214 N Walnut St

Eureka, KS 67045

$20,000C-

5 bd · 2.0 ba · 1,328 sqft · Built 1905 · SingleFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,247/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$33
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $847/mo
• Annual: $10,168/yr
• Cap rate: 57.13%
• Cash-on-cash: 181.56%
• DSCR: 9.08
• 1% rule: 6.24%
• Cash to close: $5,600

Investor read

• This is a 5-bed/2.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $847 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 151 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($138 loan paydown + $2k appreciation (9.5% local appreciation)).
• Location reads 69/100 on livability (#192 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment F.
• Eureka (rural): math 28% / reading 39% proficiency, ranked #86 of 169 in KS (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marshall Elementary School (math 37% / reading 42%, grade F, #321 of 684 statewide, top 52%, 307 students, 67% FRL); Eureka Jr/Sr High (math 22% / reading 37%, grade F, #60 of 327 statewide, top 24%, 252 students, 56% FRL).
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 3 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.5% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate 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

• It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1905 — 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.