148 N Main St

Falun, KS 67442

$30,000B

2 bd · 1.0 ba · 954 sqft · Built 1921 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $878/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $482/mo
• Annual: $5,781/yr
• Cap rate: 25.56%
• Cash-on-cash: 68.83%
• DSCR: 4.06
• 1% rule: 2.93%
• Cash to close: $8,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($878 rent vs $30k).
• It's been on market 30 days — a 2% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($207 loan paydown + $900 appreciation (3.0% local appreciation)).
• Location reads 40/100 on livability (#663 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Smoky Valley (town): math 29% / reading 40% proficiency, ranked #58 of 169 in KS (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Soderstrom Elem (math 57% / reading 52%, grade C, #107 of 684 statewide, top 18%, 321 students, 35% FRL); Smoky Valley Middle School (math 23% / reading 37%, grade F, #64 of 219 statewide, top 32%, 246 students, 37% FRL); Smoky Valley High (math 12% / reading 32%, grade F, #165 of 327 statewide, top 55%, 253 students, 33% FRL) — zoned schools average 35% FRL vs 19% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 293 units permitted in Saline County in 2024 (186 in 5+ unit buildings).
• Saline County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1921 — 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?
• 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.