5017 S Hemlock Pl

Oaklawn-Sunview, KS 67216

$44,000B-

2 bd · 1.0 ba · 792 sqft · Built 1952 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,063/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $562/mo
• Annual: $6,739/yr
• Cap rate: 21.61%
• Cash-on-cash: 54.70%
• DSCR: 3.43
• 1% rule: 2.42%
• Cash to close: $12,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $44k.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Derby (suburban): math 29% / reading 36% proficiency, ranked #66 of 169 in KS (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oaklawn Elem (math 17% / reading 22%, grade F, #593 of 684 statewide, top 89%, 216 students, 91% FRL); Derby North Middle School (math 29% / reading 29%, grade F, #85 of 219 statewide, top 40%, 828 students, 48% FRL); Derby High School (math 17% / reading 21%, grade F, #230 of 327 statewide, top 71%, 2,172 students, 43% FRL) — zoned schools average 61% FRL vs 34% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 18 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1952 — 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.
• 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.