311 Thatcher St · Copeland, KS 67837

$50,000

4 bd · 1.0 ba · 952 sqft · SingleFamily public records · 364 Days on market

Built 1918 0.36 ac lot ↓ 29% since listing

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Unfinished basement
• Large lot
• Investment property

Tags

• UNFINISHED BASEMENT
• LARGE LOT
• INVESTMENT PROPERTY

Property features AI

Exterior

• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single family residence; 2 stories
• Construction: Frame and stucco construction
• Exterior features: Storm door(s); Shed(s); Composition roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas central heating; Ceiling fan(s); Has cooling
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#338 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Copeland (rural): math 20% / reading 30% proficiency, ranked #213 of 280 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 active listings in the ZIP; 14 units permitted in Gray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (4.2% local appreciation)).
• Gray County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 364 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 364 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.19% ✓
• Cap rate: 18.73%
• Cash-on-cash: 44.43%
• DSCR: 2.98
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.4%
• Equity multiple: 4.03×
• Total profit: $42,395
• Equity at exit: $26,034

10-year hold

• IRR: 49.9%
• Equity multiple: 8.20×
• Total profit: $100,773
• Equity at exit: $43,134

Cash invested: $14,000 (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 67837

• Home prices YoY: 2.3%
• Active inventory: 1
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,094 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $518

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 48%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $50,000 Active 364 DOM
2. 2026-06-17
   days on market $50,000 Active 363 DOM
3. 2026-06-16
   days on market $50,000 Active 362 DOM
4. 2026-06-15
   days on market $50,000 Active 361 DOM
5. 2026-06-13
   days on market $50,000 Active 359 DOM
6. 2026-06-12
   days on market $50,000 Active 358 DOM
7. 2026-06-09
   days on market $50,000 Active 355 DOM
8. 2026-06-08
   days on market $50,000 Active 354 DOM
9. 2026-06-07
   days on market $50,000 Active 353 DOM
10. 2026-06-05
    days on market $50,000 Active 351 DOM
11. 2026-06-04
    days on market $50,000 Active 349 DOM
12. 2026-06-02
    days on market $50,000 Active 348 DOM
13. 2026-06-01
    days on market $50,000 Active 347 DOM
14. 2026-05-31
    days on market $50,000 Active 346 DOM
15. 2026-05-31
    days on market $50,000 Active 345 DOM
16. 2025-09-05
    soldstatus
17. 2025-06-18
    listed $50,000 Active
18. 2024-10-01
    price $68,000
19. 2024-08-13
    listed $70,000 Active

ⓘ 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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,123
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,050
• − Management: −$1,050
• − Depreciation: −$1,455
• Taxable income: $5,768
• Est. tax owed @ 24.0%: −$1,384
• After-tax cash flow: $4,836/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: Copeland
• NCES district ID: 2005190
• Math proficiency: 20% ▼ -5.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $55,555
• Composite: 25.61/100
• National rank: #12827
• State rank: #213 of 280 in KS

Livability — Copeland

• Score: 63/100
• State rank: #338
• US rank: #15275

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Copeland, KS
• Population (ZIP): 957

Population outlook (Gray County) Hauer SSP2

• Today (2025): 6,193 people
• By 2030: 6,114 · -1.3%
• By 2040: 5,880 · -5.1%
• By 2050: 5,550 · -10.4%
• By 2075: 4,693 · -24.2%
• By 2100: 3,627 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 11% Two or more races 7%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 5% Scotch-Irish 4% German 2%
• Foreign-born: 18% · Canada
• Languages at home: 73% English-only · German/W. Germanic 24% Spanish 3%

Political lean MEDSL · Gray

• 2024 margin: Solid R (+69.0) · D 14.8% · R 83.8% · Other 1.5%
• 2008→2024 swing: -12.0pp toward R · 2008: -57.0pp · 2024: -69.0pp
• All cycles: 2024: R+69.0 2020: R+68.5 2016: R+69.3 2012: R+66.5 2008: R+57.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.23%
• Current HPI: 187.161
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-28.6% since first listed

4 events — show timeline

• 2025-09-05 Sold (Public Records) — Public Records
• 2025-06-18 Listed $50,000 SWKSBOR
• 2024-10-01 Price Changed $68,000 GardenMLS
• 2024-08-13 Listed $70,000 GardenMLS