610 W 5th St

Larned, KS 67550

$79,900C+

2 bd · 1.0 ba · 1,008 sqft · Built 1922 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $932/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $184/mo
• Annual: $2,208/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.87%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($932 rent vs $80k).
• It's been on market 21 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#120 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, amenities F.
• Ft Larned (town): math 32% / reading 43% proficiency, ranked #49 of 169 in KS (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP.
• Pawnee County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $22k; list at $80k implies a 272% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1922 — 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.
• 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.