523 W 3rd St · Pratt, KS 67124

$128,000

4 bd · 2.0 ba · 1,552 sqft · SingleFamily public records · 21 Days on market

Built 1917 0.26 ac lot

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Why this score? — see what drove the D 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 +15.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 0.26 acre lot
• 3 garage spots
• Built 1917

Property features AI

Exterior

• Parking: Three-car garage (total of 2 to 3 parking spaces reported)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding; Full basement (block)
• Exterior features: Covered patio; Wood privacy fencing; Composition roof

Interior

• Kitchen: Electric range, refrigerator, microwave, dishwasher
• Bedrooms: Four main-level bedrooms
• Flooring: Carpet, Laminate, Wood
• Bathrooms: Two full bathrooms, one located on the main level
• Heating & cooling: Electric heating; Central air conditioning, ceiling fans
• Interior features: Washer, Dishwasher, Microwave, Electric Range, Refrigerator, Gas Water Heater; Full basement with block construction; No fireplace
• Laundry & utility: Electric dryer hookup; Washer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $41 ($497/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 $117k (8.4% below list).
• Recommended offer: $117k (8.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#44 in KS, #3,279 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D, amenities F.
• Pratt (town): math 31% / reading 37% proficiency, ranked #69 of 169 in KS (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwest Elem (math 52% / reading 47%, grade D, #165 of 684 statewide, top 28%, 525 students, 46% FRL); Liberty Middle School (math 23% / reading 36%, grade F, #72 of 219 statewide, top 38%, 329 students, 54% FRL); Pratt Sr High (math 22% / reading 22%, grade F, #165 of 327 statewide, top 55%, 325 students, 43% FRL).
• Market conditions: 52 active listings in the ZIP; 4 units permitted in Pratt County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pratt County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $128k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,211 (8.4% below list)

Questions for the listing agent

1. Built in 1917 — 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 D 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. 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?
6. 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.
7. 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.
8. 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: 0.92% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.39%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-18,087
• Equity at exit: $19,085

10-year hold

• IRR: -5.3%
• Equity multiple: 0.66×
• Total profit: $-12,283
• Equity at exit: $11,067

Cash invested: $35,840 (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 67124

• Home prices YoY: -31.6%
• Active inventory: 52
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,172 medium
• Mortgage (P&I): −$671
• Tax est. 1.5%: −$160 /mo · $1,920/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $41

Break-even live

Break-even rent $1,120

Max offer price $128,000

Occupancy floor 91%

Sensitivity live

Price	-10% $130	-5% $86	+0% $41	+5% $-3	+10% $-47
Rent	-10% $-51	-5% $-5	+0% $41	+5% $88	+10% $134
Rate	-1.0pp $106	-0.5pp $74	base $41	+0.5pp $8	+1.0pp $-26

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-05
   listed $128,000 Active
2. 2000-06-01
   soldstatus $65,000
3. 1994-12-01
   soldstatus $64,000

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

Climate risk First Street

• 🌊 Flood 6/10 Major 72% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,065
• − Mortgage interest: −$7,170
• − Property taxes: −$1,920
• − Insurance: −$640
• − Repairs & maintenance: −$1,125
• − Management: −$1,125
• − Depreciation: −$3,724
• Taxable loss: −$1,639
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $890/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: Pratt
• NCES district ID: 2010890
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 37% ▲ 2.00%
• Median HH income: $46,198
• Composite: 29.14/100
• National rank: #6583
• State rank: #69 of 169 in KS

Livability — Pratt

• Score: 76/100
• State rank: #44
• US rank: #3279

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pratt, KS
• Population (ZIP): 7,822

Population outlook (Pratt County) Hauer SSP2

• Today (2025): 9,946 people
• By 2030: 10,018 · +0.7%
• By 2040: 10,264 · +3.2%
• By 2050: 10,693 · +7.5%
• By 2075: 12,041 · +21.1%
• By 2100: 12,973 · +30.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 7% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 3% Italian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Pratt

• 2024 margin: Solid R (+51.5) · D 23.4% · R 74.8% · Other 1.8%
• 2008→2024 swing: -15.0pp toward R · 2008: -36.5pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+52.7 2016: R+54.0 2012: R+46.8 2008: R+36.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.47%
• Current HPI: 143.6335
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+100.0% since first listed

3 events — show timeline

• 2026-05-05 Listed $128,000 MKMLS as distributed by MLS GRID
• 2000-06-01 Sold (Public Records) $65,000 Public Records
• 1994-12-01 Sold (Public Records) $64,000 Public Records