102 E Pennsylvania Ave

Greensburg, KS 67054

$19,000D+

1 bd · 1.0 ba · 896 sqft · Built 1907 · SingleFamily · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $854/mo
• Mortgage (P&I): −$100
• Tax + insurance: −$32
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $543/mo
• Annual: $6,517/yr
• Cap rate: 40.59%
• Cash-on-cash: 122.51%
• DSCR: 6.45
• 1% rule: 4.49%
• Cash to close: $5,320

Investor read

• This is a 1-bed/1.0-bath single-family listed at $19k.
• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($854 rent vs $19k).
• It's been on market 45 days — a 3% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6 of equity ($131 loan paydown + $-125 appreciation (-0.7% local appreciation)).
• Location reads 72/100 on livability (#122 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime D-, amenities F, commute F.
• Kiowa County (rural): math 30% / reading 35% proficiency, ranked #145 of 280 in KS (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kiowa County Elem/Jr. High (math 42% / reading 47%, grade F, #228 of 684 statewide, top 38%, 236 students, 51% FRL); Kiowa County High School (math 50% / reading 50%, grade D, #3 of 327 statewide, top 1%, 62 students, 31% FRL).
• Zoned-school proficiency averages 47% at this address vs 32% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Kiowa County average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 5 units permitted in Kiowa County in 2024 (0 in 5+ unit buildings).
• Kiowa County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $10k; list at $19k implies a 90% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major 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 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1907 — 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 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?
• 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.