12712 W 51st St · Shawnee, KS 66216

$849,900

60 bd · 45.0 ba · 4,146 sqft · MultiFamily public records · 99 Days on market

Built 1950 0.59 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +4.4/5.0
• Schools +3.8/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

Key facts

• Quick access to i-35
• Strong rental demand
• Value add potential

Tags

• 6 UNIT MULTIFAMILY PROPERTY
• QUICK ACCESS TO I-35
• QUICK ACCESS TO I-435
• STRONG RENTAL DEMAND
• VALUE ADD POTENTIAL
• BELOW MARKET RENTS

Property features AI

Finance

• Financial info: Gross income reported at $74,700; Operating expenses include insurance and real estate taxes
• HOA & community: No association fees; Owner responsible for building exterior, HVAC, lawn and snow removal maintenance

Exterior

• Parking: Detached garage; Total parking for about 11 vehicles
• Security: Smoke detectors
• Utilities: Public water; Public sewer; 100 amp electric service; Individual heat and air meters
• Home design: Residential income property (apartment building); Three stories
• Construction: Brick veneer, vinyl siding and wood siding exterior; Composition roof
• Exterior features: Deck; Paved road access; Not in a flood plain

Interior

• Kitchen: Kitchens equipped with refrigerator, microwave, dishwasher, disposal and electric range
• Bedrooms: Mix of 1-, 2- and 3-bedroom apartments (six units total)
• Bathrooms: Combination of 1- and 2-bath layouts across units
• Heating & cooling: Natural gas heating with forced air; Electric cooling and window units
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator; Electric Range
• Laundry & utility: Separate meters; Central water heater

What this means for you Summary

Snapshot

• This is a 6 × 10-bed/7.5-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $662/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $850k).
• Recommended offer: $773k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 3.2% in Shawnee — 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 87/100 on livability (#2 in KS, #276 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Shawnee Mission Pub Schools (suburban): math 38% / reading 46% proficiency, ranked #22 of 169 in KS (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ray Marsh Elem (math 66% / reading 63%, grade B, #45 of 684 statewide, top 8%, 473 students, 31% FRL) — zoned schools at 31% FRL track the district average.
• Zoned-school proficiency averages 64% at this address vs 42% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Shawnee Mission Pub Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.2%/yr); 96 active listings in the ZIP; high-income renter base; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• At $12,142/mo this rent would consume 130% of the median local household income ($112k/yr) (locally 347% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $238k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $773,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.43% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.01%
• DSCR: 1.89
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.19% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.55×
• Total profit: $129,812
• Equity at exit: $126,723

10-year hold

• IRR: 23.2%
• Equity multiple: 3.10×
• Total profit: $500,512
• Equity at exit: $73,484

Cash invested: $237,972 (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 66216

• Rents YoY: 4.2%
• Active inventory: 96
• Price-to-rent: 35.0×

Monthly cashflow live

• Estimated rent: $12,142 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$812 /mo · $9,744/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,550
• Net cashflow: $3,969

Break-even live

Break-even rent $7,118

Max offer price $849,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 6× units	10	7.5	$12,144
Total (6 units)			$12,142

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $849,900 Active 99 DOM
2. 2026-06-17
   days on market $849,900 Active 98 DOM
3. 2026-06-16
   days on market $849,900 Active 97 DOM
4. 2026-06-15
   days on market $849,900 Active 96 DOM
5. 2026-06-13
   days on market $849,900 Active 94 DOM
6. 2026-06-13
   days on market $849,900 Active 93 DOM
7. 2026-06-09
   days on market $849,900 Active 90 DOM
8. 2026-06-08
   days on market $849,900 Active 89 DOM
9. 2026-06-07
   days on market $849,900 Active 88 DOM
10. 2026-06-05
    days on market $849,900 Active 85 DOM
11. 2026-06-03
    days on market $849,900 Active 84 DOM
12. 2026-06-02
    days on market $849,900 Active 83 DOM
13. 2026-06-01
    days on market $849,900 Active 82 DOM
14. 2026-05-31
    days on market $849,900 Active 81 DOM
15. 2026-03-11
    listed $849,900 Active
16. 2022-06-14
    soldstatus
17. 2022-06-03
    soldstatus Closed 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

