322 NE 5th St

Abilene, KS 67410

$119,000B-

3 bd · 2.0 ba · 1,434 sqft · Built 1945 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,621/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $473/mo
• Annual: $5,678/yr
• Cap rate: 11.06%
• Cash-on-cash: 17.04%
• DSCR: 1.76
• 1% rule: 1.36%
• Cash to close: $33,320

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $119k.
• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#62 in KS, #3,932 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities F, commute F.
• Abilene (town): math 25% / reading 40% proficiency, ranked #81 of 169 in KS (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kennedy Elem (267 students, 46% FRL); Abilene Middle School (math 20% / reading 40%, grade F, #64 of 219 statewide, top 32%, 338 students, 50% FRL); Abilene High School (math 17% / reading 27%, grade F, #165 of 327 statewide, top 55%, 451 students, 40% FRL).
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 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 $42k; list at $119k implies a 187% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: 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

• Built in 1945 — 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.