Real Estate Investing in Manhattan, Kansas (66503)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 66503 (Manhattan, KS)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 12.2% of homes vacant — above national norms.
What’s happening in Manhattan, KS (66503)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 66503 Manhattan
Not every below-median market is a bargain. Manhattan's 66503 ZIP sits at signals that favor experienced operators who can absorb the risk $362K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 66503 registers the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Put differently, 66503 offers a low basis, the region around Manhattan has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 66503 ZIP's population of 17,272 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reports the need for careful underwriting.
New investors are better served looking at Manhattan's stable or hybrid ZIPs before stepping into 66503. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Manhattan:
Property Strategy for 66503
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $227,477 | $1,220 | 3.9% | +5.3% | $113,738 |
| 3BR | $293,989 | $1,700 | 4.2% | +6.2% | $97,996 |
| 4BR | $365,675 | $2,050 | 4.0% | +5.7% | $91,419 |
| 5BR | $481,160 | — | — | +5.9% | $96,232 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 66503 Compare?
| Metric | 66503 | Manhattan | Manhattan, KS | Kansas |
|---|---|---|---|---|
| Home Value | $362,487 | $157,544 | N/A | $237,409 |
| 5-Year CAGR | 5.1% | 5.4% | N/A | 7.2% |
| Avg Rent | $1,614 | $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 66503 (Manhattan, KS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $362,487 |
| Monthly Rent | $1,614 |
| Price-to-Rent | 18.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.5% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +6.5% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +3.8% ▲ |
🏠 Rent Trends
| 1-Year | +24.0% ▲ |
| 3-Year CAGR | +12.0% ▲ |
| 5-Year CAGR | +8.5% ▲ |
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 66503
Population: 17,272
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 66503
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
What are home prices like in Manhattan, KS?
Median home price in Manhattan, KS is near $362K, with a 5-year CAGR of 0.0%. Prices have been even-keeled and supportive of buy-and-hold strategies.
What does house hacking look like in Manhattan, KS?
The a challenging house-hack environment in Manhattan, KS reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
What is the renter demographic in Manhattan, KS?
Tenant quality in Manhattan, KS ranks as solid. Landlords generally report predictable occupancy at market rents of $1,614/mo.
What are rental rates like in Manhattan, KS?
Rental rates in Manhattan, KS average $1,614/mo. Tenant demand and $362K home values make the yield look reasonable by investor standards.
Does Manhattan, KS favor landlords or tenants?
Manhattan, KS operates under KS law, which is landlord-friendly overall for landlords. Expect measured treatment in typical lease and eviction cases.
You know 66503 now. You don’t know where it ranks.
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How 66503 ranks in Manhattan, KS
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