301 N 11th St

Meade, KS 67864

$104,900D-

2 bd · 1.0 ba · 1,037 sqft · Built 1882 · SingleFamily · Pending · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $934/mo
• Mortgage (P&I): −$550
• Tax + insurance: −$269
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $-82/mo
• Annual: $-979/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.33%
• DSCR: 0.85
• 1% rule: 0.89%
• Cash to close: $29,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-82 ($-979/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (11.0% below list).
• It's been on market 199 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (13.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-0.8%/yr); year-one equity from $725 of loan paydown is wiped out by about $857 of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#76 in KS, #4,403 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Garden City (town): math 17% / reading 23% proficiency, ranked #155 of 169 in KS (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.6% of price; built in 1882 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 47 units permitted in Finney County in 2024 (0 in 5+ unit buildings).
• Finney County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 8y ago; this cycle's ask has dropped $33k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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?
• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1882 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.