203 S Elm St · Garnett, KS 66032

$59,000

4 bd · 3.0 ba · 2,223 sqft · MultiFamily public records · 47 Days on market

Built 1900 0.26 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• Stained glass window
• Fenced side yard
• Huge walk-in pantry

Tags

• STAINED GLASS WINDOW
• SUNROOM
• HUGE WALK-IN PANTRY
• HUGE TREED CORNER LOT
• FENCED SIDE YARD
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $59k.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 2.9% in Garnett — 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.

Location & tenants

• Location reads 70/100 on livability (#154 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D, amenities F.
• Garnett (rural): math 34% / reading 32% proficiency, ranked #85 of 169 in KS (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 34 active listings in the ZIP; 23 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Anderson County population projected at -25% 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $59k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.28% ✓
• Cap rate: 19.85%
• Cash-on-cash: 48.43%
• DSCR: 3.15
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.0%
• Equity multiple: 2.99×
• Total profit: $32,918
• Equity at exit: $8,797

10-year hold

• IRR: 51.8%
• Equity multiple: 6.05×
• Total profit: $83,399
• Equity at exit: $5,101

Cash invested: $16,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 66032

• Home prices YoY: -2.6%
• Active inventory: 34
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,346 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$63 /mo · $750/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $667

Break-even live

Break-even rent $502

Max offer price $59,000

Occupancy floor 45%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-18
   status Pending
2. 2026-04-15
   historical Active Under Contract
3. 2026-03-02
   listed $59,000 Active
4. 2009-04-01
   soldstatus $28,000
5. 2008-06-01
   soldstatus $16,000
6. 2008-03-01
   soldstatus $14,759

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $750 · $63/mo
• Projected year-2 tax: $832 · $69/mo
• Expected delta: +$82/yr (+$7/mo · 10.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,150
• − Mortgage interest: −$3,305
• − Property taxes: −$750
• − Insurance: −$295
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$1,716
• Taxable income: $7,500
• Est. tax owed @ 24.0%: −$1,800
• After-tax cash flow: $6,201/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Garnett
• NCES district ID: 2006450
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $41,150
• Composite: 27.86/100
• National rank: #6876
• State rank: #85 of 169 in KS

Livability — Garnett

• Score: 70/100
• State rank: #154
• US rank: #7405

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garnett, KS
• Population (ZIP): 5,133

Population outlook (Anderson County) Hauer SSP2

• Today (2025): 7,231 people
• By 2030: 6,890 · -4.7%
• By 2040: 6,171 · -14.7%
• By 2050: 5,446 · -24.7%
• By 2075: 4,078 · -43.6%
• By 2100: 2,817 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Polish 2% Serbian 1%
• Languages at home: 91% English-only · German/W. Germanic 7% Spanish 1%

Political lean MEDSL · Anderson

• 2024 margin: Solid R (+59.8) · D 19.3% · R 79.1% · Other 1.6%
• 2008→2024 swing: -27.0pp toward R · 2008: -32.7pp · 2024: -59.8pp
• All cycles: 2024: R+59.8 2020: R+56.7 2016: R+52.5 2012: R+40.0 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.17%
• Current HPI: 272.75
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+299.8% since first listed

6 events — show timeline

• 2026-04-18 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-15 Contingent — Heartland MLS as Distributed by MLS Grid
• 2026-03-02 Listed $59,000 Heartland MLS as Distributed by MLS Grid
• 2009-04-01 Sold (Public Records) $28,000 Public Records
• 2008-06-01 Sold (Public Records) $16,000 Public Records
• 2008-03-01 Sold (Public Records) $14,759 Public Records

Property tax history

+7.0%/yr

Latest (2025): $750 · +3.1% YoY. Source: county tax records.