1400 Santa Fe St

Atchison, KS 66041

$134,500D-

2 bd · 1.0 ba · 884 sqft · Built 1920 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $947/mo
• Mortgage (P&I): −$705
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $-91/mo
• Annual: $-1,088/yr
• Cap rate: 5.48%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• 1% rule: 0.70%
• Cash to close: $37,660

Investor read

• This is a 2-bed/1.0-bath single-family listed at $134k.
• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (29.6% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $95k (29.6% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($930 loan paydown + $7k appreciation (5.2% local appreciation)).
• Location reads 66/100 on livability (#268 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, amenities F, commute F.
• Atchison Public Schools (town): math 18% / reading 25% proficiency, ranked #154 of 169 in KS (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Atchison Elementary School (math 21% / reading 29%, grade F, #537 of 684 statewide, top 79%, 703 students, 68% FRL); Atchison Middle School (math 18% / reading 21%, grade F, #152 of 219 statewide, top 72%, 313 students, 65% FRL); Atchison High School (math 12% / reading 22%, grade F, #235 of 327 statewide, top 74%, 429 students, 56% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 12 units permitted in Atchison County in 2024 (0 in 5+ unit buildings).
• Atchison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1920 — 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.
• 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?
• 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?
• 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.