21244 Hickory St

Quenemo, KS 66528

$89,000C+

3 bd · 2.0 ba · 1,080 sqft · Built 1994 · SingleFamily · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $973/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $141/mo
• Annual: $1,686/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• 1% rule: 1.09%
• Cash to close: $24,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $89k.
• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $89k).
• It's been on market 40 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($615 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#383 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, crime F, amenities F.
• West Franklin (rural): math 25% / reading 30% proficiency, ranked #113 of 169 in KS (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Appanoose Elementary School (math 27% / reading 42%, grade F, #388 of 684 statewide, top 61%, 177 students, 38% FRL); West Franklin Middle School (math 22% / reading 27%, grade F, #110 of 219 statewide, top 55%, 135 students, 43% FRL); West Franklin High School (math 24% / reading 15%, grade F, #198 of 327 statewide, top 66%, 204 students, 38% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: 13 active listings in the ZIP; 49 units permitted in Osage County in 2024 (0 in 5+ unit buildings).
• Osage County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.