Wichita's flip market runs on the mid-century ranch. Thousands of brick and frame ranches built in the 1950s and 1960s, many with full or partial basements, line the streets of east and south Wichita. Bought dated and sold updated, they are the bread and butter of local flippers, as long as the basement and the roof cooperate.
In short: LendingStreet offers fix and flip loans in Wichita from $150,000 to $5M+ on 1-8 unit investor properties, funding up to 90% of the purchase cost and up to 100% of the rehab on some programs. Loans are short-term, interest-only and can close in as little as 10 days, with an exit by sale or a refinance into a DSCR loan. Because Wichita prices are modest, the loan minimum usually means a purchase plus rehab budget of roughly $170,000 or more.
Our flip loans start at $150,000, counting both the purchase funds and the rehab funds. In Wichita that rules out many very low-priced houses, but fits a large share of the mid-range market: ranches in east Wichita and Derby, bungalows in Riverside and Delano, older two-story homes near College Hill, and small multi-unit buildings that need full renovation.
If you flip lower-priced houses, a deal with a heavier rehab budget or a two-to-four unit property can bring the total loan up. Ask us before you write the offer if you are unsure whether it will reach the minimum.
Kansas clay soils expand and shrink with moisture, and Wichita basements show it. Hairline cracks are common; horizontal cracks, bowing walls and water staining are not cosmetic. Older homes may also have original cast-iron or clay sewer lines and galvanized supply pipes.
Hail is the other big one. Many Wichita flips need a new roof, and some need gutters, siding or windows replaced after storm damage. Insurers look closely at roof age, and so do buyers.
This example is illustrative and not a quote. An investor buys a three-bedroom brick ranch in east Wichita for $152,000 and budgets $68,000 for a new roof, kitchen, bathroom, flooring and basement waterproofing. Renovated ranches nearby support an after-repair value of about $290,000.
At 90% of purchase the loan funds $136,800 at closing, and the full $68,000 rehab is released in draws, for a total loan of $204,800, above the $150,000 minimum. The investor brings $15,200 plus closing costs.
If the full balance were drawn from day one, estimated interest-only payments would be about $1,792 a month, or about $10,752 over 6 months. Selling costs of about 6.5% ($18,850) and $6,500 for closing, insurance, utilities and taxes leave an estimated profit of about $33,898 before income taxes. Kansas has no state real estate transfer tax, which helps on both ends.
| Line | Amount |
|---|---|
| Purchase price | $152,000 |
| Rehab budget | $68,000 |
| Total loan (90% of purchase plus 100% of rehab) | $204,800 |
| Estimated interest, 6 months, full balance | $10,752 |
| Selling costs (about 6.5%) | $18,850 |
| Other holding and closing costs | $6,500 |
| After-repair value | $290,000 |
| Estimated profit before income taxes | $33,898 |
Building permits in Wichita and much of Sedgwick County run through the Metropolitan Area Building and Construction Department (MABCD). Structural work, new electrical service, plumbing changes and mechanical replacements typically need permits and inspections. Roof replacement and some exterior work may have their own requirements, so check with MABCD before work begins.
Contractor licensing in the Wichita area is handled locally, and MABCD keeps a list of licensed trades. Use licensed electricians, plumbers and mechanical contractors, and keep permit cards on site; draw inspections will look for them.
Kansas sales tax rules treat remodeling work differently from new construction, and labor on some remodeling jobs can be taxable. Ask your contractor how sales tax is applied to labor and materials on your project, and build it into the budget so a bid does not grow at invoice time.
Kansas closings are usually handled by title companies. Without a state transfer tax, selling costs are mostly commissions, title and recording fees.
Wichita values move with school district, street and finish level more than with broad neighborhood names. A renovated ranch in the Andover or Derby school district may sell for meaningfully more than a similar house a few miles west. Basement finish counts, but appraisers often value below-grade space differently from above-grade square footage.
Bring three to five sold comps from the last six months with similar bedrooms, baths, basement and garage. Overestimating ARV is the fastest way to end up with a loan that is too small for the job.
Wichita is one of the better markets in the country for turning a flip into a rental. Rents are reasonable relative to prices, so a renovated ranch can often support a DSCR refinance at a normal loan size. If you plan to hold, budget for durable finishes and confirm the refinance loan will clear the $150,000 minimum at the expected value.
Several renovated rentals can later go into one blanket portfolio loan, which avoids the per-property minimum problem entirely.
Wichita's buyers are price-sensitive, so the best flips are finished to the level the neighborhood supports rather than to the highest possible standard. Over-improving a ranch in a modest area rarely pays back.
Send the address, price, scope of work, budget and your recent projects. Use the form below or call (877) 298-1001. We will size the loan on purchase, rehab and after-repair value and tell you whether it fits.
Fix and flip loans start at $150,000, including both purchase and rehab funds. Most qualifying Wichita flips have a purchase plus rehab total of about $170,000 or more.
Up to 100% of the rehab budget on some programs, released in draws after inspections, along with up to 90% of the purchase cost.
In as little as 10 days with a complete file and a title company ready.
Usually, for structural, electrical, plumbing and mechanical work. Permits are handled through MABCD for Wichita and much of Sedgwick County.
Kansas does not have a state real estate transfer tax. Selling costs are mostly commissions, title and recording fees.
On some programs, yes, usually with more cash in the deal and a qualified contractor. Experience improves leverage and terms.
Yes. Once the property is renovated and leased, a DSCR refinance qualifies on the rent.
Yes. Fix and flip loans cover 1-8 unit investor properties, and small multi-unit rehabs often clear the $150,000 minimum more easily than single-family flips.
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