1218 Broadway St

Larned, KS 67550

$77,440B

5 bd · 2.5 ba · 2,714 sqft · Built 1943 · SingleFamily · Pending · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$406
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $452/mo
• Annual: $5,422/yr
• Cap rate: 13.29%
• Cash-on-cash: 25.01%
• DSCR: 2.11
• 1% rule: 1.61%
• Cash to close: $21,683

Investor read

• This is a 5-bed/2.5-bath single-family listed at $77k.
• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• It's been on market 120 days — a 9% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $535 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#120 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.
• Ft Larned (town): math 32% / reading 43% proficiency, ranked #49 of 169 in KS (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fort Larned Elementary School (math 47% / reading 52%, grade D, #165 of 684 statewide, top 28%, 431 students, 63% FRL); Larned Middle School (math 22% / reading 37%, grade F, #72 of 219 statewide, top 38%, 198 students, 54% FRL); Larned Sr High (math 24% / reading 34%, grade F, #60 of 327 statewide, top 24%, 235 students, 51% FRL).
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 active listings in the ZIP.
• Pawnee County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $44k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.