401 S Washington St

Weir, KS 66781

$60,000A-

3 bd · 1.0 ba · 1,394 sqft · Built 1910 · SingleFamily · Active · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $602/mo
• Annual: $7,220/yr
• Cap rate: 18.33%
• Cash-on-cash: 42.98%
• DSCR: 2.91
• 1% rule: 2.08%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 143 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($415 loan paydown + $5k appreciation (7.9% local appreciation)).
• Location reads 54/100 on livability (#593 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A; Watch: schools D+, crime F, amenities F.
• Cherokee (rural): math 23% / reading 32% proficiency, ranked #127 of 169 in KS (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 17 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).
• Cherokee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $60k implies a 362% gain — meaningful room to come down on a strong offer.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/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 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.