Real Estate Investing in Manhattan, Kansas (66502)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 66502 (Manhattan, KS)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 11.3% vacancy may signal weakening demand.
What’s happening in Manhattan, KS (66502)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 66502 Manhattan
The 66502 ZIP in Manhattan, KS is a local-operator market. Outside capital chasing a $268K entry has to pair deep knowledge with the discount.
Distressed markets are won on execution, not on spreadsheets. ZIP 66502 records the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Manhattan have seen price recovery that 66502 has not matched. Riley County data supports the view that the spread is structural rather than temporary.
A sturdy renter share of 58% in 66502 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The right play in 66502 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Manhattan:
Property Strategy for 66502
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $150,644 | $860 | 4.1% | +1.4% | $150,644 |
| 2BR | $174,938 | $1,050 | 4.3% | +4.5% | $87,469 |
| 3BR | $236,486 | $1,460 | 4.4% | +6.4% | $78,829 |
| 4BR | $284,331 | $1,760 | 4.5% | +5.9% | $71,083 |
| 5BR | $360,923 | — | — | +5.8% | $72,185 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 66502 Compare?
| Metric | 66502 | Manhattan | Manhattan, KS | Kansas |
|---|---|---|---|---|
| Home Value | $267,691 | $157,544 | N/A | $237,409 |
| 5-Year CAGR | 5.7% | 5.4% | N/A | 7.2% |
| Avg Rent | $1,212 | $1,413 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 66502 (Manhattan, KS). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 66502 (Manhattan, KS)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $267,691 |
| Monthly Rent | $1,212 |
| Price-to-Rent | 18.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 9.2% |
📈 Home Appreciation
| 1-Year | +9.0% ▲ |
| 3-Year CAGR | +6.0% ▲ |
| 5-Year CAGR | +5.7% ▲ |
| 10-Year CAGR | +4.4% ▲ |
🏠 Rent Trends
| 1-Year | -12.6% ▼ |
| 3-Year CAGR | -0.5% ▼ |
| 5-Year CAGR | +1.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 66502
Population: 43,247
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 66502
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 4,399 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How does Manhattan, KS rate as a rental market?
Yes - Manhattan, KS a 3.0/5 investability score. With $268K home prices against $1,212/mo monthly rent, the market delivers a reasonable entry point for new investors.
How do home values compare in Manhattan, KS?
Manhattan, KS median home values land near $268K. That is reasonable territory for investors looking at $1,212/mo-per-month rentals.
What kind of vacancy should I budget for in Manhattan, KS?
Manhattan, KS carries elevated vacancy risk. Expect consistent absorption at market rents of $1,212/mo.
Are renters plentiful in Manhattan, KS?
The renter base in Manhattan, KS is reasonable for the $1,212/mo price point. Screening well and pricing to market typically yields reliable tenants.
How much do tenants pay in Manhattan, KS?
Rental rates in Manhattan, KS average $1,212/mo. Tenant demand and $268K home values make the yield look reasonable by investor standards.
You know 66502 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 66502 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 66502 ranks in Manhattan, KS
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 66502 (Manhattan)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 66502 (Manhattan, KS).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.