Real Estate Investing in Topeka, Kansas (66604)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 66604 (Topeka, KS)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.9% vacancy may signal weakening demand.
What’s happening in Topeka, KS (66604)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 66604 Topeka
The 66604 ZIP in Topeka, KS is a local-operator market. Outside capital chasing a $164K entry has to pair deep knowledge with the discount.
The 66604 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Statewide comparisons place 66604 among KS's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The demographic picture in 66604 includes headwinds that any investor should price in. Income distribution skews lower than Topeka averages, and tenant stability requires active management.
The 66604 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Topeka:
Property Strategy for 66604
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $61,203 | $900 | 10.6% | +10.5% | $61,203 |
| 2BR | $119,925 | $1,160 | 7.0% | +9.2% | $59,962 |
| 3BR | $169,533 | $1,530 | 6.5% | +8.1% | $56,511 |
| 4BR | $205,619 | $1,550 | 5.4% | +8.1% | $51,405 |
| 5BR | $226,701 | — | — | +8.4% | $45,340 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 66604 Compare?
| Metric | 66604 | Topeka | Topeka, KS | Kansas |
|---|---|---|---|---|
| Home Value | $163,657 | $119,504 | N/A | $237,409 |
| 5-Year CAGR | 7.3% | 8.1% | N/A | 7.2% |
| Avg Rent | $1,095 | $1,193 | N/A | - |
| Cap Rate | 5.2% | 5.9% | - | - |
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 66604 (Topeka, KS). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 66604 (Topeka, KS)?
~25 seconds · no account needed · your report is anonymous
Property managers serving Shawnee County
Manage rentals here? List your business →WCW Property Management specializes in single and multi-family dwellings and HOAs in Northeast Kansas, Wichita, and Kansas City, KS and MO, offering services for tenants, owners, and investors. summary from their website
PURE Property Management of Kansas offers property management services. summary from their website
Rental Management Solutions provides property management services in Northeast Kansas, including rental search, tenant portal, and owner FAQs. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $163,657 |
| Monthly Rent | $1,095 |
| Price-to-Rent | 12.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.0% |
| Cap Rate | 5.2% |
| 5-Year IRR | 12.6% |
📈 Home Appreciation
| 1-Year | +5.7% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | -3.2% ▼ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.2%). 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 66604
Population: 22,876
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 66604
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Williams Science and Fine Arts Magnet School
Jardine Elementary
Jardine Middle School
Landon Middle School
Meadows Elementary
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 1,242 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Topeka in KS worth investing in?
Topeka, KS scores 3.0/5 for investability. Home values sit at $164K and rents near $1,095/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What is the typical home price in Topeka, KS?
The median home value in Topeka, KS is roughly $164K. That puts it reasonable relative to the KS statewide average.
Where do rents currently stand in Topeka, KS?
Rent in Topeka, KS is around $1,095/mo. The resulting rent-to-value relationship with $164K pricing is reasonable for most investor models.
Do landlords face vacancy issues in Topeka, KS?
Occupancy in Topeka, KS runs reliable with elevated vacancy. Well-priced units at $1,095/mo lease on reasonable timelines.
Is Topeka, KS good for house hacking?
Topeka, KS is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $164K price point reasonable to enter.
You know 66604 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 66604 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 66604 ranks in Topeka, KS
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 66604 (Topeka)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 66604 (Topeka, KS).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.