414 Ketcham Ave Ave

Bird City, KS 67731

$99,500C-

2 bd · 1.0 ba · 888 sqft · Built 1920 · SingleFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $850/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $44/mo
• Annual: $525/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.89%
• DSCR: 1.08
• 1% rule: 0.85%
• Cash to close: $27,860

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $44 ($525/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 $85k (14.6% below list).
• It's been on market 54 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (14.6% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($688 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#236 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D, crime F.
• Cheylin (rural): math 40% / reading 50% proficiency, ranked #34 of 280 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP.
• Current owner paid $9k; list at $100k implies a 1006% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.