124 W 3rd Ave · Garnett, KS 66032

$150,000

3 bd · 2.0 ba · 1,184 sqft · MultiFamily public records · 8 Days on market

Built 1910 5,227 sqft lot

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Why this score? — see what drove the F 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 +8.5/30.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.8/10.0
• Appreciation +1.4/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• Off street parking
• 3 bedroom
• 2 kitchens

Tags

• 3 BEDROOM
• 1 BEDROOM
• 2 KITCHENS
• SEPARATE QUARTERS
• DOWNTOWN LOCATION
• OFF STREET PARKING

Property features AI

Finance

• Other: Guest house / income unit on the property
• HOA & community: Association fee paid annually

Exterior

• Parking: Off-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank; Cable available; Metro fiber available
• Home design: Single family residence (attached property); 1.5 stories; North-facing
• Construction: Frame construction with wood siding; Composition roof; Slab basement; Built more than 100 years ago
• Exterior features: Deck; Porch; City lot inside city limits; Level lot; Paved road with public maintenance; Lot dimensions approximately 40 x 140

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: 4 bedrooms; Main floor bedroom; Main floor primary bedroom
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Attic fan; Window unit(s)
• Interior features: Ceiling fan(s); Storm windows; Den/Study; Enclosed porch; Office; Country kitchen
• Laundry & utility: Laundry in kitchen on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (32.4% below list).
• Recommended offer: $101k (32.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#154 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Garnett (rural): math 34% / reading 32% proficiency, ranked #85 of 169 in KS (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garnett Elementary School (math 38% / reading 43%, grade F, #309 of 684 statewide, top 45%, 433 students, 63% FRL) — zoned schools average 63% FRL vs 37% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 33 active listings in the ZIP; 23 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Anderson County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $25k; list at $150k implies a 500% 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: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,406 (32.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.76%
• DSCR: 0.83
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $81,696
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 W 7th Ave	0.27mi	3/1.0	1,086 (-8%)	1mo	$75,000	$69	69

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: -22.7%
• Equity multiple: 0.22×
• Total profit: $-32,731
• Equity at exit: $22,365

10-year hold

• IRR: -17.1%
• Equity multiple: 0.06×
• Total profit: $-39,485
• Equity at exit: $12,969

Cash invested: $42,000 (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 66032

• Home prices YoY: -2.6%
• Active inventory: 33
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,014 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$84 /mo · $1,002/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $-132

Break-even live

Break-even rent $1,181

Max offer price $126,767

Occupancy floor —

Sensitivity live

Price	-10% $-47	-5% $-89	+0% $-132	+5% $-174	+10% $-216
Rent	-10% $-212	-5% $-172	+0% $-132	+5% $-91	+10% $-51
Rate	-1.0pp $-56	-0.5pp $-93	base $-132	+0.5pp $-170	+1.0pp $-210

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-21
   days on market $150,000 Active 8 DOM
2. 2026-06-18
   days on market $150,000 Active 6 DOM
3. 2026-06-17
   days on market $150,000 Active 5 DOM
4. 2026-06-16
   days on market $150,000 Active 4 DOM
5. 2026-06-15
   days on market $150,000 Active 3 DOM
6. 2026-06-12
   listed $150,000 Active 1 DOM

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

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,002 · $84/mo
• Projected year-2 tax: $2,115 · $176/mo
• Expected delta: +$1,113/yr (+$93/mo · 111.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥109°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,169
• − Mortgage interest: −$8,402
• − Property taxes: −$1,002
• − Insurance: −$750
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$4,364
• Taxable loss: −$4,296
• Est. tax savings @ 24.0%: +$1,031
• After-tax cash flow: $-547/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: Garnett
• NCES district ID: 2006450
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $41,150
• Composite: 27.86/100
• National rank: #6876
• State rank: #85 of 169 in KS

Livability — Garnett

• Score: 70/100
• State rank: #154
• US rank: #7405

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garnett, KS
• Population (ZIP): 5,133

Population outlook (Anderson County) Hauer SSP2

• Today (2025): 7,231 people
• By 2030: 6,890 · -4.7%
• By 2040: 6,171 · -14.7%
• By 2050: 5,446 · -24.7%
• By 2075: 4,078 · -43.6%
• By 2100: 2,817 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Polish 2% Serbian 1%
• Languages at home: 91% English-only · German/W. Germanic 7% Spanish 1%

Political lean MEDSL · Anderson

• 2024 margin: Solid R (+59.8) · D 19.3% · R 79.1% · Other 1.6%
• 2008→2024 swing: -27.0pp toward R · 2008: -32.7pp · 2024: -59.8pp
• All cycles: 2024: R+59.8 2020: R+56.7 2016: R+52.5 2012: R+40.0 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.17%
• Current HPI: 272.75
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+512.2% since first listed

37 events — show timeline

• 2026-06-12 Listed $150,000 Heartland MLS as Distributed by MLS Grid
• 2026-04-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-04-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-01-31 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-01-31 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-01-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-01-27 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-01-02 Listed $137,500 Heartland MLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $137,500 Heartland MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $139,900 Heartland MLS as Distributed by MLS Grid
• 2025-09-10 Price Changed $144,900 Heartland MLS as Distributed by MLS Grid
• 2025-08-28 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-08-28 Listed $150,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $150,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-29 Listed $250,000 Heartland MLS as Distributed by MLS Grid
• 2025-07-11 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-05-14 Price Changed $134,000 Heartland MLS as Distributed by MLS Grid
• 2025-04-21 Listed $140,000 Heartland MLS as Distributed by MLS Grid
• 2025-04-18 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-03-04 Price Changed $125,000 Heartland MLS as Distributed by MLS Grid
• 2025-02-15 Price Changed $130,000 Heartland MLS as Distributed by MLS Grid
• 2025-01-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-01-28 Listed $140,000 Heartland MLS as Distributed by MLS Grid
• 2025-01-28 Listed $140,000 Heartland MLS as Distributed by MLS Grid
• 2024-12-10 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-11-07 Price Changed $140,000 Heartland MLS as Distributed by MLS Grid
• 2024-09-19 Price Changed $145,000 Heartland MLS as Distributed by MLS Grid
• 2024-06-21 Listed $150,000 Heartland MLS as Distributed by MLS Grid
• 2024-06-06 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-06-05 Listed $150,000 Heartland MLS as Distributed by MLS Grid
• 2024-04-10 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2024-02-13 Listed $195,000 Heartland MLS as Distributed by MLS Grid
• 2007-12-01 Sold (Public Records) $25,000 Public Records
• 2006-04-01 Sold (Public Records) $30,000 Public Records
• 2001-01-01 Sold (Public Records) $42,000 Public Records
• 1998-06-15 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 1998-03-21 Listed $24,500 Heartland MLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $1,002 · +4.3% YoY. Source: county tax records.