1304 S Little St

Fort Scott, KS 66701

$95,000B

4 bd · 1.0 ba · 1,350 sqft · Built 1977 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,246/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $355/mo
• Annual: $4,259/yr
• Cap rate: 10.78%
• Cash-on-cash: 16.01%
• DSCR: 1.71
• 1% rule: 1.31%
• Cash to close: $26,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 38 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#259 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Fort Scott (town): math 19% / reading 28% proficiency, ranked #150 of 169 in KS (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Winfield Scott Elem (469 students, 75% FRL); Fort Scott Middle School (math 16% / reading 26%, grade F, #142 of 219 statewide, top 65%, 430 students, 61% FRL); Fort Scott Sr High (math 12% / reading 17%, grade F, #267 of 327 statewide, top 84%, 581 students, 47% FRL).
• Market conditions: 71 active listings in the ZIP; 5 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).
• Bourbon 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 $27k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.8% vs local median 5.0% in Fort Scott — 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.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.