily public records · 53 Days on market

Built 1920 4,356 sqft lot

---

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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.2/10.0
• Rent growth +4.6/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Unlock the potential in this spacious fixer-upper ready for its next chapter. This character filled home offers the perfect opportunity for investors, flippers, or buyers looking to create their dream space with instant equity potential. Featuring a large covered front porch, HUGE 2 car detached garage, generous living areas, and a functional layout, this property has the solid foundation to become something special. Inside, you’ll find original woodwork, built ins, a fireplace centerpiece, oversized rooms, and a finished upper level offering additional flexible living space. With multiple bedrooms, ample storage, and plenty of square footage, the possibilities are endless. Outside, t

Key facts

• Finished upper level
• Built ins
• Original woodwork

Tags

• LARGE COVERED FRONT PORCH
• DETACHED GARAGE
• ORIGINAL WOODWORK
• BUILT INS
• FIREPLACE CENTERPIECE
• FINISHED UPPER LEVEL

Property features AI

Finance

• Other: Directions: Turn left onto S Grandview, then left onto N 22nd St; the home is on the left
• HOA & community: No association fees

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Bungalow style; Living area approximately 1,494 (public records); Age approximately 76–100 years
• Construction: Frame construction; Composition roof
• Exterior features: Property located inside city limits; Not in a flood plain; Lot size about 0.1 acre

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Cooling present
• Interior features: Bungalow floor plan; Unfinished basement; Basement present; One fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.8% in Kansas City — 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 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment D-.
• Kansas City (urban): math 8% / reading 15% proficiency, ranked #169 of 169 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.4%/yr); 109 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• This rent runs 31% of the median local income ($53k/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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $135k implies a 260% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 1.02% ✓
• Cap rate: 7.40%
• Cash-on-cash: 3.94%
• DSCR: 1.18
• GRM: 8.2

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: -4.5%
• Equity multiple: 0.82×
• Total profit: $-6,634
• Equity at exit: $20,114

10-year hold

• IRR: 10.4%
• Equity multiple: 2.00×
• Total profit: $37,692
• Equity at exit: $11,664

Cash invested: $37,772 (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 66102

• Home prices YoY: -8.7%
• Rents YoY: 8.4%
• Active inventory: 109
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,377 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$200 /mo · $2,400/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $124

Break-even live

Break-even rent $1,220

Max offer price $134,900

Occupancy floor 86%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   days on market $134,900 Active 53 DOM
2. 2026-06-08
   days on market $134,900 Active 52 DOM
3. 2026-06-07
   days on market $134,900 Active 51 DOM
4. 2026-06-05
   days on market $134,900 Active 48 DOM
5. 2026-06-03
   days on market $134,900 Active 47 DOM
6. 2026-06-02
   days on market $134,900 Active 46 DOM
7. 2026-06-01
   days on market $134,900 Active 45 DOM
8. 2026-05-31
   days on market $134,900 Active 44 DOM
9. 2026-05-21
   price $134,900
10. 2026-05-08
    price $144,900
11. 2026-04-17
    listed $149,900 Active
12. 2026-04-10
    soldstatus
13. 1996-10-01
    soldstatus $37,500

ⓘ 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: $2,400 · $200/mo
• Projected year-2 tax: $2,400 · $200/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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 17 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: $16,524
• − Mortgage interest: −$7,556
• − Property taxes: −$2,400
• − Insurance: −$674
• − Repairs & maintenance: −$1,322
• − Management: −$1,322
• − Depreciation: −$3,924
• Taxable loss: −$675
• Est. tax savings @ 24.0%: +$162
• After-tax cash flow: $1,652/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: Kansas City
• NCES district ID: 2007950
• Math proficiency: 8% ▼ -10.00%
• Reading proficiency: 15% ▼ -4.00%
• Median HH income: $34,774
• Composite: 9.38/100
• National rank: #9856
• State rank: #169 of 169 in KS

Livability — Kansas City

• Score: 72/100
• State rank: #103
• US rank: #6054

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kansas City, KS
• County: Wyandotte County · 130,206 people
• City population: 130,206
• Metro: Kansas City, MO-KS
• Population (ZIP): 29,443
• Household income: $52,861
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 1253.0

Population outlook (Wyandotte County) Hauer SSP2

• Today (2025): 177,063 people
• By 2030: 183,212 · +3.5%
• By 2040: 195,697 · +10.5%
• By 2050: 207,897 · +17.4%
• By 2075: 236,169 · +33.4%
• By 2100: 255,790 · +44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 53% White 19% Black 17% Two or more races 15% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Italian 1% Romanian 0%
• Foreign-born: 28% · Canada, Philippines
• Languages at home: 52% English-only · Spanish 42% Other Asian/Pacific 5% Other Indo-European 1%

Political lean MEDSL · Wyandotte

• 2024 margin: Strong D (+23.9) · D 61.1% · R 37.3% · Other 1.6%
• 2008→2024 swing: -17.0pp toward R · 2008: 40.9pp · 2024: 23.9pp
• All cycles: 2024: D+23.9 2020: D+30.9 2016: D+29.1 2012: D+36.4 2008: D+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.64%
• Current HPI: 383.6185
• Rent YoY: ▲ 8.36%
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

+259.7% since first listed

5 events — show timeline

• 2026-05-21 Price Changed $134,900 Heartland MLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $144,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-17 Listed $149,900 Heartland MLS as Distributed by MLS Grid
• 2026-04-10 Sold (Public Records) — Public Records
• 1996-10-01 Sold (Public Records) $37,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,400 · +17.5% YoY. Source: county tax records.