12269 W Northstar St · Maize, KS 67223

$219,900

3 bd · 2.0 ba · 1,356 sqft · MultiFamily · 85 Days on market

Built 2025 0.29 ac lot $90/mo HOA · 5% of rent

---

Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• Schools +3.8/10.0
• Livability +3.6/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Covered front porch
• Quartz countertops
• Open-concept kitchen

Tags

• COVERED FRONT PORCH
• OPEN-CONCEPT KITCHEN
• ABUNDANT CABINETRY
• QUARTZ COUNTERTOPS
• WALK-IN PANTRY
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• HOA & community: Has association; Association fee of $1,080; One-time HOA initiation fee of $200; Association covers lawn service, trash, and general upkeep of common areas

Exterior

• Parking: 2-car garage
• Utilities: Public utilities; Sewer available; Natural gas available
• Home design: Duplex; One level
• Construction: Composition roof; No basement; No foundation details listed
• Exterior features: Wrought iron fencing; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning (electric); Forced-air heating (natural gas)
• Interior features: Fireplace in the living room (electric); Storm windows; Patio
• Laundry & utility: Main floor laundry in a separate room with 220V equipment

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $-310 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (25.2% below list).
• Recommended offer: $164k (25.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#139 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Maize (rural): math 36% / reading 45% proficiency, ranked #20 of 169 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Vermillion Elementary School (math 40% / reading 43%, grade F, #306 of 684 statewide, top 45%, 835 students, 25% FRL); Maize Middle School (math 25% / reading 37%, grade F, #62 of 219 statewide, top 28%, 734 students, 29% FRL); Maize Sr High (math 25% / reading 26%, grade F, #98 of 327 statewide, top 30%, 1,289 students, 26% FRL).
• Market conditions: 40 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Recommended offer $164,485 (25.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 4.60%
• Cash-on-cash: -6.05%
• DSCR: 0.73
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.63×
• Total profit: $100,084
• Equity at exit: $198,103

10-year hold

• IRR: 18.3%
• Equity multiple: 6.04×
• Total profit: $310,428
• Equity at exit: $427,217

Cash invested: $61,572 (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 67223

• Home prices YoY: 7.7%
• Active inventory: 40
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$90
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $-310

Break-even live

Break-even rent $2,038

Max offer price $175,007

Occupancy floor —

Sensitivity live

Price	-10% $-158	-5% $-234	+0% $-310	+5% $-386	+10% $-462
Rent	-10% $-440	-5% $-375	+0% $-310	+5% $-245	+10% $-180
Rate	-1.0pp $-200	-0.5pp $-254	base $-310	+0.5pp $-367	+1.0pp $-425

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12198 Northstar St Wichita, KS	3.0	2.0	1470	$1,795	$1.22	15d	1	0.04mi
12062 W Fennec St Wichita, KS	3.0	2.0	1182	$1,500	$1.27	25d	1	0.12mi
3700 N 119th St W Wichita, KS	3.0–5.0	2.0–3.0	1632	$1,500	$0.92	15d	1	0.21mi
12452 W Fennec St Wichita, KS	4.0	2.0	1376	$1,695	$1.23	23d	1	0.24mi
12438 W Blanford St Wichita, KS	4.0	2.0	1376	$1,745	$1.27	15d	1	0.26mi
12123 W Cora St Unit 12123 Cora Wichita, KS	3.0	2.0	1255	$1,495	$1.19	25d	1	0.45mi
3540 N Maize Rd Wichita, KS	1.0–3.0	1.0–2.0	1027	$1,616	$1.57	15d	13	1.32mi

HOA detail

• Monthly dues: $90 · $1,080/yr

Listing history 2 events

1. 2026-04-28
   status Pending
2. 2026-02-02
   listed $219,900 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: $19,738
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − HOA: −$1,080
• − Depreciation: −$6,397
• Taxable loss: −$7,613
• Est. tax savings @ 24.0%: +$1,827
• After-tax cash flow: $-1,896/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: Maize
• NCES district ID: 2009140
• Math proficiency: 36% ▼ -6.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $87,686
• Composite: 38.48/100
• National rank: #4184
• State rank: #20 of 169 in KS

Livability — Maize

• Score: 71/100
• State rank: #139
• US rank: #6865

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C- Housing A+ Health & safety B+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maize, KS
• City population: 6,941
• Population (ZIP): 773

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 (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Slovak 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 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: ▲ 11.53%
• Current HPI: 160.75
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-04-28 Pending — SCKMLS as Distributed by MLS Grid
• 2026-02-02 Listed $219,900 SCKMLS as Distributed by MLS Grid