802 N Maple St

Peabody, KS 66866

$39,000B+

3 bd · 3.0 ba · 1,377 sqft · Built 1973 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,168/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $562/mo
• Annual: $6,744/yr
• Cap rate: 23.59%
• Cash-on-cash: 61.76%
• DSCR: 3.75
• 1% rule: 2.99%
• Cash to close: $10,920

Investor read

• This is a 3-bed/3.0-bath single-family listed at $39k.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• It's been on market 18 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($270 loan paydown + $3k appreciation (6.8% local appreciation)).
• Location reads 68/100 on livability (#217 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Peabody-Burns (rural): math 15% / reading 20% proficiency, ranked #271 of 280 in KS (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Peabody-Burns Elementary (math 24% / reading 24%, grade F, #540 of 684 statewide, top 82%, 117 students, 56% FRL); Peabody-Burns Jr/Sr High School (math 22% / reading 22%, grade F, #165 of 327 statewide, top 55%, 111 students, 51% FRL).
• Watch-outs: property tax is 4.3% of price.
• Market conditions: 4 active listings in the ZIP; 25 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.