101 S Nebraska St

Woodbine, KS 67492

$18,000D+

3 bd · 1.0 ba · 1,656 sqft · Built 1920 · SingleFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,205/mo
• Mortgage (P&I): −$94
• Tax + insurance: −$32
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $826/mo
• Annual: $9,911/yr
• Cap rate: 61.35%
• Cash-on-cash: 196.64%
• DSCR: 9.75
• 1% rule: 6.69%
• Cash to close: $5,040

Investor read

• This is a 3-bed/1.0-bath single-family listed at $18k.
• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• It's been on market 30 days — a 2% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (1.5% below list) — sets the bar for market timing.
• In year one you build about $480 of equity ($124 loan paydown + $356 appreciation (2.0% local appreciation)).
• Location reads 59/100 on livability (#458 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D+, crime F.
• Rural Vista (rural): math 30% / reading 30% proficiency, ranked #160 of 280 in KS (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hope Elem (math 64% / reading 44%, grade C, #107 of 684 statewide, top 18%, 67 students, 45% FRL); Hope High (math 24% / reading 24%, 25 students, 36% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $10k; list at $18k implies a 80% gain — meaningful room to come down on a strong offer.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.