230 S Garfield St

Enterprise, KS 67441

$129,900D+

3 bd · 1.5 ba · 1,092 sqft · Built 1975 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,075/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $-22/mo
• Annual: $-265/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• 1% rule: 0.83%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $-22 ($-265/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (17.3% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $107k (17.3% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($898 loan paydown + $5k appreciation (4.1% local appreciation)).
• Location reads 67/100 on livability (#248 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, crime F.
• Chapman (rural): math 29% / reading 37% proficiency, ranked #73 of 169 in KS (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $32k; list at $130k implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (4.1% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k 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 1975 — 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.
• 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.
• 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.