2 bd · 1.0 ba ·
720 sqft ·
Built 1931
· SingleFamily
· Pending
· 25 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,037/mo
Mortgage (P&I)
−$650
Tax + insurance
−$154
HOA
−$0
Vac / Maint / Mgmt
−$218
Net cashflow
$15/mo
Annual
$185/yr
Cap rate
6.44%
Cash-on-cash
0.53%
DSCR
1.02
1% rule
0.84%
Cash to close
$34,720
Investor read
This is a 2-bed/1.0-bath single-family listed at $124k.
At list price, monthly cash flow is $15 ($185/yr) — positive.
The deal already cash-flows at list — no discount required.
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (16.3% below list).
It's been on market 25 days — a 2% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $104k (16.3% below list) — sets the bar for 1% rule.
Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
Location reads 71/100 on livability (#127 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, amenities F.
Salina (town): math 21% / reading 30% proficiency, ranked #134 of 169 in KS (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
Zoned schools: Sunset Elem (math 17% / reading 32%, grade F, #540 of 684 statewide, top 82%, 387 students, 80% FRL); Salina South Middle (math 20% / reading 26%, grade F, #125 of 219 statewide, top 59%, 811 students, 62% FRL); Salina High South (math 11% / reading 25%, grade F, #233 of 327 statewide, top 71%, 1,102 students, 54% FRL) — zoned schools average 65% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: Rents rising fast (+5.7%/yr); 330 active listings in the ZIP; 293 units permitted in Saline County in 2024 (186 in 5+ unit buildings).
Saline County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
4 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
Current owner paid $54k; list at $124k implies a 130% 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 1931 — 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?
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?
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.
CashFlowRE · CFR-8EDJ1HF9AH5BXD
· Data 3 weeks agocashflowre.app · 2026-05-29