1811 N 48th St

Kansas City, KS 66102

$165,000D

3 bd · 1.5 ba · 1,136 sqft · Built 1950 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,587/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-5/mo
• Annual: $-62/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.14%
• DSCR: 0.99
• 1% rule: 0.96%
• Cash to close: $46,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $165k.
• At list price, monthly cash flow is $-5 ($-62/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (3.8% below list).
• It's been on market 43 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (3.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#103 in KS) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kansas City (urban): math 8% / reading 15% proficiency, ranked #169 of 169 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Eugene Ware Elem (math 8% / reading 17%, grade F, #643 of 684 statewide, top 95%, 246 students, 92% FRL); F L Schlagle High (math 2% / reading 8%, grade F, #319 of 327 statewide, top 99%, 792 students, 79% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.4%/yr); 113 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $165k implies a 211% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 4.8% in Kansas City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 36% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 43 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.