202 E Parallel St

Clifton, KS 66937

$79,500B+

4 bd · 1.5 ba · 1,504 sqft · Built 1890 · SingleFamily · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$417
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $365/mo
• Annual: $4,386/yr
• Cap rate: 11.81%
• Cash-on-cash: 19.70%
• DSCR: 1.88
• 1% rule: 1.46%
• Cash to close: $22,260

Investor read

• This is a 4-bed/1.5-bath single-family listed at $80k.
• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 233 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($550 loan paydown + $7k appreciation (8.7% local appreciation)).
• Location reads 60/100 on livability (#438 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: employment D+, health & safety D+, crime F.
• Clifton-Clyde (rural): math 20% / reading 35% proficiency, ranked #204 of 280 in KS (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Clifton-Clyde Grade School K-3 (math 50% / reading 50%, grade D, #165 of 684 statewide, top 28%, 94 students, 45% FRL) — zoned schools average 45% FRL vs 26% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 28% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Clifton-Clyde average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 18 units permitted in Clay County in 2024 (0 in 5+ unit buildings).
• Clay County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $27k; list at $80k implies a 194% gain — meaningful room to come down on a strong offer.
• At projected returns (8.7% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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 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?
• 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?
• 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.