223 SW Harrison St · Topeka, KS 66603

$115,000

3 bd · 2.0 ba · 1,295 sqft · SingleFamily public records · 24 Days on market

Built 1854

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Why this score? — see what drove the C+ 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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• 1% rule +5.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

Investor opportunity with strong cash flow potential. This home features an updated kitchen and bathrooms, new windows, new LVT flooring throughout, newer siding, a newer water heater, and convenient main-level laundry. With some improvements already completed, this property is well-positioned for both seasoned investors and owner-occupants looking for value. Currently rented at $950/month, under market rent, offering upside potential for future income growth. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

Key facts

• Newer siding
• Newer water heater
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW WINDOWS
• NEW LVT FLOORING
• NEWER SIDING
• NEWER WATER HEATER
• MAIN-LEVEL LAUNDRY

Property features AI

Exterior

• Utilities: Public water; Public sewer; Natural gas available and connected; Electricity available
• Home design: Two-story single family residence; Residential property
• Construction: Frame construction; Composition roof

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Partial, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.3% in Topeka — 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 69/100 on livability (#195 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D-, crime F.
• Topeka Public Schools (urban): math 17% / reading 23% proficiency, ranked #158 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 8 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 219 units permitted in Shawnee County in 2024 (25 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($795 loan paydown + $4k appreciation (3.8% local appreciation)).
• Shawnee County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1854 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1854 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 2.06×
• Total profit: $34,039
• Equity at exit: $56,784

10-year hold

• IRR: 18.6%
• Equity multiple: 3.91×
• Total profit: $93,727
• Equity at exit: $91,680

Cash invested: $32,200 (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 66603

• Home prices YoY: 2.1%
• Active inventory: 8
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,165 high
• Mortgage (P&I): −$603
• Tax from tax record: −$27 /mo · $320/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $243

Break-even live

Break-even rent $858

Max offer price $115,000

Occupancy floor 74%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 SW 5th St Topeka, KS	4.0	1.0	1224	$1,250	$1.02	21d	1	0.27mi
101 N Kansas Ave Topeka, KS	2.0	1.0	1009	$1,325	$1.31	21d	3	0.30mi
416 SW Clay St Topeka, KS	3.0	1.0	1639	$1,025	$0.63	21d	1	0.56mi
822 SW 8th Ave Topeka, KS	3.0	1.5	1600	$1,025	$0.64	21d	1	0.66mi
111 NW Quinton Ave Topeka, KS	3.0	1.5	1232	$1,045	$0.85	21d	1	0.76mi
1001 NE Atchison Ave Topeka, KS	2.0	1.0	689	$809	$1.17	21d	19	1.01mi
1268 SW Western Ave Unit 1A Topeka, KS	2.0	1.0	1404	$1,000	$0.71	21d	1	1.20mi
1104 NW Starlight Cir Topeka, KS	3.0	2.0	1024	$960	$0.94	21d	1	1.20mi
728 SW Lindenwood Ave Topeka, KS	2.0	1.0	968	$1,195	$1.23	21d	1	1.36mi
1415 SW Western Ave Topeka, KS	4.0	1.0	1190	$1,400	$1.18	21d	1	1.39mi
937 SW Jewell Ave Topeka, KS	3.0	1.0	1297	$1,295	$1.00	21d	1	1.43mi

Listing history 21 events

1. 2026-06-19
   days on market $115,000 Active 24 DOM
2. 2026-06-18
   days on market $115,000 Active 23 DOM
3. 2026-06-17
   days on market $115,000 Active 22 DOM
4. 2026-06-16
   days on market $115,000 Active 21 DOM
5. 2026-06-15
   days on market $115,000 Active 20 DOM
6. 2026-06-14
   days on market $115,000 Active 18 DOM
7. 2026-06-13
   days on market $115,000 Active 17 DOM
8. 2026-06-10
   days on market $115,000 Active 15 DOM
9. 2026-06-09
   days on market $115,000 Active 14 DOM
10. 2026-06-09
    price $115,000 Active 13 DOM
11. 2026-06-08
    days on market $125,000 Active 13 DOM
12. 2026-06-07
    days on market $125,000 Active 12 DOM
13. 2026-06-02
    days on market $125,000 Active 7 DOM
14. 2026-06-01
    days on market $125,000 Active 6 DOM
15. 2026-05-31
    days on market $125,000 Active 5 DOM
16. 2026-05-30
    days on market $125,000 Active 4 DOM
17. 2026-05-26
    listed $125,000 Active

    Show marketing remark (608 chars)

    Investor opportunity with strong cash flow potential. This home features an updated kitchen and bathrooms, new windows, new LVT flooring throughout, newer siding, a newer water heater, and convenient main-level laundry. With some improvements already completed, this property is well-positioned for both seasoned investors and owner-occupants looking for value. Currently rented at $950/month, under market rent, offering upside potential for future income growth. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

18. 2026-05-26
    listed $125,000 Active 608-char remark

    Show marketing remark (608 chars)

    Investor opportunity with strong cash flow potential. This home features an updated kitchen and bathrooms, new windows, new LVT flooring throughout, newer siding, a newer water heater, and convenient main-level laundry. With some improvements already completed, this property is well-positioned for both seasoned investors and owner-occupants looking for value. Currently rented at $950/month, under market rent, offering upside potential for future income growth. Property may be purchased individually or as part of a package including 225 SW Polk St, 2324 SE Indiana Ave, and 223 SW Harrison for $170,000.

19. 2025-08-31
    historical $950
20. 2025-08-06
    listed $950
21. 2010-10-04
    soldstatus

ⓘ 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: $320 · $27/mo
• Projected year-2 tax: $1,622 · $135/mo
• Expected delta: +$1,301/yr (+$108/mo · 406.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 17 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: $13,983
• − Mortgage interest: −$6,442
• − Property taxes: −$320
• − Insurance: −$575
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$3,345
• Taxable income: $1,063
• Est. tax owed @ 24.0%: −$255
• After-tax cash flow: $2,659/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: Topeka Public Schools
• NCES district ID: 2012260
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $37,405
• Composite: 16.69/100
• National rank: #9167
• State rank: #158 of 169 in KS

Livability — Topeka

• Score: 69/100
• State rank: #195
• US rank: #8848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, KS
• City population: 118,130
• Population (ZIP): 1,304

Population outlook (Shawnee County) Hauer SSP2

• Today (2025): 179,277 people
• By 2030: 177,762 · -0.8%
• By 2040: 172,341 · -3.9%
• By 2050: 166,330 · -7.2%
• By 2075: 152,417 · -15.0%
• By 2100: 134,782 · -24.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 42% Two or more races 35% Hispanic / Latino 22% Black 8% Native American 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Italian 5% Iranian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 13% German/W. Germanic 2%

Political lean MEDSL · Shawnee

• 2024 margin: Toss-up / Even · D 49.3% · R 48.8% · Other 2.0%
• 2008→2024 swing: +0.8pp no change · 2008: -0.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+3.0 2016: R+2.8 2012: R+1.7 2008: R+0.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.77%
• Current HPI: 183.9857
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

5 events — show timeline

• 2026-05-26 Listed $125,000 Lawrence MLS as distributed by MLS GRID
• 2026-05-26 Listed $125,000 Sunflower MLS as distributed by MLS GRID
• 2025-08-31 Rental Removed $950 Avail
• 2025-08-06 Listed for Rent $950 Avail
• 2010-10-04 Sold (Public Records) — Public Records

Property tax history

+3.5%/yr

Latest (2025): $320 · +6.8% YoY. Source: county tax records.