505 N Adams St

Medicine Lodge, KS 67104

$29,000B+

1 bd · 1.0 ba · 576 sqft · Built 1910 · SingleFamily · Active · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $762/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$160
• Net cashflow: $402/mo
• Annual: $4,818/yr
• Cap rate: 22.91%
• Cash-on-cash: 59.34%
• DSCR: 3.64
• 1% rule: 2.63%
• Cash to close: $8,120

Investor read

• This is a 1-bed/1.0-bath single-family listed at $29k.
• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($762 rent vs $29k).
• It's been on market 139 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($200 loan paydown + $3k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#204 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Barber County North (rural): math 28% / reading 33% proficiency, ranked #96 of 169 in KS (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Medicine Lodge Grade School (math 32% / reading 37%, grade F, #388 of 684 statewide, top 61%, 260 students, 56% FRL); Medicine Lodge Jr/Sr High School (math 22% / reading 27%, grade F, #105 of 327 statewide, top 49%, 218 students, 50% FRL) — zoned schools average 53% FRL vs 31% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP.
• Barber County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.