114 Schofield St

Waverly, KS 66871

$49,999B+

1 bd · 1.0 ba · 1,124 sqft · Built 1880 · SingleFamily · Active · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $970/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $418/mo
• Annual: $5,018/yr
• Cap rate: 16.33%
• Cash-on-cash: 35.84%
• DSCR: 2.59
• 1% rule: 1.94%
• Cash to close: $14,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($970 rent vs $50k).
• It's been on market 364 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($345 loan paydown + $2k appreciation (4.9% local appreciation)).
• Location reads 70/100 on livability (#159 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Lebo-Waverly (rural): math 39% / reading 39% proficiency, ranked #33 of 169 in KS (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 29 units permitted in Coffey County in 2024 (0 in 5+ unit buildings).
• Coffey County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $30k; list at $50k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 364 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.