117 Cherry Ave

Minneapolis, KS 67467

$69,900B+

3 bd · 1.0 ba · 1,338 sqft · Built 1918 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,081/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $318/mo
• Annual: $3,815/yr
• Cap rate: 11.75%
• Cash-on-cash: 19.49%
• DSCR: 1.87
• 1% rule: 1.55%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 69 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($483 loan paydown + $2k appreciation (2.8% local appreciation)).
• Location reads 77/100 on livability (#40 in KS, #3,169 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• North Ottawa County (rural): math 34% / reading 34% proficiency, ranked #62 of 169 in KS (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Minneapolis Elementary (math 37% / reading 37%, grade F, #358 of 684 statewide, top 56%, 327 students, 51% FRL); Minneapolis Jr-Sr High School (math 27% / reading 32%, grade F, #60 of 327 statewide, top 24%, 302 students, 45% FRL) — zoned schools average 48% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 12 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $38k; list at $70k implies a 85% gain — meaningful room to come down on a strong offer.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→15/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 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1918 — 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.