1516 N 10th St · Independence, KS 67301

$78,000

2 bd · 1.0 ba · 894 sqft · SingleFamily public records · 23 Days on market

Built 1920 Est $80k · at est.

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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 +25.3/30.0
• ARV discount +8.4/15.0
• DSCR +8.3/10.0
• 1% rule +5.9/10.0
• 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

Key facts

• Built 1920
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($849 rent vs $78k).
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 $539 of loan paydown is wiped out by about $2k 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

• It's been on market 23 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $76,830 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.09% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.74%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $79,566
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1328 N 8 St	0.18mi	2/1.0	910 (+2%)	8mo	$29,900	$33	82
1616 N 10th St	0.09mi	2/1.0	944 (+6%)	11mo	$75,000	$79	77
1425 Irving St	0.17mi	2/1.0	810 (-9%)	2mo	$68,500	$85	75
1600 Irving St	0.19mi	2/1.0	838 (-6%)	15mo	$19,000	$23	68
1600 N 10th St	0.05mi	2/1.0	1,012 (+13%)	10mo	$117,500	$116	67
600 Riley St	0.41mi	3/1.0 (+1)	950 (+6%)	5mo	$40,000	$42	61
1708 Irving St	0.25mi	3/1.0 (+1)	1,012 (+13%)	1mo	$90,000	$89	61
1710 Halsey Ave	0.20mi	3/1.5 (+1)	980 (+10%)	11mo	$119,900	$122	59
132 Hackberry St	0.28mi	3/1.0 (+1)	956 (+7%)	14mo	$135,000	$141	58
1717 N 9th N/A	0.19mi	3/1.0 (+1)	1,008 (+13%)	9mo	$115,000	$114	58
601 Landon Dr	0.25mi	3/1.0 (+1)	1,008 (+13%)	6mo	$90,000	$89	57
1007 N Penn Ave	0.42mi	2/1.0	1,008 (+13%)	8mo	$69,900	$69	52

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-1,365
• Equity at exit: $11,630

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $13,287
• Equity at exit: $6,744

Cash invested: $21,840 (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: 7.7×

Monthly cashflow live

• Estimated rent: $849 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$52 /mo · $623/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $177

Break-even live

Break-even rent $625

Max offer price $78,000

Occupancy floor 74%

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $78,000 Active 23 DOM
2. 2026-06-17
   days on market $78,000 Active 22 DOM
3. 2026-06-16
   days on market $78,000 Active 21 DOM
4. 2026-06-15
   days on market $78,000 Active 20 DOM
5. 2026-06-13
   days on market $78,000 Active 18 DOM
6. 2026-06-12
   days on market $78,000 Active 17 DOM
7. 2026-06-09
   days on market $78,000 Active 14 DOM
8. 2026-06-08
   days on market $78,000 Active 13 DOM
9. 2026-06-07
   days on market $78,000 Active 12 DOM
10. 2026-06-05
    days on market $78,000 Active 10 DOM
11. 2026-06-04
    days on market $78,000 Active 8 DOM
12. 2026-06-02
    days on market $78,000 Active 7 DOM
13. 2026-06-01
    days on market $78,000 Active 6 DOM
14. 2026-05-31
    days on market $78,000 Active 5 DOM
15. 2026-05-31
    days on market $78,000 Active 4 DOM
16. 2026-05-26
    listed $78,000 Active

ⓘ 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: $623 · $52/mo
• Projected year-2 tax: $1,100 · $92/mo
• Expected delta: +$477/yr (+$40/mo · 76.5%)

ⓘ 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 6/10 Major
• 🌡 Heat 5/10 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: $10,188
• − Mortgage interest: −$4,369
• − Property taxes: −$623
• − Insurance: −$390
• − Repairs & maintenance: −$815
• − Management: −$815
• − Depreciation: −$2,269
• Taxable income: $907
• Est. tax owed @ 24.0%: −$218
• After-tax cash flow: $1,909/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

1 event — show timeline

• 2026-05-26 Listed $78,000 FSBO.com

Property tax history

+2.9%/yr

Latest (2025): $623 · +4.0% YoY. Source: county tax records.