222 N Tracy St

Clearwater, KS 67026

$125,000C-

2 bd · 1.0 ba · 960 sqft · Built 1908 · SingleFamily · Pending · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $185/mo
• Annual: $2,224/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• 1% rule: 1.03%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $125k.
• 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 ($1k rent vs $125k).
• It's been on market 81 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#87 in KS, #4,879 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Clearwater (rural): math 33% / reading 39% proficiency, ranked #42 of 169 in KS (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clearwater Elementary West (math 52% / reading 37%, grade F, #228 of 684 statewide, top 38%, 327 students, 39% FRL); Clearwater Intermediate - Middle School (math 33% / reading 43%, grade F, #33 of 219 statewide, top 15%, 412 students, 37% FRL); Clearwater High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 368 students, 29% FRL).
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 2,613 units permitted in Sedgwick County in 2024 (258 in 5+ unit buildings).
• Sedgwick County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.