Real Estate Investing in Wathena, Kansas (66090)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 66090 (Wathena, KS)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 17.1% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Wathena, KS (66090)?
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Market Analysis: 66090 Wathena
Not every below-median market is a bargain. Wathena's 66090 ZIP stands at signals that favor experienced operators who can absorb the risk $189K pricing implies.
The investment case in 66090 is sturdy only for operators who understand what they are buying. A $189K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Regionally, 66090 sits on the difficult end of the KS spectrum. The a solid fit for read — for disciplined operators — is that pricing reflects the difficulty.
Who lives in 66090 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategy in 66090 is an operator game, not a passive one. From an investor standpoint, entry prices of $189K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Wathena:
Property Strategy for 66090
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $142,226 | $970 | 4.9% | +7.9% | $71,113 |
| 3BR | $186,615 | $1,230 | 4.7% | +7.4% | $62,205 |
| 4BR | $239,433 | $1,410 | 4.2% | +7.8% | $59,858 |
Market Trends
Home Value History (with trend line)
📊 How Does 66090 Compare?
| Metric | 66090 | Wathena | Kansas |
|---|---|---|---|
| Home Value | $188,814 | $153,927 | $237,409 |
| 5-Year CAGR | 8.5% | 8.6% | 7.2% |
| Avg Rent | $873 | $927 | - |
| Cap Rate | 3.6% | 5.0% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 66090 (Wathena, KS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $188,814 |
| Monthly Rent | $873 |
| Price-to-Rent | 18.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.6% |
| Cap Rate | 3.6% |
| 5-Year IRR | 12.1% |
📈 Home Appreciation
| 1-Year | +17.1% ▲ |
| 3-Year CAGR | +9.2% ▲ |
| 5-Year CAGR | +8.5% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 66090
Population: 2,513
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 66090
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 580 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is the tenant base reliable in Wathena, KS?
The renter base in Wathena, KS is reasonable for the $873/mo price point. Screening well and pricing to market typically yields even-keeled tenants.
Is Wathena, KS landlord-friendly?
KS ranks as a landlord-friendly state for landlord-tenant law. Wathena generally follows the statewide framework, so landlords face reasonable operating rules.
Do landlords face vacancy issues in Wathena, KS?
Expect elevated vacancy in Wathena, KS. Rents at $873/mo are absorbed by the tenant base without meaningful lag.
Is Wathena, KS suited for a house hack?
The a challenging house-hack environment in Wathena, KS reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
Are homes affordable in Wathena, KS?
Wathena, KS home values average about $189K. That price point suits investors targeting rentals with $873/mo in monthly income.
You know 66090 now. You don’t know where it ranks.
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