406 Cherry St · Madison, KS 66860

$98,000

2 bd · 1.0 ba · 1,239 sqft · SingleFamily public records · 14 Days on market

Built 1960 9,583 sqft lot

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Why this score? — see what drove the C+ 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 +21.0/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Enjoy small town living in this charming two bedroom home. Lots of updates, move in ready! Schedule your showing today!

Key facts

• Recent updates
• New walk-in shower
• New gutter guards

Tags

• RECENT UPDATES
• NEW WALK-IN SHOWER
• NEW KITCHEN APPLIANCES
• NEW CHAIN-LINK FENCING
• NEW GARAGE DOOR
• NEW GUTTER GUARDS

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Vinyl siding construction; Composition roof
• Construction: Vinyl siding; Composition roof; Crawl space foundation
• Exterior features: Patio; Chain link fencing; Corner lot; Lot dimensions approximately 98 x 100 (0.22 acres)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Gas water heater; Crawl space basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).

Location & tenants

• Location reads 64/100 on livability (#318 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Madison-Virgil (rural): math 45% / reading 45% proficiency, ranked #32 of 280 in KS (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison High (math 24% / reading 15%, grade F, #198 of 327 statewide, top 66%, 95 students, 48% FRL).
• Zoned-school proficiency averages 20% at this address vs 45% district-wide (-25 pts) — the specific schools serving this property underperform the Madison-Virgil average; the district grade overstates school quality for this exact location.
• Market conditions: 11 active listings in the ZIP; 3 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($678 loan paydown + $7k appreciation (6.9% local appreciation)).
• Greenwood County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $23k; list at $98k implies a 328% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,000

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.97%
• Cash-on-cash: 6.00%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.54×
• Total profit: $42,136
• Equity at exit: $67,016

10-year hold

• IRR: 20.7%
• Equity multiple: 5.23×
• Total profit: $116,058
• Equity at exit: $126,497

Cash invested: $27,440 (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 66860

• Home prices YoY: 4.1%
• Active inventory: 11
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,031 medium
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $137

Break-even live

Break-even rent $857

Max offer price $98,000

Occupancy floor 82%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $98,000 Active 14 DOM
2. 2026-06-17
   days on market $98,000 Active 13 DOM
3. 2026-06-16
   days on market $98,000 Active 12 DOM
4. 2026-06-15
   days on market $98,000 Active 11 DOM
5. 2026-06-13
   days on market $98,000 Active 9 DOM
6. 2026-06-12
   days on market $98,000 Active 8 DOM
7. 2026-06-09
   days on market $98,000 Active 5 DOM
8. 2026-06-08
   days on market $98,000 Active 4 DOM
9. 2026-06-07
   days on market $98,000 Active 3 DOM
10. 2026-06-05
    listed $98,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,372
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$490
• − Repairs & maintenance: −$990
• − Management: −$990
• − Depreciation: −$2,851
• Taxable income: $92
• Est. tax owed @ 24.0%: −$22
• After-tax cash flow: $1,625/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: Madison-Virgil
• NCES district ID: 2009090
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $40,771
• Composite: 39.98/100
• National rank: #7896
• State rank: #32 of 280 in KS

Livability — Madison

• Score: 64/100
• State rank: #318
• US rank: #14619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, KS
• Population (ZIP): 1,391

Population outlook (Greenwood County) Hauer SSP2

• Today (2025): 5,505 people
• By 2030: 5,103 · -7.3%
• By 2040: 4,287 · -22.1%
• By 2050: 3,576 · -35.0%
• By 2075: 2,370 · -56.9%
• By 2100: 1,459 · -73.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 4% Italian 2% Lithuanian 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Greenwood

• 2024 margin: Solid R (+61.0) · D 18.8% · R 79.7% · Other 1.5%
• 2008→2024 swing: -17.2pp toward R · 2008: -43.8pp · 2024: -61.0pp
• All cycles: 2024: R+61.0 2020: R+60.8 2016: R+59.1 2012: R+49.3 2008: R+43.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.86%
• Current HPI: 175.5345
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+327.9% since first listed

10 events — show timeline

• 2026-06-04 Listed $98,000 Sunflower MLS as distributed by MLS GRID
• 2023-12-15 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2023-11-26 Pending — Sunflower MLS as distributed by MLS GRID
• 2023-11-25 Listed $79,900 Sunflower MLS as distributed by MLS GRID
• 2022-08-05 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2022-07-12 Contingent — Sunflower MLS as distributed by MLS GRID
• 2022-05-12 Listed $64,900 Sunflower MLS as distributed by MLS GRID
• 2014-11-14 Sold (MLS) — Sunflower MLS as distributed by MLS GRID
• 2014-10-29 Listed $38,800 Sunflower MLS as distributed by MLS GRID
• 1991-05-01 Sold (Public Records) $22,900 Public Records