Top 5 Tips for Real Estate Investing in Manhattan
William Cupp
Whether you're a first-time investor or looking to grow your real estate portfolio, understanding the local market is key. Manhattan, Kansas offers unique opportunities thanks to its diverse tenant base—including students, military families, and professionals—and its strong demand for rental housing. But with opportunity comes nuance. From neighborhood quirks to seasonal market shifts and hidden deals, knowing how to navigate the landscape can make all the difference. Here are my top five tips to help you invest wisely and confidently in the Manhattan market.
Location differences
There are great investment properties to be found all over Manhattan. Each neighborhood presents unique benefits and downsides. The three top areas with investor activity are the Northfield/Northview area, the West Campus neighborhood (directly west of downtown) and student-focused housing close to K-State. Northfield-Northview has newer units on the north side, and older houses on the south side. This neighborhood is more affordable than most, attracts a wide variety of tenants, and has a proven track record of good traditional cash-flowing houses and multi-family units. When investing here, remember that parts of this neighborhood have worse drainage than others, and it is the furthest neighborhood from Fort Riley. The West Campus neighborhood has affordable larger, older homes that attract a little bit of students, professionals, families, and soldiers. Many have been split into multiple units, presenting an opportunity for multiple units in one large house. These may present the best investment opportunity for handy investors, who can remedy problems themselves that often come up with older homes. The neighborhoods close to K-State present excellent cash-flow opportunities, and high demand. These houses are considered by some to be the “best” investments in town, so finding a good deal can be tougher here.
Understand the Market Seasonality
Timing matters more in Manhattan than many people realize. The local real estate market sees clear seasonal swings, largely driven by Kansas State University’s academic calendar and the movement of military families stationed at Fort Riley. A rule of thumb is that the market really starts heating up after the Super Bowl. Spring and early summer tend to be the busiest times, as students, professors, and military personnel relocate, making competition fierce and inventory turn quickly. This can drive up prices and shorten your decision window. On the flip side, fall and winter—especially the period between November and February—tend to be slower, with fewer buyers actively searching. Sellers during this time may be more motivated, leading to better deals and more favorable terms. If you're not under time pressure, shopping in the off-season can give you a negotiating edge and reduce the stress of a rushed purchase. Understanding these cycles helps you plan strategically and avoid bidding wars when the market heats up.
Existing Tenants
Some investors will only consider buying an investment property if they can pick their own tenants right after buying. Consider taking on the previous owner’s lease. In my experience, up to half of investment properties for sale in Manhattan will still have a lease on the property upon sale. This can be a blessing in disguise, for a couple reasons. Firstly, this limits competition. Most people looking for a primary residence, and some investors, will not consider these properties. This can limit competition, and make it easier to purchase at a good price. Secondly, if the owner does not have a good relationship with their existing tenants, or if the tenants have caused damage inside the house, it can cause the owner to undervalue the sale price of their property. I’ve sold properties with “nightmare tenants” that caused a few thousand dollars worth of damages, but caused the sales price of the property to fall by tens of thousands of dollars. Always evaluate properties for sale with leases carefully, but if done right these can be some of the best investments around.
House Hacking
One of the smartest ways to invest in real estate is house hacking; living in part of a house and renting out the rest. This can be done with traditional duplexes, tri-plexes, and even quad-plexes. This allows for keeping a close eye on your investment, and potentially having a better relationship with tenants. Multi-unit properties are harder to come by in Manhattan, so when they come up for sale be ready to jump on them. Traditional side-by-side duplexes are typically found in newer areas of town, but this would also work in the larger houses that have been converted into multiple units in areas closer to downtown and by K-State. One of the best part about house hacking is it’s FHA loan and VA loan compliant. Usually these low down payment loan options don’t apply to investment properties, but if you’re living in them it can be a great way to get a get into investment real estate without a high up-front investment. Use a Local Buyer’s Agent Who Knows Off-Market Inventory Manhattan is a small enough market that good agents often know about properties before they’re listed. An experienced buyer’s agent like me can help you avoid overpriced listings and find hidden gems. This is true for all properties, but investors especially sometimes put out feelers to professionals that they don’t want to list the property right now, but are still interested in selling if the right buyer comes along. It’s surprising how big of a factor this can be in investment properties, and I’d love to tell you about the success I’ve had in this area.
Real estate investing in Manhattan, KS can be incredibly rewarding—if you know how to play the game. By understanding neighborhood dynamics, market timing, tenant situations, creative financing strategies like house hacking, and the value of a well-connected local agent, you’ll be well-positioned to make smart, profitable moves. Whether you're just starting out or looking to sharpen your strategy, these tips can give you the edge in a competitive market. As always, having the right guidance makes all the difference—so don’t hesitate to reach out if you’re ready to find the right investment opportunity. I’d love to help you make your next move a successful one.
