3846-3848 S Bluelake St

Wichita, KS 67215

$354,000C-

None bd · None ba · 2,360 sqft · Built 2024 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,761/mo
• Mortgage (P&I): −$1,856
• Tax + insurance: −$590
• HOA: −$140
• Vac / Maint / Mgmt: −$790
• Net cashflow: $385/mo
• Annual: $4,617/yr
• Cap rate: 7.60%
• Cash-on-cash: 4.66%
• DSCR: 1.21
• 1% rule: 1.06%
• Cash to close: $99,120

Investor read

• This is a 2 × 2-bed/2-bath units multifamily listed at $354k. Condition is rated good.
• 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).
• It's been on market 18 days — a 2% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $349k (1.5% below list) — sets the bar for market timing.
• 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.
• 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).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.