18. 2022-04-09
    historical Active Under Contract 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

19. 2022-04-04
    status Active 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

20. 2022-03-20
    historical 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

21. 2022-03-20
    status Pending 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

22. 2022-03-18
    listed $595,000 Active 428-char remark

    Show marketing remark (428 chars)

    Unit 6 is available for showing. Remaining units will be available to view with with an accepted offer or POF. Please do not disturb remaining tenants. Rare Investment Opportunity in Shawnee KS. Combination of 1 and 2 bed units all being sold together. Tenant occupied, please do not approach and please do not disturb tenants. Some work is still being done by the current PM company. Call or text the Listing Agent for details.

23. 2021-03-12
    soldstatus Closed 920-char remark

    Show marketing remark (920 chars)

    Rare 6-unit investment opportunity near parks and trails with great highway access. Combination of one and two bedroom units. Exterior is maintenance free vinyl siding. Building has large parking lot with 5 garage spaces with income producing potential. Lot sits on . 59 acres and backs to green space. Units being sold together & seller will not divide. Buyer must agree to participate in a 1031 exchange and additional paperwork will need to be signed. It is understood & agreed that all persons who enter the property are voluntarily doing so, & that by entering the property individuals may be exposed to the COVID-19 virus which could result in illness or death. Persons who enter the property assume all risks of exposure to the COIVD-19 virus, & agree to release & hold-harmless RSB Realty, Inc. d/b/a Coldwell Banker Good Life, its agents & brokers from claims relating to same.

24. 2021-01-14
    status Pending 920-char remark

    Show marketing remark (920 chars)

    Rare 6-unit investment opportunity near parks and trails with great highway access. Combination of one and two bedroom units. Exterior is maintenance free vinyl siding. Building has large parking lot with 5 garage spaces with income producing potential. Lot sits on . 59 acres and backs to green space. Units being sold together & seller will not divide. Buyer must agree to participate in a 1031 exchange and additional paperwork will need to be signed. It is understood & agreed that all persons who enter the property are voluntarily doing so, & that by entering the property individuals may be exposed to the COVID-19 virus which could result in illness or death. Persons who enter the property assume all risks of exposure to the COIVD-19 virus, & agree to release & hold-harmless RSB Realty, Inc. d/b/a Coldwell Banker Good Life, its agents & brokers from claims relating to same.

25. 2020-12-18
    status Active 920-char remark

    Show marketing remark (920 chars)

    Rare 6-unit investment opportunity near parks and trails with great highway access. Combination of one and two bedroom units. Exterior is maintenance free vinyl siding. Building has large parking lot with 5 garage spaces with income producing potential. Lot sits on . 59 acres and backs to green space. Units being sold together & seller will not divide. Buyer must agree to participate in a 1031 exchange and additional paperwork will need to be signed. It is understood & agreed that all persons who enter the property are voluntarily doing so, & that by entering the property individuals may be exposed to the COVID-19 virus which could result in illness or death. Persons who enter the property assume all risks of exposure to the COIVD-19 virus, & agree to release & hold-harmless RSB Realty, Inc. d/b/a Coldwell Banker Good Life, its agents & brokers from claims relating to same.

26. 2020-12-03
    status Pending 920-char remark

    Show marketing remark (920 chars)

    Rare 6-unit investment opportunity near parks and trails with great highway access. Combination of one and two bedroom units. Exterior is maintenance free vinyl siding. Building has large parking lot with 5 garage spaces with income producing potential. Lot sits on . 59 acres and backs to green space. Units being sold together & seller will not divide. Buyer must agree to participate in a 1031 exchange and additional paperwork will need to be signed. It is understood & agreed that all persons who enter the property are voluntarily doing so, & that by entering the property individuals may be exposed to the COVID-19 virus which could result in illness or death. Persons who enter the property assume all risks of exposure to the COIVD-19 virus, & agree to release & hold-harmless RSB Realty, Inc. d/b/a Coldwell Banker Good Life, its agents & brokers from claims relating to same.

