13300 SE Main St

Spivey, KS 67142

$80,000C+

2 bd · 1.0 ba · 788 sqft · Built 2019 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $839/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $185/mo
• Annual: $2,215/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• 1% rule: 1.05%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($839 rent vs $80k).
• It's been on market 19 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($553 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 50/100 on livability (#624 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: housing D, amenities F, commute F.
• Kingman-Norwich (town): math 22% / reading 30% proficiency, ranked #129 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kingman Elementary School (math 22% / reading 27%, grade F, #540 of 684 statewide, top 82%, 349 students, 59% FRL); Kingman Middle School (math 8% / reading 17%, grade F, #192 of 219 statewide, top 88%, 94 students, 54% FRL); Kingman High (math 15% / reading 24%, grade F, #198 of 327 statewide, top 66%, 203 students, 44% FRL) — zoned schools average 53% FRL vs 37% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 3 active listings in the ZIP; 52 units permitted in Kingman County in 2024 (30 in 5+ unit buildings).
• Kingman County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $8k; list at $80k implies a 841% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.