205 Dodge St

Ensign, KS 67841

$125,000D

2 bd · 1.0 ba · 1,116 sqft · Built 1948 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $991/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-81/mo
• Annual: $-976/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.79%
• DSCR: 0.88
• 1% rule: 0.79%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $-81 ($-976/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (20.8% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (20.8% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($864 loan paydown + $8k appreciation (6.8% local appreciation)).
• Location reads 57/100 on livability (#523 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools F.
• Cimarron-Ensign (rural): math 29% / reading 29% proficiency, ranked #98 of 169 in KS (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 14 units permitted in Gray County in 2024 (0 in 5+ unit buildings).
• Gray County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1948 — 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.