1811 Andrews

Winfield, KS 67156

$150,000F

2 bd · 1.0 ba · 1,296 sqft · Built 1917 · SingleFamily · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $986/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $-207/mo
• Annual: $-2,481/yr
• Cap rate: 4.64%
• Cash-on-cash: -5.91%
• DSCR: 0.74
• 1% rule: 0.66%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-207 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (34.3% below list).
• It's been on market 71 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (34.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#111 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D+, amenities F.
• Winfield (rural): math 20% / reading 29% proficiency, ranked #138 of 169 in KS (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Winfield Middle School (math 16% / reading 29%, grade F, #130 of 219 statewide, top 61%, 499 students, 54% FRL); Winfield High (math 17% / reading 27%, grade F, #165 of 327 statewide, top 55%, 688 students, 49% FRL).
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 127 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 41 units permitted in Cowley County in 2024 (0 in 5+ unit buildings).
• Cowley County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $150k implies a 136% gain — meaningful room to come down on a strong offer.
• 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1917 — 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?
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?