152 W Wallace St

Kingman, KS 67068

$144,900D

3 bd · 1.0 ba · 1,180 sqft · Built 1961 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,069/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $-135/mo
• Annual: $-1,619/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• 1% rule: 0.74%
• Cash to close: $40,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (26.2% below list).
• It's been on market 18 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (26.2% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#73 in KS, #4,191 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F.
• Kingman-Norwich (town): math 22% / reading 30% proficiency, ranked #129 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kingman Elementary School (math 22% / reading 27%, grade F, #540 of 684 statewide, top 82%, 349 students, 59% FRL); Kingman Middle School (math 8% / reading 17%, grade F, #192 of 219 statewide, top 88%, 94 students, 54% FRL); Kingman High (math 15% / reading 24%, grade F, #198 of 327 statewide, top 66%, 203 students, 44% FRL) — zoned schools average 53% FRL vs 37% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 7 active listings in the ZIP; 52 units permitted in Kingman County in 2024 (30 in 5+ unit buildings).
• Kingman County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 10y 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.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.