516 Charlotte Ave · Independence, KS 67301

$35,000

3 bd · 1.0 ba · 1,284 sqft · SingleFamily public records · 5 Days on market

Built 1975 7,462 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 7,462 sq ft lot
• Garage
• Built 1975

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• 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 ($1k rent vs $35k).
• Cap rate 24.9% vs local median 4.0% in Independence — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#285 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, crime F, amenities F.
• Independence (town): math 31% / reading 36% proficiency, ranked #76 of 169 in KS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 69 active listings in the ZIP; 10 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.02% ✓
• Cap rate: 24.90%
• Cash-on-cash: 66.46%
• DSCR: 3.96
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $91,164
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
816 S 2nd St	0.16mi	3/2.0	1,344 (+5%)	6mo	$87,500	$65	76
401 S 6th St	0.38mi	3/2.0	1,292 (+1%)	9mo	$150,000	$116	70
518 S 6th St	0.29mi	3/1.5	1,166 (-9%)	4mo	$145,000	$124	66
613 S 4th St	0.15mi	3/2.0	1,470 (+14%)	5mo	$98,000	$67	60
709 S Park Blvd	0.07mi	2/1.0 (-1)	1,470 (+14%)	10mo	$125,000	$85	60
620 S 6th St	0.26mi	3/1.5	1,452 (+13%)	7mo	$139,500	$96	58
213 S 1st St	0.38mi	3/2.0	1,392 (+8%)	11mo	$47,000	$34	55
415 S 8th St	0.50mi	3/1.0	1,174 (-9%)	12mo	$64,900	$55	52
915 E Main St	0.58mi	2/1.0 (-1)	1,347 (+5%)	15mo	$19,800	$15	47
112 N Burns St N	0.66mi	3/2.0	1,362 (+6%)	10mo	$117,900	$87	47
404 S 12th St	0.75mi	2/1.0 (-1)	1,259 (-2%)	15mo	$90,000	$71	45
417 S 11th St	0.70mi	2/1.0 (-1)	1,428 (+11%)	16mo	$92,000	$64	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 65.8%
• Equity multiple: 3.95×
• Total profit: $28,942
• Equity at exit: $5,219

10-year hold

• IRR: 70.1%
• Equity multiple: 8.13×
• Total profit: $69,902
• Equity at exit: $3,026

Cash invested: $9,800 (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 67301

• Active inventory: 69
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,056 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$93 /mo · $1,119/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $543

Break-even live

Break-even rent $369

Max offer price $35,000

Occupancy floor 44%

Sensitivity live

Price	-10% $563	-5% $553	+0% $543	+5% $533	+10% $523
Rent	-10% $459	-5% $501	+0% $543	+5% $584	+10% $626
Rate	-1.0pp $560	-0.5pp $552	base $543	+0.5pp $534	+1.0pp $524

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-27
   status Pending
2. 2026-04-21
   listed $35,000 Active
3. 2001-05-01
   soldstatus

ⓘ 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: $1,119 · $93/mo
• Projected year-2 tax: $1,119 · $93/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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥109°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,670
• − Mortgage interest: −$1,961
• − Property taxes: −$1,119
• − Insurance: −$175
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$1,018
• Taxable income: $6,370
• Est. tax owed @ 24.0%: −$1,529
• After-tax cash flow: $4,984/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: Independence
• NCES district ID: 2007650
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 36% ▲ 1.00%
• Median HH income: $43,327
• Composite: 28.45/100
• National rank: #6750
• State rank: #76 of 169 in KS

Livability — Independence

• Score: 65/100
• State rank: #285
• US rank: #12779

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, KS
• Population (ZIP): 12,996

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 29,729 people
• By 2030: 27,786 · -6.5%
• By 2040: 24,201 · -18.6%
• By 2050: 21,280 · -28.4%
• By 2075: 16,754 · -43.6%
• By 2100: 14,088 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 6% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+51.1) · D 23.6% · R 74.7% · Other 1.8%
• 2008→2024 swing: -15.3pp toward R · 2008: -35.8pp · 2024: -51.1pp
• All cycles: 2024: R+51.1 2020: R+50.2 2016: R+50.8 2012: R+41.4 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.85%
• Current HPI: 126.8212
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

3 events — show timeline

• 2026-04-27 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-21 Listed $35,000 Heartland MLS as Distributed by MLS Grid
• 2001-05-01 Sold (Public Records) — Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,119 · +4.0% YoY. Source: county tax records.