248 Thayer St · Elkhart, KS 67950

$99,000

3 bd · 2.5 ba · 1,562 sqft · SingleFamily public records · 433 Days on market

Built 1960 7,000 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 +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Appreciation +7.1/10.0
• 1% rule +6.0/10.0
• Livability +3.6/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Walk-in closet
• Open-concept living
• Corner lot

Tags

• CORNER LOT
• OPEN-CONCEPT LIVING
• OVERSIZED WINDOWS
• GENEROUSLY SIZED LAUNDRY ROOM
• WALK-IN CLOSET
• PRIVATE EN SUITE BATHROOM

Property features AI

Exterior

• Parking: Paved parking
• Utilities: Well, private, and public water sources available; Natural gas available
• Home design: Single-family residence; Residential property
• Construction: Frame construction; Vinyl siding
• Exterior features: Composition roof; Shed(s); Workshop; Lot approximately 50 x 140

Interior

• Kitchen: Dishwasher; Cooktop; Disposal; Refrigerator
• Bathrooms: Three full bathrooms
• Heating & cooling: Central heating (natural gas); Central air; Ceiling fans
• Interior features: Walk-in closets; Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#116 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment D+, schools D, amenities F.
• Elkhart (rural): math 25% / reading 42% proficiency, ranked #80 of 169 in KS (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 12 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($684 loan paydown + $4k appreciation (4.2% local appreciation)).
• Morton County population projected at -40% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 433 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 433 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.10% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.62%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.16% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 2.06×
• Total profit: $29,359
• Equity at exit: $51,114

10-year hold

• IRR: 18.1%
• Equity multiple: 3.94×
• Total profit: $81,552
• Equity at exit: $84,343

Cash invested: $27,720 (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 67950

• Home prices YoY: 3.4%
• Active inventory: 12
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,089 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $176

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 79%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $99,000 Active 433 DOM
2. 2026-06-17
   days on market $99,000 Active 432 DOM
3. 2026-06-16
   days on market $99,000 Active 431 DOM
4. 2026-06-15
   days on market $99,000 Active 430 DOM
5. 2026-06-13
   days on market $99,000 Active 428 DOM
6. 2026-06-12
   days on market $99,000 Active 427 DOM
7. 2026-06-09
   days on market $99,000 Active 424 DOM
8. 2026-06-08
   days on market $99,000 Active 423 DOM
9. 2026-06-07
   days on market $99,000 Active 422 DOM
10. 2026-06-05
    days on market $99,000 Active 420 DOM
11. 2026-06-04
    days on market $99,000 Active 418 DOM
12. 2026-06-02
    days on market $99,000 Active 417 DOM
13. 2026-06-01
    days on market $99,000 Active 416 DOM
14. 2026-05-31
    days on market $99,000 Active 415 DOM
15. 2026-05-31
    days on market $99,000 Active 414 DOM
16. 2025-04-07
    listed $99,000 Active

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,067
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$2,880
• Taxable income: $571
• Est. tax owed @ 24.0%: −$137
• After-tax cash flow: $1,976/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: Elkhart
• NCES district ID: 2005790
• Math proficiency: 25% ▼ -2.00%
• Reading proficiency: 42% ▲ 4.00%
• Median HH income: $42,271
• Composite: 28.3/100
• National rank: #6788
• State rank: #80 of 169 in KS

Livability — Elkhart

• Score: 72/100
• State rank: #116
• US rank: #6297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkhart, KS
• Population (ZIP): 1,786

Population outlook (Morton County) Hauer SSP2

• Today (2025): 2,576 people
• By 2030: 2,363 · -8.3%
• By 2040: 1,940 · -24.7%
• By 2050: 1,559 · -39.5%
• By 2075: 881 · -65.8%
• By 2100: 558 · -78.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 21% Two or more races 15% Asian 2%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Slovak 1% Italian 1% English 1%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 11% Tagalog/Filipino 2% Other Indo-European 1%

Political lean MEDSL · Morton

• 2024 margin: Solid R (+73.4) · D 12.4% · R 85.8% · Other 1.9%
• 2008→2024 swing: -7.5pp toward R · 2008: -65.9pp · 2024: -73.4pp
• All cycles: 2024: R+73.4 2020: R+73.7 2016: R+71.1 2012: R+69.8 2008: R+65.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.16%
• Current HPI: 128.3365
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-04-07 Listed $99,000 SWKSBOR