6505 Halsey St · Shawnee, KS 66216

$200,000

2 bd · 1.5 ba · 1,048 sqft · MultiFamily public records · 3 Days on market

Built 1985 2,431 sqft lot $138/mo HOA · 9% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Don’t miss this opportunity to own an end-unit 2-story townhome tucked away on a dead-end street. Fresh interior paint and new carpet provide a clean, move-in ready feel. The main level features an open-concept living and dining area highlighted by a charming brick fireplace, perfect for both relaxing and entertaining. The kitchen offers tile flooring and includes the refrigerator for added convenience. A half bath completes the main level. Upstairs, the spacious primary bedroom connects to a Hollywood-style bath with a shower/tub combination, also easily accessible from the hallway. A secondary bedroom is ideal for guests or shared living. The unfinished basement provides endless pot

Key facts

• $138 HOA
• Garage
• Built 1985

Property features AI

Finance

• Other: Living area approximately 1,048 (source: public records); Property age: 41-50 years
• HOA & community: HOA (Tanglewood Estates) with monthly fee of $138; HOA provides lawn maintenance

Exterior

• Parking: Detached carport; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Attached townhouse; Residential property; 2-story floor plan; Property faces: not specified
• Construction: Frame construction with wood siding; Composition roof; Full concrete basement with inside entrance (unfinished)
• Exterior features: Deck; Level lot

Interior

• Kitchen: Kitchen with ceramic tile flooring and laminate counters
• Bedrooms: 2 bedrooms (one bedroom located on the second floor with ceiling fan(s) and walk-in closet)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom with double vanity and shower-over-tub; 1 half bathroom
• Heating & cooling: Natural gas heating; Electric cooling (central)
• Interior features: Ceiling fans; Stained cabinets; Walk-in closets; Storm doors; Formal dining area; Gas-starter fireplace in the living room
• Laundry & utility: Dryer hookup (electric) in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $958 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.0% 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: Rhein Benninghoven Elem (math 37% / reading 42%, grade F, #321 of 684 statewide, top 52%, 453 students, 30% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+4.2%/yr); 96 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• This rent runs 33% of the median local income ($112k/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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $200,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.52% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.52%
• DSCR: 1.91
• GRM: 5.5

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: 14.2%
• Equity multiple: 1.58×
• Total profit: $32,352
• Equity at exit: $29,821

10-year hold

• IRR: 23.9%
• Equity multiple: 3.19×
• Total profit: $122,509
• Equity at exit: $17,292

Cash invested: $56,000 (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: 11.0×

Monthly cashflow live

• Estimated rent: $3,035 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$170 /mo · $2,036/yr
• Insurance: −$83
• HOA: −$138
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $958

Break-even live

Break-even rent $1,823

Max offer price $200,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,034
Total (2 units)			$3,035

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12915 W 61st Ter Shawnee, KS	2.0	2.0	998	$1,625	$1.63	23d	1	0.61mi
12915 W 61st Ter Unit 1 Shawnee, KS	2.0	1.5	998	$1,625	$1.63	23d	1	0.61mi
6530 Barton Cir Shawnee, KS	1.0	1.0	650	$1,338	$2.06	4d	10	0.61mi
12029 W 58th Pl Unit K Shawnee, KS	2.0	2.0	796	$1,595	$2.00	23d	1	0.83mi
6527 Reeder St Shawnee, KS	1.0–2.0	1.0–2.0	882	$1,292	$1.46	20d	9	0.86mi
11210 W 60th Ter Unit D Shawnee, KS	2.0	1.0	950	$1,295	$1.36	7d	1	0.87mi
11221 W 60th St Apt D Shawnee, KS	2.0	1.0	950	$1,295	$1.36	23d	1	0.88mi
10900 Oasis Ct Shawnee, KS	2.0	1.0–2.0	1100	$1,500	$1.36	2d	10	0.90mi
5938 Barton Dr Shawnee, KS	2.0	2.0	977	$3,250	$3.33	1d	1	0.93mi
13415 W 60th St Unit 1 Shawnee, KS	3.0	2.0	1343	$1,750	$1.30	23d	1	0.94mi
6016 Roger Rd Shawnee, KS	2.0	1.0–2.0	951	$1,794	$1.89	1d	3	0.95mi
7122 King St Shawnee, KS	2.0	1.5	1300	$1,695	$1.30	23d	1	1.00mi
7327 Quivira Rd Shawnee, KS	2.0	2.0	1265	$2,189	$1.73	23d	1	1.03mi
7325 Quivira Rd Shawnee, KS	1.0–2.0	1.0–2.0	916	$2,259	$2.47	1d	24	1.10mi
6100 Park St Shawnee, KS	1.0–2.0	1.0–2.0	1208	$2,202	$1.82	1d	13	1.13mi
12141 W 55th St Unit 4 Shawnee, KS	2.0	1.0	700	$950	$1.36	7d	1	1.24mi
7420 Flint St Shawnee, KS	1.0–2.0	1.0–2.0	917	$1,399	$1.53	1d	16	1.25mi
10302 W 62nd St Unit B09 Shawnee, KS	2.0	2.0	900	$1,350	$1.50	23d	1	1.25mi
10405 W 70th Ter Shawnee, KS	1.0–2.0	1.0–2.0	830	$1,540	$1.86	23d	1	1.36mi
7530 Cody St Overland Park, KS	1.0–3.0	1.0–2.0	875	$1,348	$1.54	2d	28	1.42mi
7613 Flint St Overland Park, KS	1.0–3.0	1.0–2.0	1000	$1,375	$1.38	1d	16	1.48mi
7613 Flint St Overland Park, KS	1.0–3.0	1.0–2.0	1000	$1,372	$1.37	10d	13	1.48mi
11128 W 76th Ter Overland Park, KS	1.0–2.0	1.0	680	$1,206	$1.77	3d	14	1.48mi

HOA detail

• Monthly dues: $138 · $1,656/yr

Listing history 3 events

1. 2026-05-04
   status Pending
2. 2026-05-02
   listed $200,000 Active
3. 2026-04-23
   historical $200,000

ⓘ 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: $2,036 · $170/mo
• Projected year-2 tax: $2,820 · $235/mo
• Expected delta: +$784/yr (+$65/mo · 38.5%)

ⓘ 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 ≥107°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: $36,420
• − Mortgage interest: −$11,203
• − Property taxes: −$2,036
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,914
• − Management: −$2,914
• − HOA: −$1,656
• − Depreciation: −$5,818
• Taxable income: $8,879
• Est. tax owed @ 24.0%: −$2,131
• After-tax cash flow: $9,362/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

+0.0% since first listed

3 events — show timeline

• 2026-05-04 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-05-02 Listed $200,000 Heartland MLS as Distributed by MLS Grid
• 2026-04-23 Coming Soon $200,000 Heartland MLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $2,036 · +12.0% YoY. Source: county tax records.