3755 S Bluelake Ct · Wichita, KS 67215

$185,000

3 bd · None ba · 1,179 sqft · MultiFamily · 112 Days on market

Built 2026 5,091 sqft lot $70/mo HOA · 4% of rent

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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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

GREAT OPPORTUNITY FOR AN INVESTORS AND HOMEOWNERS! OWN A PROPERTY IN THE POPULAR BLUELAKE AREA. This property has zero entry accessibility with 3 bedrooms and 2 bathrooms, and a 2 car attached garage. It includes luxury vinyl plank flooring through the property. The kitchen is fully equipped with a walk in pantry, bar seating, appliances including, range, microwave, refridgerator, and dishwasher. The HOA oversees the lawn care and irrigation, ensuring hassle free maintenance. These would be great to purchase and live in or for leasing. THESE TOWNHOMES ARE BRAND NEW IN A PRIME LOCATION FOR FAMILIES WITH CHILDREN. THIS PROPERTY IS A MUST SEE! SPECIAL TAX ESTIMATES ARE AVAILABLE UPON REQUEST. INFORMATION DEEMED RELIABLE, BUT NOT GUARNTEED.

Key facts

• Bar seating
• Walk in pantry
• Prime location

Tags

• LUXURY VINYL PLANK FLOORING
• WALK IN PANTRY
• BAR SEATING
• HASSLE FREE MAINTENANCE
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#100 in KS) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Haysville (suburban): math 18% / reading 29% proficiency, ranked #137 of 169 in KS (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 109 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.

Recommended offer $168,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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?
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 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: 1.02% ✓
• Cap rate: 8.32%
• Cash-on-cash: 7.25%
• DSCR: 1.32
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-10,067
• Equity at exit: $27,584

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $16,778
• Equity at exit: $15,995

Cash invested: $51,800 (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 67215

• Home prices YoY: -14.1%
• Active inventory: 109
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,886 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$60 /mo · $719/yr
• Insurance: −$77
• HOA: −$70
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $313

Break-even live

Break-even rent $1,490

Max offer price $185,000

Occupancy floor 78%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3520 W 45th St S Wichita, KS	3.0	2.0	1223	$1,550	$1.27	14d	1	1.37mi
4422 S Mt Carmel St Wichita, KS	3.0	2.0	1400	$2,295	$1.64	23d	1	1.45mi

HOA detail

• Monthly dues: $70 · $840/yr
• Likely covers: landscaping

Listing history 16 events

1. 2026-06-18
   days on market $185,000 Active 112 DOM
2. 2026-06-17
   days on market $185,000 Active 111 DOM
3. 2026-06-16
   days on market $185,000 Active 110 DOM
4. 2026-06-15
   days on market $185,000 Active 109 DOM
5. 2026-06-14
   days on market $185,000 Active 107 DOM
6. 2026-06-10
   days on market $185,000 Active 104 DOM
7. 2026-06-09
   days on market $185,000 Active 103 DOM
8. 2026-06-08
   days on market $185,000 Active 102 DOM
9. 2026-06-07
   days on market $185,000 Active 101 DOM
10. 2026-06-05
    days on market $185,000 Active 98 DOM
11. 2026-06-03
    days on market $185,000 Active 97 DOM
12. 2026-06-02
    days on market $185,000 Active 96 DOM
13. 2026-06-01
    days on market $185,000 Active 95 DOM
14. 2026-05-31
    days on market $185,000 Active 94 DOM
15. 2026-05-30
    days on market $185,000 Active 93 DOM
16. 2026-02-26
    listed $185,000 Active 750-char remark

    Show marketing remark (750 chars)

    GREAT OPPORTUNITY FOR AN INVESTORS AND HOMEOWNERS! OWN A PROPERTY IN THE POPULAR BLUELAKE AREA. This property has zero entry accessibility with 3 bedrooms and 2 bathrooms, and a 2 car attached garage. It includes luxury vinyl plank flooring through the property. The kitchen is fully equipped with a walk in pantry, bar seating, appliances including, range, microwave, refridgerator, and dishwasher. The HOA oversees the lawn care and irrigation, ensuring hassle free maintenance. These would be great to purchase and live in or for leasing. THESE TOWNHOMES ARE BRAND NEW IN A PRIME LOCATION FOR FAMILIES WITH CHILDREN. THIS PROPERTY IS A MUST SEE! SPECIAL TAX ESTIMATES ARE AVAILABLE UPON REQUEST. INFORMATION DEEMED RELIABLE, BUT NOT GUARNTEED.

ⓘ 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: $719 · $60/mo
• Projected year-2 tax: $2,608 · $217/mo
• Expected delta: +$1,890/yr (+$157/mo · 262.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $22,637
• − Mortgage interest: −$10,363
• − Property taxes: −$719
• − Insurance: −$925
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − HOA: −$840
• − Depreciation: −$5,382
• Taxable income: $787
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $3,569/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: Haysville
• NCES district ID: 2007050
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 29% ▼ -1.00%
• Median HH income: $55,560
• Composite: 21.3/100
• National rank: #8385
• State rank: #137 of 169 in KS

Livability — Wichita

• Score: 72/100
• State rank: #100
• US rank: #5730

Category grades

Amenities A+ Commute F 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: Wichita, KS
• City population: 365,168
• Population (ZIP): 6,468

Population outlook (Sedgwick County) Hauer SSP2

• Today (2025): 537,014 people
• By 2030: 546,984 · +1.9%
• By 2040: 559,141 · +4.1%
• By 2050: 562,027 · +4.7%
• By 2075: 557,255 · +3.8%
• By 2100: 513,383 · -4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 9% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Lithuanian 4% Romanian 2% Iranian 2%
• Foreign-born: 10% · Vietnam, Canada, South Korea
• Languages at home: 82% English-only · Spanish 11% Other Asian/Pacific 2% Korean 2%

Political lean MEDSL · Sedgwick

• 2024 margin: R (+13.8) · D 42.3% · R 56.1% · Other 1.6%
• 2008→2024 swing: -1.1pp toward R · 2008: -12.7pp · 2024: -13.8pp
• All cycles: 2024: R+13.8 2020: R+12.6 2016: R+19.1 2012: R+19.7 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.22%
• Current HPI: 262.6723
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-26 Listed $185,000 SCKMLS as Distributed by MLS Grid

Property tax history

+2394.7%/yr

Latest (2025): $719 · +2394.7% YoY. Source: county tax records.