202 W Perry St

Arma, KS 66712

$59,000B

3 bd · 2.0 ba · 684 sqft · Built 1967 · Manufactured · Pending · 466 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $917/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $363/mo
• Annual: $4,354/yr
• Cap rate: 13.67%
• Cash-on-cash: 26.35%
• DSCR: 2.17
• 1% rule: 1.55%
• Cash to close: $16,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($917 rent vs $59k).
• It's been on market 466 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• In year one you build about $221 of equity ($408 loan paydown + $-187 appreciation (-0.3% local appreciation)).
• Location reads 68/100 on livability (#208 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Northeast (rural): math 18% / reading 22% proficiency, ranked #159 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Northeast Elem (math 21% / reading 25%, grade F, #567 of 684 statewide, top 83%, 341 students, 78% FRL); North East High (math 5% / reading 5%, grade F, #319 of 327 statewide, top 99%, 136 students, 65% FRL).
• Market conditions: 14 active listings in the ZIP; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $37k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $59k implies a 195% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 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 466 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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 F-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.
• 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.