804 N Washington Ave · Iola, KS 66749

$55,000

4 bd · 1.5 ba · 1,908 sqft · SingleFamily public records · 298 Days on market

Built 1910 0.27 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a 2 Story home with 4 bedrooms and 2 bathrooms Dining area and Living Room with extra bonus room. The property does need some work.

Key facts

• Covered patio
• Parking areas
• Treed yard

Tags

• VINTAGE SINK
• PANTRY UNDER STAIRWAY
• COVERED PATIO
• TREED YARD
• PARKING AREAS

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story layout; Reported as a fixer
• Construction: Frame construction; Composition roof; Has basement; Approximately 101+ years old
• Exterior features: Covered patio; Shed(s); City lot

Interior

• Kitchen: Kitchen with ceiling fan; Pantry
• Bedrooms: 4 bedrooms (three on the second floor; one on the first floor)
• Flooring: Carpet; Vinyl; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating with wall furnace; Window air conditioning units
• Interior features: Ceiling fans; Pantry; Office; Formal dining area
• Laundry & utility: Main level laundry with utility sink; Basement cellar

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.3% vs local median 5.8% in Iola — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#150 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Iola (town): math 18% / reading 31% proficiency, ranked #140 of 169 in KS (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Iola Elementary School (637 students, 63% FRL); Iola Sr High (math 27% / reading 22%, grade F, #105 of 327 statewide, top 49%, 313 students, 51% FRL).
• Market conditions: 63 active listings in the ZIP; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Allen County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $14k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $55k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.78% ✓
• Cap rate: 24.34%
• Cash-on-cash: 64.47%
• DSCR: 3.87
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $179,352
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
848 N Jefferson N/A	0.16mi	4/2.0	1,993 (+4%)	5mo	$169,000	$85	79
733 N Elm St	0.53mi	4/2.0	1,872 (-2%)	0mo	$259,000	$138	70
1018 Meadowbrook Rd E	0.50mi	3/2.0 (-1)	1,888 (-1%)	2mo	$199,900	$106	66
304 N Buckeye St	0.42mi	3/2.0 (-1)	1,952 (+2%)	11mo	$184,000	$94	61
1104 N Walnut St	0.24mi	3/2.5 (-1)	2,127 (+12%)	3mo	$159,500	$75	58
1405 N Walnut St	0.50mi	3/2.0 (-1)	1,768 (-7%)	4mo	$185,000	$105	54
814 N Washington St	0.03mi	4/2.0	1,624 (-15%)	23mo	$40,000	$25	52
321 E Buchanan St	0.33mi	3/2.0 (-1)	1,632 (-14%)	3mo	$159,500	$98	51
1409 N Walnut St	0.49mi	3/2.0 (-1)	1,668 (-13%)	4mo	$165,000	$99	46
215 S Buckeye St	0.69mi	3/1.5 (-1)	1,680 (-12%)	13mo	$125,000	$74	32
112 W Neosho St	0.73mi	3/1.0 (-1)	2,151 (+13%)	8mo	$100,000	$46	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.6%
• Equity multiple: 3.84×
• Total profit: $43,803
• Equity at exit: $8,201

10-year hold

• IRR: 68.0%
• Equity multiple: 7.89×
• Total profit: $106,086
• Equity at exit: $4,755

Cash invested: $15,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 66749

• Home prices YoY: -32.6%
• Active inventory: 63
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,528 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $827

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 41%

Sensitivity live

Price	-10% $865	-5% $846	+0% $827	+5% $808	+10% $789
Rent	-10% $707	-5% $767	+0% $827	+5% $888	+10% $948
Rate	-1.0pp $855	-0.5pp $841	base $827	+0.5pp $813	+1.0pp $799

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   pricedays on market $55,000 Active 298 DOM
2. 2026-06-18
   days on market $95,000 Active 296 DOM
3. 2026-06-17
   days on market $95,000 Active 295 DOM
4. 2026-06-16
   days on market $95,000 Active 294 DOM
5. 2026-06-15
   days on market $95,000 Active 293 DOM
6. 2026-06-13
   days on market $95,000 Active 291 DOM
7. 2026-06-12
   days on market $95,000 Active 290 DOM
8. 2026-06-09
   days on market $95,000 Active 287 DOM
9. 2026-06-08
   days on market $95,000 Active 286 DOM
10. 2026-06-07
    days on market $95,000 Active 285 DOM
11. 2026-06-05
    days on market $95,000 Active 283 DOM
12. 2026-06-04
    days on market $95,000 Active 281 DOM
13. 2026-06-02
    days on market $95,000 Active 280 DOM
14. 2026-06-01
    days on market $95,000 Active 279 DOM
15. 2026-05-31
    days on market $95,000 Active 278 DOM
16. 2026-05-31
    days on market $95,000 Active 277 DOM
17. 2026-03-22
    status Active
18. 2026-02-24
    price $95,000
19. 2026-01-04
    historical Active Under Contract
20. 2025-10-17
    price $61,600
21. 2025-09-26
    price $66,900
22. 2025-08-26
    listed $69,000 Active
23. 2023-07-20
    soldstatus 139-char remark

    Show marketing remark (139 chars)

    This is a 2 Story home with 4 bedrooms and 2 bathrooms Dining area and Living Room with extra bonus room. The property does need some work.

24. 2023-04-10
    listed $37,500 139-char remark

    Show marketing remark (139 chars)

    This is a 2 Story home with 4 bedrooms and 2 bathrooms Dining area and Living Room with extra bonus room. The property does need some work.

25. 2005-11-01
    soldstatus $32,000
26. 1998-06-01
    soldstatus $38,500
27. 1985-07-01
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,340
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$1,600
• Taxable income: $9,625
• Est. tax owed @ 24.0%: −$2,310
• After-tax cash flow: $7,618/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Iola
• NCES district ID: 2007740
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $38,749
• Composite: 20.52/100
• National rank: #8567
• State rank: #140 of 169 in KS

Livability — Iola

• Score: 71/100
• State rank: #150
• US rank: #7275

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iola, KS
• Population (ZIP): 7,452

Population outlook (Allen County) Hauer SSP2

• Today (2025): 11,885 people
• By 2030: 11,352 · -4.5%
• By 2040: 10,285 · -13.5%
• By 2050: 9,342 · -21.4%
• By 2075: 7,482 · -37.0%
• By 2100: 5,871 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 1% Pacific Islander 1%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+46.1) · D 25.8% · R 72.0% · Other 2.2%
• 2008→2024 swing: -22.9pp toward R · 2008: -23.3pp · 2024: -46.1pp
• All cycles: 2024: R+46.1 2020: R+44.4 2016: R+41.0 2012: R+27.2 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.20%
• Current HPI: 151.1778
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+280.0% since first listed

11 events — show timeline

• 2026-03-22 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $95,000 Heartland MLS as Distributed by MLS Grid
• 2026-01-04 Contingent — Heartland MLS as Distributed by MLS Grid
• 2025-10-17 Price Changed $61,600 Heartland MLS as Distributed by MLS Grid
• 2025-09-26 Price Changed $66,900 Heartland MLS as Distributed by MLS Grid
• 2025-08-26 Listed $69,000 Heartland MLS as Distributed by MLS Grid
• 2023-07-20 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2023-04-10 Listed $37,500 Heartland MLS as Distributed by MLS Grid
• 2005-11-01 Sold (Public Records) $32,000 Public Records
• 1998-06-01 Sold (Public Records) $38,500 Public Records
• 1985-07-01 Sold (Public Records) $25,000 Public Records