Wichita build-to-rent · Underwriting basis · As of August 2026

Underwrite the next phase on numbers that already happened.

First-party costs from Bids Contracting’s own closed jobs — dozens of completed homes across Wichita, grouped the way a capital stack argues a deal. Not a national database. Dated, and refreshed as projects close.

The spread — why the basis matters
12–15%
Yield on cost, new build-to-rent
7–8%
Industry build-to-rent target
~10%
Gross, buying an existing duplex
<120
Days permit-to-keys (most under 100)
The spread is not rent-growth optimism. It sits in the basis — land at cost and a build number that already closed.
Exhibit A · Cost basis by product

What it costs to build, to the dollar.

ProductSizeBuild $/sfLand basisAll-inYield on cost
Build-to-rent duplex (2 units)~2,424 sf$108$29,000$308,26612–15%
Single-family build-to-rent home1,209–1,500 sf$123–133~$29,000~$189,00012–15%

Every figure is a real actual or a live budget, grouped from 60–80 cost codes into the trades a GP, lender, and land seller actually argue — not the way a superintendent codes a job. Land basis is stated separately because it is the lever that sets the yield. Yield on cost is the new-build-to-rent portfolio range, not a per-lot guarantee.

Exhibit B · Delivery clock

The number only holds if the schedule does.

01
Lot
Land at a ~$29k basis
02
Permit
Product priced from actuals
03
Keys
Under 120 days, most under 100
04
Lease
Yield on the basis, not the market

Every month a build runs long is interest carry you eat and rent you never collect. On a rental, time is yield — so the schedule is underwritten, not hoped for.

Exhibit C · Who’s at the table

You’re not hiring a contractor at the end of the chain.

You’re plugging into the operating layer that sits between the parties and keeps the underwriting intact — design-build and engineering under one contract, so the cost basis above survives contact with a real deal.

Capital / GP-LPLandownerArchitect / civilBids — deliveryTradesLender / inspectorPM / lease-up
Exhibit D · What’s moving the number

Where the cost is headed.

Build cost is up ~6% over two years — measured from our own jobs, not estimated. Materials run 3–4% a year; metal (gutters, flashing, garage doors) worse. Framing and concrete are ~26–28% of a build and where the market moves you most. Land basis is the offset: hold it near $29k and the yield holds with it.

The operator
Austin Smith, Bids Contracting

These are my numbers.

Every figure on this page came off one of our jobs, on a standard Steve Manweiler spent a career setting. If they don’t hold on your deal, I’ll be the one to tell you — that’s the whole reason we publish them.

Austin Smith · Bids Contracting

Run it on your deal.

Send us the lot and we’ll run the yield on cost on your actual basis — or model what a 20-door phase looks like on these numbers. Fifteen minutes, no pitch.

Send the land basis — we’ll run the yield Model a 20-door phase

Methodology: figures are real actuals and live budgets from Bids Contracting jobs, grouped from 60–80 cost codes, dated, and refreshed as new projects close. Free to cite with attribution and a link to bidscontracting.com. As of August 2026.

Bids Contracting LLC · Production housing · Wichita, KSEST. WICHITA