737 N Pennsylvania Ave · Independence, KS 67301

$105,000

3 bd · 1.5 ba · 1,573 sqft · SingleFamily public records · 3 Days on market

Built 1910 3,920 sqft lot Est $134k · 21% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.7/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Centrally located to down town, the city Park, & middle school. Nice two story home with with some up dates. Seller has lower the price don't miss this BARGAIN.

Key facts

• 3,920 sq ft lot
• Built 1910
• Listed 2 days

Property features AI

Finance

• Financial info: Annual tax amount $1,809

Exterior

• Parking: Other parking
• Utilities: Public water
• Home design: Single-family residence; Residential property; 2 stories; Corner lot location
• Construction: Frame construction; Composition roof; Home over 100 years old
• Exterior features: Not in a flood plain

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Electric cooling (has central cooling)
• Interior features: Unfinished basement; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 7.9% vs local median 4.0% in Independence — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#285 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, crime F, amenities F.
• Independence (town): math 31% / reading 36% proficiency, ranked #76 of 169 in KS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 69 active listings in the ZIP; 10 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Montgomery County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 20y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $133,705
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
713 N 9th St	0.16mi	4/1.5 (+1)	1,736 (+10%)	1mo	$139,900	$81	70
1228 N 6th St	0.37mi	3/2.0	1,456 (-7%)	1mo	$129,900	$89	68
625 W Oak St	0.55mi	3/2.0	1,522 (-3%)	1mo	$115,000	$76	66
118 S 11th St	0.61mi	3/2.0	1,539 (-2%)	2mo	$79,900	$52	64
620 W Chestnut St	0.51mi	3/2.0	1,667 (+6%)	1mo	$115,000	$69	64
1015 N 2nd St	0.44mi	2/2.0 (-1)	1,720 (+9%)	1mo	$155,000	$90	56
937 Circle Dr	0.70mi	3/2.0	1,657 (+5%)	1mo	$185,000	$112	56
1018 N 12th St	0.38mi	4/2.0 (+1)	1,751 (+11%)	2mo	$149,000	$85	55
418 N 8th St	0.25mi	4/2.0 (+1)	1,793 (+14%)	5mo	$145,000	$81	54
1400 N 9th St	0.53mi	3/2.5	1,758 (+12%)	6mo	$179,500	$102	47
919 Circle Dr	0.66mi	3/2.0	1,790 (+14%)	3mo	$150,000	$84	42
952 Crescent Dr	0.72mi	3/2.0	1,354 (-14%)	5mo	$129,900	$96	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.74×
• Total profit: $-7,779
• Equity at exit: $15,656

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $5,198
• Equity at exit: $9,078

Cash invested: $29,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67301

• Active inventory: 69
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,126 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$151 /mo · $1,809/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $145

Break-even live

Break-even rent $943

Max offer price $105,000

Occupancy floor 82%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $105,000 Active 3 DOM
2. 2026-06-17
   days on market $105,000 Active 2 DOM
3. 2026-06-16
   statusdays on market $105,000 Active 1 DOM
4. 2026-06-15
   days on market $105,000 Coming Soon 19 DOM
5. 2026-06-13
   days on market $105,000 Coming Soon 17 DOM
6. 2026-06-12
   days on market $105,000 Coming Soon 16 DOM
7. 2026-06-09
   days on market $105,000 Coming Soon 13 DOM
8. 2026-06-08
   days on market $105,000 Coming Soon 12 DOM
9. 2026-06-07
   days on market $105,000 Coming Soon 11 DOM
10. 2026-06-05
    days on market $105,000 Coming Soon 9 DOM
11. 2026-06-04
    days on market $105,000 Coming Soon 7 DOM
12. 2026-06-02
    days on market $105,000 Coming Soon 6 DOM
13. 2026-06-01
    days on market $105,000 Coming Soon 5 DOM
14. 2026-05-31
    days on market $105,000 Coming Soon 4 DOM
15. 2026-05-31
    days on market $105,000 Coming Soon 3 DOM
16. 2026-05-27
    historical $105,000
17. 2023-10-02
    historical
18. 2023-08-26
    listed $92,000
19. 2020-07-31
    soldstatus 166-char remark

    Show marketing remark (166 chars)

    Centrally located to down town, the city Park, & middle school. Nice two story home with with some up dates. Seller has lower the price don't miss this BARGAIN.

20. 2020-07-21
    soldstatus
21. 2018-05-03
    listed $75,500 166-char remark

    Show marketing remark (166 chars)

    Centrally located to down town, the city Park, & middle school. Nice two story home with with some up dates. Seller has lower the price don't miss this BARGAIN.

22. 2017-03-03
    soldstatus
23. 2017-03-02
    soldstatus
24. 2016-07-04
    listed $79,500
25. 2016-06-30
    historical
26. 2016-01-14
    listed $79,500
27. 2015-12-31
    historical
28. 2015-03-25
    listed $84,600
29. 2015-02-07
    historical
30. 2014-08-13
    listed $97,000
31. 2006-05-24
    soldstatus
32. 2006-05-01
    soldstatus
33. 2006-03-07
    listed $42,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,809 · $151/mo
• Projected year-2 tax: $1,809 · $151/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,514
• − Mortgage interest: −$5,882
• − Property taxes: −$1,809
• − Insurance: −$525
• − Repairs & maintenance: −$1,081
• − Management: −$1,081
• − Depreciation: −$3,055
• Taxable income: $82
• Est. tax owed @ 24.0%: −$20
• After-tax cash flow: $1,715/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Independence
• NCES district ID: 2007650
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 36% ▲ 1.00%
• Median HH income: $43,327
• Composite: 28.45/100
• National rank: #6750
• State rank: #76 of 169 in KS

Livability — Independence

• Score: 65/100
• State rank: #285
• US rank: #12779

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, KS
• Population (ZIP): 12,996

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 29,729 people
• By 2030: 27,786 · -6.5%
• By 2040: 24,201 · -18.6%
• By 2050: 21,280 · -28.4%
• By 2075: 16,754 · -43.6%
• By 2100: 14,088 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 6% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+51.1) · D 23.6% · R 74.7% · Other 1.8%
• 2008→2024 swing: -15.3pp toward R · 2008: -35.8pp · 2024: -51.1pp
• All cycles: 2024: R+51.1 2020: R+50.2 2016: R+50.8 2012: R+41.4 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.85%
• Current HPI: 126.8212
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+150.0% since first listed

18 events — show timeline

• 2026-05-27 Coming Soon $105,000 Heartland MLS as Distributed by MLS Grid
• 2023-10-02 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2023-08-26 Listed $92,000 Heartland MLS as Distributed by MLS Grid
• 2020-07-31 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2020-07-21 Sold (Public Records) — Public Records
• 2018-05-03 Listed $75,500 Heartland MLS as Distributed by MLS Grid
• 2017-03-03 Sold (Public Records) — Public Records
• 2017-03-02 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2016-07-04 Listed $79,500 Heartland MLS as Distributed by MLS Grid
• 2016-06-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2016-01-14 Listed $79,500 Heartland MLS as Distributed by MLS Grid
• 2015-12-31 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2015-03-25 Listed $84,600 Heartland MLS as Distributed by MLS Grid
• 2015-02-07 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2014-08-13 Listed $97,000 Heartland MLS as Distributed by MLS Grid
• 2006-05-24 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2006-05-01 Sold (Public Records) — Public Records
• 2006-03-07 Listed $42,000 Heartland MLS as Distributed by MLS Grid

Property tax history

-0.0%/yr

Latest (2025): $1,809 · +4.6% YoY. Source: county tax records.