27. 2020-11-21
    listed $500,000 Active 920-char remark

    Show marketing remark (920 chars)

    Rare 6-unit investment opportunity near parks and trails with great highway access. Combination of one and two bedroom units. Exterior is maintenance free vinyl siding. Building has large parking lot with 5 garage spaces with income producing potential. Lot sits on . 59 acres and backs to green space. Units being sold together & seller will not divide. Buyer must agree to participate in a 1031 exchange and additional paperwork will need to be signed. It is understood & agreed that all persons who enter the property are voluntarily doing so, & that by entering the property individuals may be exposed to the COVID-19 virus which could result in illness or death. Persons who enter the property assume all risks of exposure to the COIVD-19 virus, & agree to release & hold-harmless RSB Realty, Inc. d/b/a Coldwell Banker Good Life, its agents & brokers from claims relating to same.

ⓘ 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: $9,744 · $812/mo
• Projected year-2 tax: $11,984 · $999/mo
• Expected delta: +$2,240/yr (+$187/mo · 23.0%)

ⓘ 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 ≥108°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: $145,704
• − Mortgage interest: −$47,608
• − Property taxes: −$9,744
• − Insurance: −$4,250
• − Repairs & maintenance: −$11,656
• − Management: −$11,656
• − Depreciation: −$24,724
• Taxable income: $36,066
• Est. tax owed @ 24.0%: −$8,656
• After-tax cash flow: $38,973/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: Shawnee Mission Pub Schools
• NCES district ID: 2011640
• Math proficiency: 38% ▼ -6.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $64,923
• Composite: 37.55/100
• National rank: #4391
• State rank: #22 of 169 in KS

Livability — Shawnee

• Score: 87/100
• State rank: #2
• US rank: #276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shawnee, KS
• County: Johnson County · 574,662 people
• City population: 60,541
• Metro: Kansas City, MO-KS
• Population (ZIP): 24,881
• Household income: $111,744
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 347.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 663,396 people
• By 2030: 702,585 · +5.9%
• By 2040: 775,386 · +16.9%
• By 2050: 841,772 · +26.9%
• By 2075: 994,137 · +49.9%
• By 2100: 1,073,036 · +61.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Two or more races 7% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Slovak 2% Portuguese 2%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 4% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Johnson

• 2024 margin: Lean D (+8.5) · D 53.4% · R 44.9% · Other 1.8%
• 2008→2024 swing: +17.5pp toward D · 2008: -9.0pp · 2024: 8.5pp
• All cycles: 2024: D+8.5 2020: D+8.2 2016: R+2.7 2012: R+17.8 2008: R+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -208.18%
• Current HPI: 237.5218
• Rent YoY: ▲ 4.19%
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

+70.0% since first listed

13 events — show timeline

• 2026-03-11 Listed $849,900 Heartland MLS as Distributed by MLS Grid
• 2022-06-14 Sold (Public Records) — Public Records
• 2022-06-03 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-04-09 Contingent — Heartland MLS as Distributed by MLS Grid
• 2022-04-04 Relisted — Heartland MLS as Distributed by MLS Grid
• 2022-03-20 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-03-20 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-03-18 Listed $595,000 Heartland MLS as Distributed by MLS Grid
• 2021-03-12 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2021-01-14 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-12-18 Relisted — Heartland MLS as Distributed by MLS Grid
• 2020-12-03 Pending — Heartland MLS as Distributed by MLS Grid
• 2020-11-21 Listed $500,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2025): $9,744 · +2.8% YoY. Source: county tax records.