305 E Forest St

Girard, KS 66743

$48,900A-

2 bd · 1.0 ba · 840 sqft · Built 1935 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $854/mo
• Mortgage (P&I): −$256
• Tax + insurance: −$99
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $319/mo
• Annual: $3,829/yr
• Cap rate: 14.12%
• Cash-on-cash: 27.97%
• DSCR: 2.24
• 1% rule: 1.75%
• Cash to close: $13,692

Investor read

• This is a 2-bed/1.0-bath single-family listed at $49k.
• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($854 rent vs $49k).
• It's been on market 18 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($338 loan paydown + $2k appreciation (3.7% local appreciation)).
• Location reads 69/100 on livability (#185 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools D+, amenities F.
• Girard (town): math 32% / reading 44% proficiency, ranked #44 of 169 in KS (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Current owner paid $12k; list at $49k implies a 304% gain — meaningful room to come down on a strong offer.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1935 — 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.
• 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.