26 N Elkhart Ave

Elkhart, KS 67950

$118,000D+

3 bd · 2.0 ba · 1,344 sqft · Built — · SingleFamily · Active · 430 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,076/mo
• Mortgage (P&I): −$619
• Tax + insurance: −$197
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $35/mo
• Annual: $418/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $33,040

Investor read

• This is a 3-bed/2.0-bath single-family listed at $118k.
• At list price, monthly cash flow is $35 ($418/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (8.8% below list).
• It's been on market 430 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($816 loan paydown + $5k appreciation (4.2% local appreciation)).
• Location reads 72/100 on livability (#116 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment D+, schools D, amenities F.
• Elkhart (rural): math 25% / reading 42% proficiency, ranked #80 of 169 in KS (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP.
• Morton County population projected at -40% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 430 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.