9227 E Fox Pointe Ct

Bel Aire, KS 67226

$202,500D-

3 bd · 2.0 ba · 1,336 sqft · Built 2025 · MultiFamily · Pending · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$1,062
• Tax + insurance: −$338
• HOA: −$8
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-99/mo
• Annual: $-1,192/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• 1% rule: 0.82%
• Cash to close: $56,700

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $202k.
• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (18.2% below list).
• It's been on market 96 days — a 9% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (18.2% below list) — sets the bar for 1% rule.
• 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.
• Location reads 72/100 on livability (#110 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Circle (rural): math 33% / reading 45% proficiency, ranked #28 of 169 in KS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Circle Greenwich Elementary (math 57% / reading 67%, grade B, #59 of 684 statewide, top 9%, 332 students, 21% FRL); Circle Middle School (math 17% / reading 33%, grade F, #108 of 219 statewide, top 50%, 303 students, 32% FRL); Circle High (math 17% / reading 32%, grade F, #105 of 327 statewide, top 49%, 600 students, 31% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.