207 First St

Winchester, KS 66097

$64,900A-

3 bd · 1.0 ba · 1,567 sqft · Built 1900 · SingleFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,198/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$147
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $459/mo
• Annual: $5,513/yr
• Cap rate: 14.79%
• Cash-on-cash: 30.34%
• DSCR: 2.35
• 1% rule: 1.85%
• Cash to close: $18,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 213 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($449 loan paydown + $5k appreciation (7.3% local appreciation)).
• Location reads 70/100 on livability (#169 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Jefferson County North (rural): math 42% / reading 44% proficiency, ranked #34 of 280 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson County North Elem/Middle (math 37% / reading 32%, grade F, #388 of 684 statewide, top 61%, 325 students, 34% FRL); Jefferson Co North High (math 30% / reading 50%, grade F, #20 of 327 statewide, top 6%, 115 students, 35% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 61 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $35k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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.