321 N Iowa · Riley, KS 66531

$110,000

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 78 Days on market

Built 1972 0.28 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Appreciation +6.7/10.0
• Schools +4.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Walk-in closet
• Dining area
• Fenced backyard

Tags

• WALK-IN CLOSET
• FENCED BACKYARD
• MULTIPLE OUTBUILDINGS
• SPACIOUS LIVING ROOM
• DINING AREA

Property features AI

Exterior

• Utilities: Public water; Public sewer; Gravel road access
• Home design: Manufactured home (residential); Single-story
• Construction: Construction materials: Unknown; Built area above grade: 1,344
• Exterior features: Fenced yard; Shed(s) and outbuilding

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Propane heating
• Interior features: Walk-in closets; Pantry; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#142 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Riley County (rural): math 55% / reading 52% proficiency, ranked #6 of 169 in KS (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($761 loan paydown + $4k appreciation (3.3% local appreciation)).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $110k implies a 588% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.24%
• DSCR: 1.37
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.93×
• Total profit: $28,625
• Equity at exit: $51,437

10-year hold

• IRR: 17.4%
• Equity multiple: 3.62×
• Total profit: $80,847
• Equity at exit: $80,843

Cash invested: $30,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 66531

• Home prices YoY: 1.6%
• Active inventory: 8
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,296 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$190 /mo · $2,274/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $211

Break-even live

Break-even rent $1,028

Max offer price $110,000

Occupancy floor 79%

Sensitivity live

Price	-10% $274	-5% $243	+0% $211	+5% $180	+10% $149
Rent	-10% $109	-5% $160	+0% $211	+5% $263	+10% $314
Rate	-1.0pp $267	-0.5pp $239	base $211	+0.5pp $183	+1.0pp $154

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $110,000 Active 78 DOM
2. 2026-06-18
   days on market $110,000 Active 77 DOM
3. 2026-06-17
   days on market $110,000 Active 76 DOM
4. 2026-06-16
   days on market $110,000 Active 75 DOM
5. 2026-06-15
   days on market $110,000 Active 74 DOM
6. 2026-06-14
   days on market $110,000 Active 72 DOM
7. 2026-06-13
   days on market $110,000 Active 71 DOM
8. 2026-06-10
   days on market $110,000 Active 69 DOM
9. 2026-06-09
   days on market $110,000 Active 68 DOM
10. 2026-06-08
    days on market $110,000 Active 67 DOM
11. 2026-06-07
    days on market $110,000 Active 66 DOM
12. 2026-06-05
    days on market $110,000 Active 63 DOM
13. 2026-06-02
    days on market $110,000 Active 61 DOM
14. 2026-06-01
    days on market $110,000 Active 60 DOM
15. 2026-05-31
    days on market $110,000 Active 59 DOM
16. 2026-05-30
    days on market $110,000 Active 58 DOM
17. 2026-04-02
    listed $110,000 Active
18. 2022-06-11
    price $950
19. 2018-02-16
    soldstatus
20. 2002-11-01
    soldstatus $16,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $2,274 · $190/mo
• Projected year-2 tax: $2,274 · $190/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,549
• − Mortgage interest: −$6,162
• − Property taxes: −$2,274
• − Insurance: −$550
• − Repairs & maintenance: −$1,244
• − Management: −$1,244
• − Depreciation: −$3,200
• Taxable income: $875
• Est. tax owed @ 24.0%: −$210
• After-tax cash flow: $2,327/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Riley County
• NCES district ID: 2011100
• Math proficiency: 55% ▼ -2.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $56,080
• Composite: 46.29/100
• National rank: #2477
• State rank: #6 of 169 in KS

Livability — Riley

• Score: 71/100
• State rank: #142
• US rank: #6944

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B Housing A+ Health & safety D+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riley, KS
• Population (ZIP): 1,348

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 7% Italian 6% Serbian 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 2% French/Haitian/Cajun 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.32%
• Current HPI: 204.8961
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+587.5% since first listed

4 events — show timeline

• 2026-04-02 Listed $110,000 FHAOR as distributed by MLS GRID
• 2022-06-11 Price Changed $950 RENT.
• 2018-02-16 Sold (Public Records) — Public Records
• 2002-11-01 Sold (Public Records) $16,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $2,274 · -0.4% YoY. Source: county tax records.