204 N Pawnee

Garfield, KS 67529

$129,900D

3 bd · 1.0 ba · 1,936 sqft · Built 1936 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,127/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $-7/mo
• Annual: $-84/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $-7 ($-84/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (13.2% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $113k (13.2% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($898 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#583 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• Ft Larned (town): math 32% / reading 43% proficiency, ranked #49 of 169 in KS (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fort Larned Elementary School (math 47% / reading 52%, grade D, #165 of 684 statewide, top 28%, 431 students, 63% FRL); Larned Middle School (math 22% / reading 37%, grade F, #72 of 219 statewide, top 38%, 198 students, 54% FRL); Larned Sr High (math 24% / reading 34%, grade F, #60 of 327 statewide, top 24%, 235 students, 51% FRL).
• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP.
• Pawnee County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $48k; list at $130k implies a 168% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; 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

• 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 1936 — 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 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?
• 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.