715 N Rainbow Lake St · Wichita, KS 67235

$298,900

4 bd · 3.5 ba · 2,206 sqft · MultiFamily · 42 Days on market

Built 2026 Excellent condition 0.30 ac lot $125/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
• Condition / age +5.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +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 MLS

Step into this brand-new twin home in the desirable Crescent Creek community on Wichita’s west side, just east of 135th Street off Central. Showcasing “The Aspen” floor plan, each side offers an impressive 2-story layout with 2,206 square feet of thoughtfully designed living space. This zero-entry home features 4 spacious bedrooms and 3.5 baths, including a luxurious main-floor master suite for ultimate convenience. The master retreat boasts dual sinks, a walk-in shower, and a generous walk-in closet. A powder bath on the main level adds functionality for guests. From the moment you enter, you’ll be captivated by the soaring 20+ foot ceilings in the entryway and living room, creating a bright, open atmosphere. The living room is anchored by a sleek electric fireplace, perfect for cozy evenings. Upstairs, a versatile loft overlooks the main living space, ideal for a media room, office, or additional lounge area. The kitchen is designed for both everyday living and entertaining, featuring a walk-in pantry, oversized eating bar, butcher block center island, and a full suite of stainless steel appliances, including the refrigerator. Additional highlights include main-floor laundry, a 2-car garage, and partially covered front and back porches—perfect for enjoying the outdoors. The home sits on a premium lot overlooking the lake, offering peaceful views and added privacy. The fully wrought iron fenced yard is complete with a sprinkler and irrigation system for easy maintenance. The exterior features a brick wainscot on the front paired with durable LP Smart Lap siding. Residents of Crescent Creek will enjoy future community amenities, including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA dues are $125 per month and include lawn mowing, trash service, irrigation, and access to community amenities. Special taxes are estimated at $156 per month per side based on a lot split survey; general and special taxes have not yet been fully assessed. Multiple floor plans are available. All information is deemed reliable but not guaranteed. Buyers and buyer agents to verify all information. This is a rare opportunity to own a stylish, low-maintenance home with upscale finishes in a prime west-side location.

Key facts

• Zero-entry home
• Electric fireplace
• Versatile loft

Tags

• CRESCENT CREEK COMMUNITY
• ZERO-ENTRY HOME
• MAIN-FLOOR MASTER SUITE
• SOARING 20 FOOT CEILINGS
• ELECTRIC FIREPLACE
• VERSATILE LOFT

Property features AI

Finance

• HOA & community: Association present; Association fee of $1,500; One-time initiation fee of $250; Association covers lawn service, trash, and general upkeep of common areas

Exterior

• Parking: 2-car garage
• Security: Smoke detector(s)
• Utilities: Public sewer available; Natural gas available; Public utilities
• Home design: Duplex; Composition roof
• Construction: Composition roof; No basement
• Exterior features: Two levels; Covered patio; Wrought iron fencing; Storm windows

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Range
• Bathrooms: Three full bathrooms; One half bathroom
• Heating & cooling: Central air (electric); Forced-air heating (natural gas)
• Interior features: Dishwasher, Disposal, Microwave, Refrigerator, Range; Electric fireplace in the living room; Smoke detector(s)
• Laundry & utility: Main-floor laundry in a separate room with 220V hookup

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath multifamily listed at $299k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $299k).
• Recommended offer: $290k (3.0% 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+, crime F, commute F.
• Goddard (rural): math 38% / reading 46% proficiency, ranked #18 of 169 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Apollo Elementary School (math 62% / reading 67%, grade B, #45 of 684 statewide, top 8%, 527 students, 25% FRL); Goddard Middle School (math 26% / reading 32%, grade F, #85 of 219 statewide, top 40%, 493 students, 30% FRL); Eisenhower High School (math 29% / reading 40%, grade F, #32 of 327 statewide, top 13%, 1,002 students, 23% FRL).
• Market conditions: 219 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• At $5,498/mo this rent would consume 56% of the median local household income ($118k/yr) (locally 49% 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 $2k of loan paydown is wiped out by about $9k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $289,933 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.84% ✓
• Cap rate: 14.94%
• Cash-on-cash: 30.87%
• DSCR: 2.37
• GRM: 4.5

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: 25.7%
• Equity multiple: 2.06×
• Total profit: $88,837
• Equity at exit: $44,567

10-year hold

• IRR: 33.4%
• Equity multiple: 4.04×
• Total profit: $254,561
• Equity at exit: $25,843

