412 S Blair St

Windom, KS 67491

$56,000B+

3 bd · 1.0 ba · 1,056 sqft · Built 1938 · SingleFamily · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $960/mo
• Mortgage (P&I): −$294
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $381/mo
• Annual: $4,576/yr
• Cap rate: 14.46%
• Cash-on-cash: 29.18%
• DSCR: 2.30
• 1% rule: 1.71%
• Cash to close: $15,680

Investor read

• This is a 3-bed/1.0-bath single-family listed at $56k.
• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($960 rent vs $56k).
• It's been on market 64 days — a 6% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($387 loan paydown + $4k appreciation (6.7% local appreciation)).
• Location reads 61/100 on livability (#399 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: housing D+, crime F, amenities F.
• Little River (rural): math 45% / reading 40% proficiency, ranked #47 of 280 in KS (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Windom Elem (math 62% / reading 52%, grade C+, #89 of 684 statewide, top 14%, 148 students, 30% FRL); Little River Junior High (math 24% / reading 24%, grade F, #110 of 219 statewide, top 55%, 40 students, 28% FRL); Little River High (math 15% / reading 15%, grade F, #249 of 327 statewide, top 79%, 96 students, 31% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 102 units permitted in McPherson County in 2024 (0 in 5+ unit buildings).
• McPherson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $34k; list at $56k implies a 65% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1938 — 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.
• 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.
• 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.