12712 W 51st St

Shawnee, KS 66216

$849,900B

60 bd · 45.0 ba · 4,146 sqft · Built 1950 · MultiFamily · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,142/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,166
• HOA: −$0
• Vac / Maint / Mgmt: −$2,550
• Net cashflow: $3,969/mo
• Annual: $47,629/yr
• Cap rate: 11.90%
• Cash-on-cash: 20.01%
• DSCR: 1.89
• 1% rule: 1.43%
• Cash to close: $237,972

Investor read

• This is a 6 × 10-bed/7.5-bath units multifamily listed at $850k.
• 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).
• It's been on market 99 days — a 9% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $773k (9.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.