Cash invested: $83,692 (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 67235

• Home prices YoY: -16.1%
• Active inventory: 219
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $5,498 medium
• Mortgage (P&I): −$1,567
• Tax est. 1.5%: −$374 /mo · $4,484/yr
• Insurance: −$125
• HOA: −$125
• Vacancy / Maint / Mgmt: −$1,155
• Net cashflow: $2,153

Break-even live

Break-even rent $2,773

Max offer price $298,900

Occupancy floor 56%

Sensitivity live

Price	-10% $2,359	-5% $2,256	+0% $2,153	+5% $2,050	+10% $1,946
Rent	-10% $1,718	-5% $1,936	+0% $2,153	+5% $2,370	+10% $2,587
Rate	-1.0pp $2,303	-0.5pp $2,229	base $2,153	+0.5pp $2,075	+1.0pp $1,997

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$5,496
Total (4 units)			$5,498

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: $74,725
• Closing costs: $8,967
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13810 W Alderny St Wichita, KS	5.0	3.0	2262	$1,995	$0.88	16d	1	0.98mi

HOA detail

• Monthly dues: $125 · $1,500/yr
• Likely covers: trashelectricpool

Listing history 7 events

1. 2026-06-13
   days on marketlisting id $298,900 Pending 42 DOM
2. 2026-06-09
   days on marketlisting id $298,900 Pending 45 DOM
3. 2026-06-03
   days on marketlisting id $298,900 Pending 42 DOM
4. 2026-05-12
   status Pending 2311-char remark

   Show marketing remark (2311 chars)

   Step into this brand-new twin home in the desirable Crescent Creek community on Wichita’s west side, just east of 135th Street off Central. Showcasing “The Aspen” floor plan, each side offers an impressive 2-story layout with 2,206 square feet of thoughtfully designed living space. This zero-entry home features 4 spacious bedrooms and 3.5 baths, including a luxurious main-floor master suite for ultimate convenience. The master retreat boasts dual sinks, a walk-in shower, and a generous walk-in closet. A powder bath on the main level adds functionality for guests. From the moment you enter, you’ll be captivated by the soaring 20+ foot ceilings in the entryway and living room, creating a bright, open atmosphere. The living room is anchored by a sleek electric fireplace, perfect for cozy evenings. Upstairs, a versatile loft overlooks the main living space, ideal for a media room, office, or additional lounge area. The kitchen is designed for both everyday living and entertaining, featuring a walk-in pantry, oversized eating bar, butcher block center island, and a full suite of stainless steel appliances, including the refrigerator. Additional highlights include main-floor laundry, a 2-car garage, and partially covered front and back porches—perfect for enjoying the outdoors. The home sits on a premium lot overlooking the lake, offering peaceful views and added privacy. The fully wrought iron fenced yard is complete with a sprinkler and irrigation system for easy maintenance. The exterior features a brick wainscot on the front paired with durable LP Smart Lap siding. Residents of Crescent Creek will enjoy future community amenities, including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA dues are $125 per month and include lawn mowing, trash service, irrigation, and access to community amenities. Special taxes are estimated at $156 per month per side based on a lot split survey; general and special taxes have not yet been fully assessed. Multiple floor plans are available. All information is deemed reliable but not guaranteed. Buyers and buyer agents to verify all information. This is a rare opportunity to own a stylish, low-maintenance home with upscale finishes in a prime west-side location.

5. 2026-05-09
   status Pending
6. 2026-03-28
   listed $298,900 Active 2311-char remark

   Show marketing remark (2311 chars)

   Step into this brand-new twin home in the desirable Crescent Creek community on Wichita’s west side, just east of 135th Street off Central. Showcasing “The Aspen” floor plan, each side offers an impressive 2-story layout with 2,206 square feet of thoughtfully designed living space. This zero-entry home features 4 spacious bedrooms and 3.5 baths, including a luxurious main-floor master suite for ultimate convenience. The master retreat boasts dual sinks, a walk-in shower, and a generous walk-in closet. A powder bath on the main level adds functionality for guests. From the moment you enter, you’ll be captivated by the soaring 20+ foot ceilings in the entryway and living room, creating a bright, open atmosphere. The living room is anchored by a sleek electric fireplace, perfect for cozy evenings. Upstairs, a versatile loft overlooks the main living space, ideal for a media room, office, or additional lounge area. The kitchen is designed for both everyday living and entertaining, featuring a walk-in pantry, oversized eating bar, butcher block center island, and a full suite of stainless steel appliances, including the refrigerator. Additional highlights include main-floor laundry, a 2-car garage, and partially covered front and back porches—perfect for enjoying the outdoors. The home sits on a premium lot overlooking the lake, offering peaceful views and added privacy. The fully wrought iron fenced yard is complete with a sprinkler and irrigation system for easy maintenance. The exterior features a brick wainscot on the front paired with durable LP Smart Lap siding. Residents of Crescent Creek will enjoy future community amenities, including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA dues are $125 per month and include lawn mowing, trash service, irrigation, and access to community amenities. Special taxes are estimated at $156 per month per side based on a lot split survey; general and special taxes have not yet been fully assessed. Multiple floor plans are available. All information is deemed reliable but not guaranteed. Buyers and buyer agents to verify all information. This is a rare opportunity to own a stylish, low-maintenance home with upscale finishes in a prime west-side location.

