203 W Bridge St

Mulvane, KS 67110

$160,000C-

4 bd · 1.0 ba · 1,338 sqft · Built 1915 · SingleFamily · Active · 183 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,583/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$152
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $260/mo
• Annual: $3,114/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.95%
• DSCR: 1.31
• 1% rule: 0.99%
• Cash to close: $44,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $260 ($3k/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 $158k (1.0% below list).
• It's been on market 183 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#84 in KS, #4,701 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Mulvane (suburban): math 25% / reading 37% proficiency, ranked #75 of 169 in KS (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mulvane Elem W D Munson (422 students, 47% FRL); Mulvane Middle School (math 23% / reading 37%, grade F, #64 of 219 statewide, top 32%, 440 students, 41% FRL); Mulvane High (math 12% / reading 32%, grade F, #165 of 327 statewide, top 55%, 556 students, 38% FRL).
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; solid renter incomes; 14 units permitted in Sumner County in 2024 (0 in 5+ unit buildings).
• Sumner County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $55k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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

• It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1915 — 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.