3846-3848 S Bluelake St · Wichita, KS 67215

$354,000

None bd · None ba · 2,360 sqft · MultiFamily · 18 Days on market

Built 2024 Good condition 10,176 sqft lot $140/mo HOA · 7% of rent ↓ 4% since listing

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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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.6/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Rent growth +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: 2 units. confirmed

Key facts

• Walk-in pantry
• 0.23 acre lot
• 8 parking spots

Tags

• WALK-IN PANTRY

Property features AI

Finance

• HOA & community: Has association; Association fee $1,680; HOA initiation fee $300

Exterior

• Parking: 8 parking spaces total; More than 2 parking spaces per unit
• Security: Smoke detector(s); Sprinkler system
• Utilities: Natural gas available; Sewer available; Public water
• Home design: Duplex
• Construction: Composition roof
• Exterior features: Sprinkler system; Smoke detector(s)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Duplex with 2 total units
• Flooring: Other
• Heating & cooling: Electric cooling; Forced air heating; Natural gas heating
• Interior features: Dishwasher; Disposal; Microwave; Range; Refrigerator; Smoke detector(s); Sprinkler system

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2-bath units multifamily listed at $354k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $354k).
• Recommended offer: $349k (1.5% 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.
• 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.
• Zoned schools: Oatville Elem (math 42% / reading 57%, grade D, #165 of 684 statewide, top 28%, 401 students, 52% FRL); Haysville West Middle School (math 17% / reading 23%, grade F, #146 of 219 statewide, top 67%, 539 students, 55% FRL); Campus High Haysville (math 8% / reading 25%, grade F, #244 of 327 statewide, top 75%, 1,893 students, 48% FRL).
• Market conditions: 109 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $11k 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 18 days — a 2% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 3 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 $348,690 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.06% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.66%
• DSCR: 1.21
• GRM: 7.8

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-32,714
• Equity at exit: $52,783

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,650
• Equity at exit: $30,607

Cash invested: $99,120 (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: 15.7×

Monthly cashflow live

• Estimated rent: $3,761 medium
• Mortgage (P&I): −$1,856
• Tax est. 1.5%: −$442 /mo · $5,310/yr
• Insurance: −$148
• HOA: −$140
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $385

Break-even live

Break-even rent $3,274

Max offer price $354,000

Occupancy floor 85%

Sensitivity live

Price	-10% $629	-5% $507	+0% $385	+5% $262	+10% $140
Rent	-10% $88	-5% $236	+0% $385	+5% $533	+10% $682
Rate	-1.0pp $563	-0.5pp $475	base $385	+0.5pp $293	+1.0pp $200

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,762
Total (2 units)			$3,761

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: $88,500
• Closing costs: $10,620
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $140 · $1,680/yr

Listing history 25 events

1. 2026-06-18
   days on market $354,000 Active 18 DOM
2. 2026-06-17
   days on market $354,000 Active 17 DOM
3. 2026-06-16
   days on market $354,000 Active 16 DOM
4. 2026-06-15
   days on market $354,000 Active 15 DOM
5. 2026-06-14
   days on market $354,000 Active 13 DOM
6. 2026-06-10
   days on market $354,000 Active 10 DOM
7. 2026-06-09
   days on market $354,000 Active 9 DOM
8. 2026-06-08
   days on market $354,000 Active 8 DOM
9. 2026-06-07
   days on market $354,000 Active 7 DOM
10. 2026-06-05
    days on market $354,000 Active 4 DOM
11. 2026-06-03
    days on market $354,000 Active 3 DOM
12. 2026-06-02
    days on market $354,000 Active 2 DOM
13. 2026-06-01
    pricedays on marketlisting id $354,000 Active 1 DOM
14. 2026-05-31
    days on market $354,498 Active 247 DOM
15. 2026-05-30
    days on market $354,498 Active 246 DOM
16. 2026-05-17
    price $354,498
17. 2026-04-29
    price $354,499
18. 2026-02-27
    price $354,500
19. 2025-10-16
    price $354,900
20. 2025-09-26
    listed $359,900 Active
21. 2025-09-18
    historical
22. 2025-08-09
    status Active
23. 2025-08-09
    historical
24. 2025-07-24
    price $360,000
25. 2025-06-20
    listed $370,000 Active

ⓘ 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: $45,132
• − Mortgage interest: −$19,830
• − Property taxes: −$5,310
• − Insurance: −$1,770
• − Repairs & maintenance: −$3,611
• − Management: −$3,611
• − HOA: −$1,680
• − Depreciation: −$10,298
• Taxable loss: −$977
• Est. tax savings @ 24.0%: +$234
• After-tax cash flow: $4,852/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 · 11 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a clean exterior and well-maintained interior. Minor updates to the exterior trim and gutters would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace or clean gutters — Improves drainage and prevents water damage

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace or clean gutters — Improves drainage and prevents water damage ↑

ⓘ 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: 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

-4.2% since first listed

10 events — show timeline

• 2026-05-17 Price Changed $354,498 SCKMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $354,499 SCKMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $354,500 SCKMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $354,900 SCKMLS as Distributed by MLS Grid
• 2025-09-26 Listed $359,900 SCKMLS as Distributed by MLS Grid
• 2025-09-18 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2025-08-09 Relisted — SCKMLS as Distributed by MLS Grid
• 2025-08-09 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2025-07-24 Price Changed $360,000 SCKMLS as Distributed by MLS Grid
• 2025-06-20 Listed $370,000 SCKMLS as Distributed by MLS Grid