608 N 2nd St

Atwood, KS 67730

$110,000C-

3 bd · 1.0 ba · 1,229 sqft · Built 1995 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $55/mo
• Annual: $665/yr
• Cap rate: 6.90%
• Cash-on-cash: 2.16%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $30,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $55 ($665/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (6.1% below list).
• It's been on market 15 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.1% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($761 loan paydown + $3k appreciation (3.1% local appreciation)).
• Location reads 77/100 on livability (#37 in KS, #2,949 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities D-, commute F.
• Rawlins County (rural): math 32% / reading 44% proficiency, ranked #95 of 280 in KS (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 2 units permitted in Rawlins County in 2024 (0 in 5+ unit buildings).
• Rawlins County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $20k; list at $110k implies a 450% gain — meaningful room to come down on a strong offer.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.