1500 E 10th A5

Winfield, KS 67156

$72,000D+

2 bd · 1.0 ba · 1,064 sqft · Built 1973 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$131
• HOA: −$227
• Vac / Maint / Mgmt: −$210
• Net cashflow: $54/mo
• Annual: $650/yr
• Cap rate: 7.20%
• Cash-on-cash: 3.22%
• DSCR: 1.14
• 1% rule: 1.39%
• Cash to close: $20,160

Investor read

• This is a 2-bed/1.0-bath condo listed at $72k.
• At list price, monthly cash flow is $54 ($650/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• It's been on market 66 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#111 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D+, amenities F.
• Winfield (rural): math 20% / reading 29% proficiency, ranked #138 of 169 in KS (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Irving Elem (math 17% / reading 22%, grade F, #593 of 684 statewide, top 89%, 262 students, 77% FRL); Winfield Middle School (math 16% / reading 29%, grade F, #130 of 219 statewide, top 61%, 499 students, 54% FRL); Winfield High (math 17% / reading 27%, grade F, #165 of 327 statewide, top 55%, 688 students, 49% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: 128 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 41 units permitted in Cowley County in 2024 (0 in 5+ unit buildings).
• Cowley County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/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 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Schools are D-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 D 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?