502 S Chautauqua St · Council Grove, KS 66846

$115,000

3 bd · 1.0 ba · 1,591 sqft · SingleFamily public records · 10 Days on market

Built 1866 0.63 ac lot

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Why this score? — see what drove the C 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 +18.3/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Updated two story home in Council Grove! Nicely maintained property with three bedrooms/one bathroom, a one car attached garage and on a neat setting. Lots of updates over the last few years highlighted by a beautifully remodeled bathroom! The home has a metal roof, several replaced windows, new AC mini split on the main level, new siding and more! Give Council Grove Realty a call to schedule your showing - [phone].

Key facts

• 0.63 acre lot
• Garage
• Built 1866

Property features AI

Finance

• HOA & community: Access to trails

Exterior

• Parking: Attached garage with garage door opener (1 garage space)
• Utilities: Public water; Septic tank sewer; Natural gas available; Electricity available; Cable available
• Home design: Single family residence; One and one-half levels
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Enclosed patio; Patio; Rolling slope, wooded and level lot; Concrete road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Ceramic tile; Wood; Carpet; Vinyl; Tile
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating; Natural gas heating available; Ceiling fan(s); Window unit(s); Other cooling
• Interior features: Eat-in kitchen; Breakfast bar
• Laundry & utility: Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (1.0% below list).
• Recommended offer: $114k (1.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#22 in KS, #2,091 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, schools D-.
• Morris County (rural): math 39% / reading 41% proficiency, ranked #34 of 169 in KS (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 1 units permitted in Morris County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($795 loan paydown + $6k appreciation (5.1% local appreciation)).
• Morris County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $25k; list at $115k implies a 360% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1866 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,900 (1.0% below list)

Questions for the listing agent

1. Built in 1866 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 2.06×
• Total profit: $34,046
• Equity at exit: $66,053

10-year hold

• IRR: 16.8%
• Equity multiple: 4.01×
• Total profit: $96,808
• Equity at exit: $114,737

Cash invested: $32,200 (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 66846

• Home prices YoY: 2.7%
• Active inventory: 26
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,139 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $105

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 86%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending
2. 2026-04-30
   listed $115,000 Active
3. 2021-08-31
   soldstatus 425-char remark

   Show marketing remark (425 chars)

   Updated two story home in Council Grove! Nicely maintained property with three bedrooms/one bathroom, a one car attached garage and on a neat setting. Lots of updates over the last few years highlighted by a beautifully remodeled bathroom! The home has a metal roof, several replaced windows, new AC mini split on the main level, new siding and more! Give Council Grove Realty a call to schedule your showing - [phone].

4. 2021-05-11
   listed $95,000 425-char remark

   Show marketing remark (425 chars)

   Updated two story home in Council Grove! Nicely maintained property with three bedrooms/one bathroom, a one car attached garage and on a neat setting. Lots of updates over the last few years highlighted by a beautifully remodeled bathroom! The home has a metal roof, several replaced windows, new AC mini split on the main level, new siding and more! Give Council Grove Realty a call to schedule your showing - [phone].

5. 1998-12-01
   soldstatus $25,000

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,668
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,093
• − Management: −$1,093
• − Depreciation: −$3,345
• Taxable loss: −$606
• Est. tax savings @ 24.0%: +$145
• After-tax cash flow: $1,406/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: Morris County
• NCES district ID: 2005280
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $44,531
• Composite: 33.97/100
• National rank: #5325
• State rank: #34 of 169 in KS

Livability — Council Grove

• Score: 79/100
• State rank: #22
• US rank: #2091

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Council Grove, KS
• Population (ZIP): 3,331

Population outlook (Morris County) Hauer SSP2

• Today (2025): 5,249 people
• By 2030: 5,035 · -4.1%
• By 2040: 4,640 · -11.6%
• By 2050: 4,331 · -17.5%
• By 2075: 3,990 · -24.0%
• By 2100: 3,696 · -29.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Morris

• 2024 margin: Solid R (+46.6) · D 25.8% · R 72.4% · Other 1.8%
• 2008→2024 swing: -12.5pp toward R · 2008: -34.1pp · 2024: -46.6pp
• All cycles: 2024: R+46.6 2020: R+47.9 2016: R+46.9 2012: R+41.4 2008: R+34.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.13%
• Current HPI: 197.7492
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+360.0% since first listed

5 events — show timeline

• 2026-05-11 Pending — FHAOR as distributed by MLS GRID
• 2026-04-30 Listed $115,000 FHAOR as distributed by MLS GRID
• 2021-08-31 Sold (MLS) — FHAOR as distributed by MLS GRID
• 2021-05-11 Listed $95,000 FHAOR as distributed by MLS GRID
• 1998-12-01 Sold (Public Records) $25,000 Public Records