109 N Western Ave

Girard, KS 66743

$37,900B+

4 bd · 2.0 ba · 1,659 sqft · Built 1940 · SingleFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,103/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $542/mo
• Annual: $6,502/yr
• Cap rate: 23.45%
• Cash-on-cash: 61.27%
• DSCR: 3.73
• 1% rule: 2.91%
• Cash to close: $10,612

Investor read

• This is a 4-bed/2.0-bath single-family listed at $38k.
• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• It's been on market 61 days — a 6% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($262 loan paydown + $1k appreciation (3.7% local appreciation)).
• Location reads 69/100 on livability (#185 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Girard (town): math 32% / reading 44% proficiency, ranked #44 of 169 in KS (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Girard Middle (math 25% / reading 38%, grade F, #60 of 219 statewide, top 28%, 230 students, 47% FRL).
• Watch-outs: property tax is 3.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• 6 sale attempts; this cycle's ask has dropped $22k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/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 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• 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.