7. 2026-03-28
   listed $298,900 Active

   Show marketing remark (2311 chars)

   Step into this brand-new twin home in the desirable Crescent Creek community on Wichita’s west side, just east of 135th Street off Central. Showcasing “The Aspen” floor plan, each side offers an impressive 2-story layout with 2,206 square feet of thoughtfully designed living space. This zero-entry home features 4 spacious bedrooms and 3.5 baths, including a luxurious main-floor master suite for ultimate convenience. The master retreat boasts dual sinks, a walk-in shower, and a generous walk-in closet. A powder bath on the main level adds functionality for guests. From the moment you enter, you’ll be captivated by the soaring 20+ foot ceilings in the entryway and living room, creating a bright, open atmosphere. The living room is anchored by a sleek electric fireplace, perfect for cozy evenings. Upstairs, a versatile loft overlooks the main living space, ideal for a media room, office, or additional lounge area. The kitchen is designed for both everyday living and entertaining, featuring a walk-in pantry, oversized eating bar, butcher block center island, and a full suite of stainless steel appliances, including the refrigerator. Additional highlights include main-floor laundry, a 2-car garage, and partially covered front and back porches—perfect for enjoying the outdoors. The home sits on a premium lot overlooking the lake, offering peaceful views and added privacy. The fully wrought iron fenced yard is complete with a sprinkler and irrigation system for easy maintenance. The exterior features a brick wainscot on the front paired with durable LP Smart Lap siding. Residents of Crescent Creek will enjoy future community amenities, including a clubhouse with a basement, swimming pool, pickleball court, stocked lake, and walking paths. HOA dues are $125 per month and include lawn mowing, trash service, irrigation, and access to community amenities. Special taxes are estimated at $156 per month per side based on a lot split survey; general and special taxes have not yet been fully assessed. Multiple floor plans are available. All information is deemed reliable but not guaranteed. Buyers and buyer agents to verify all information. This is a rare opportunity to own a stylish, low-maintenance home with upscale finishes in a prime west-side location.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $65,976
• − Mortgage interest: −$16,743
• − Property taxes: −$4,484
• − Insurance: −$1,494
• − Repairs & maintenance: −$5,278
• − Management: −$5,278
• − HOA: −$1,500
• − Depreciation: −$8,695
• Taxable income: $22,504
• Est. tax owed @ 24.0%: −$5,401
• After-tax cash flow: $20,433/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.

Condition & rehab AI · 13 photos

Excellent 100/100 None rehab

This brand-new twin home in the desirable Crescent Creek community is move-in ready with excellent condition and no visible repairs or maintenance needed. The property's curb appeal and location make it an attractive investment.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Goddard
• NCES district ID: 2006540
• Math proficiency: 38% ▼ -4.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $80,167
• Composite: 39.01/100
• National rank: #4067
• State rank: #18 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
• County: Sedgwick County · 432,957 people
• City population: 365,168
• Metro: Wichita, KS
• Population (ZIP): 14,958
• Household income: $118,050
• Rent vs Own: 6.4% rent · 93.6% own
• Severe rent burden: 49.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 8% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Vietnam, China
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Other Indo-European 1%

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: ▼ -40.88%
• Current HPI: 212.876
• Rent YoY: —
• Metro: Wichita, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

4 events — show timeline

• 2026-05-12 Pending — SCKMLS as Distributed by MLS Grid
• 2026-05-09 Pending — SCKMLS as Distributed by MLS Grid
• 2026-03-28 Listed $298,900 SCKMLS as Distributed by MLS Grid
• 2026-03-28 Listed $298,900 SCKMLS as Distributed by MLS Grid