120 N School · Ness City, KS 67560

$19,500

3 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 146 Days on market

Built 1890 8,400 sqft lot ↓ 30% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Key facts

• Large living area
• Antique kitchen
• Added living space

Tags

• ANTIQUE KITCHEN
• LARGE LIVING AREA
• ADDED LIVING SPACE

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story residential property
• Construction: Asbestos construction material
• Exterior features: 70 x 120 lot (0.19 acres); Zoned NC.1 / R-1

Interior

• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Interior features: Window coverings; Concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $723 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#102 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Ness City (rural): math 6% / reading 15% proficiency, ranked #280 of 280 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 13 active listings in the ZIP; 2 units permitted in Ness County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($135 loan paydown + $972 appreciation (5.0% local appreciation)).
• Ness County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $17,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 5.57% ✓
• Cap rate: 50.79%
• Cash-on-cash: 158.93%
• DSCR: 8.07
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.26×
• Total profit: $50,547
• Equity at exit: $11,030

10-year hold

• IRR: —
• Equity multiple: 21.70×
• Total profit: $113,031
• Equity at exit: $19,021

Cash invested: $5,460 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67560

• Home prices YoY: 2.8%
• Active inventory: 13
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,086 medium
• Mortgage (P&I): −$102
• Tax est. 1.5%: −$24 /mo · $292/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $723

Break-even live

Break-even rent $171

Max offer price $19,500

Occupancy floor 28%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $4,875
• Closing costs: $585
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $19,500 Active 146 DOM
2. 2026-06-17
   days on market $19,500 Active 145 DOM
3. 2026-06-16
   days on market $19,500 Active 144 DOM
4. 2026-06-15
   days on market $19,500 Active 143 DOM
5. 2026-06-13
   days on market $19,500 Active 141 DOM
6. 2026-06-12
   days on market $19,500 Active 140 DOM
7. 2026-06-09
   days on market $19,500 Active 137 DOM
8. 2026-06-08
   days on market $19,500 Active 136 DOM
9. 2026-06-07
   days on market $19,500 Active 135 DOM
10. 2026-06-05
    days on market $19,500 Active 133 DOM
11. 2026-06-04
    days on market $19,500 Active 131 DOM
12. 2026-06-02
    days on market $19,500 Active 130 DOM
13. 2026-06-01
    days on market $19,500 Active 129 DOM
14. 2026-05-31
    days on market $19,500 Active 128 DOM
15. 2026-05-31
    days on market $19,500 Active 127 DOM
16. 2026-04-15
    price $19,500
17. 2026-01-19
    listed $28,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,031
• − Mortgage interest: −$1,092
• − Property taxes: −$292
• − Insurance: −$98
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$567
• Taxable income: $8,896
• Est. tax owed @ 24.0%: −$2,135
• After-tax cash flow: $6,542/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ness City
• NCES district ID: 2009930
• Math proficiency: 6% ▬ 0.00%
• Reading proficiency: 15% ▬ 0.00%
• Median HH income: $50,444
• Composite: 13.7/100
• National rank: #14479
• State rank: #280 of 280 in KS

Livability — Ness City

• Score: 72/100
• State rank: #102
• US rank: #5791

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment B Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ness City, KS
• Population (ZIP): 1,394

Population outlook (Ness County) Hauer SSP2

• Today (2025): 2,917 people
• By 2030: 2,867 · -1.7%
• By 2040: 2,757 · -5.5%
• By 2050: 2,724 · -6.6%
• By 2075: 2,875 · -1.4%
• By 2100: 2,943 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 13% Two or more races 8%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Scotch-Irish 4% Slovak 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Ness

• 2024 margin: Solid R (+79.0) · D 9.5% · R 88.4% · Other 2.1%
• 2008→2024 swing: -18.8pp toward R · 2008: -60.2pp · 2024: -79.0pp
• All cycles: 2024: R+79.0 2020: R+78.5 2016: R+73.6 2012: R+69.1 2008: R+60.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.98%
• Current HPI: 186.2048
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-30.4% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $19,500 Hays MLS
• 2026-01-19 Listed $28,000 Hays MLS