311 Thatcher St

Copeland, KS 67837

$50,000B+

4 bd · 1.0 ba · 952 sqft · Built 1918 · SingleFamily · Active · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,094/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $518/mo
• Annual: $6,221/yr
• Cap rate: 18.73%
• Cash-on-cash: 44.43%
• DSCR: 2.98
• 1% rule: 2.19%
• Cash to close: $14,000

Investor read

• This is a 4-bed/1.0-bath single-family listed at $50k.
• 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).
• It's been on market 364 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (4.2% local appreciation)).
• 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.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 14 units permitted in Gray County in 2024 (0 in 5+ unit buildings).
• Gray County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1918 — 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 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?
• 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.