302 S Franklin St · Spring Hill, KS 66083

$325,000

4 bd · 2.0 ba · 1,577 sqft · SingleFamily public records · 2 Days on market

Built 1995 8,712 sqft lot Est $353k · 8% under

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Why this score? — see what drove the D 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 +13.0/30.0
• ARV discount +11.1/15.0
• Schools +4.0/10.0
• DSCR +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW NEW NEW! Enjoy this 4 bedroom home under 150,000. Newer siding, new deck front and back, carpet, interior paint and so much more. Perfect location in town. Home faces a field where the kids love to play, also a dead end road. Home features 2 living spaces, Master suite with bath and a huge garage.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1995

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-20 ($-241/yr) — negative.
• To cash-flow at today's rent, offer at most $321k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (16.5% below list).
• Recommended offer: $271k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.5% in Spring Hill — 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 73/100 on livability (#93 in KS) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Spring Hill (rural): math 40% / reading 47% proficiency, ranked #11 of 169 in KS (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Spring Hill Elementary School (math 41% / reading 48%, grade F, #228 of 684 statewide, top 38%, 611 students, 31% FRL); Spring Hill High School (math 27% / reading 47%, grade F, #26 of 327 statewide, top 8%, 983 students, 18% FRL).
• Market conditions: 411 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $271,489 (16.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.84% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $353,248
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 S Franklin St	0.03mi	3/2.0 (-1)	1,510 (-4%)	1mo	$275,000	$182	86
21725 S Madison St	0.48mi	3/2.0 (-1)	1,635 (+4%)	0mo	$397,990	$243	66
21844 Franklin St	0.68mi	4/2.0	1,603 (+2%)	2mo	$329,900	$206	64
21837 Franklin St	0.67mi	4/2.0	1,603 (+2%)	3mo	$322,500	$201	64
20945 W 217th St	0.52mi	3/2.0 (-1)	1,635 (+4%)	2mo	$425,990	$261	63
21295 W 218th Ter	0.65mi	4/3.0	1,561 (-1%)	3mo	$367,500	$235	62
605 W South St	0.21mi	3/2.0 (-1)	1,810 (+15%)	0mo	$349,500	$193	60
21730 S Madison St	0.57mi	3/2.0 (-1)	1,498 (-5%)	1mo	$383,990	$256	59
21297 W 219th St	0.71mi	4/3.0	1,561 (-1%)	3mo	$349,900	$224	59
21291 W 219th St	0.71mi	4/3.0	1,561 (-1%)	3mo	$349,900	$224	59
409 S Madison St	0.29mi	3/2.0 (-1)	1,360 (-14%)	2mo	$305,000	$224	57
506 W King St	0.45mi	3/2.0 (-1)	1,372 (-13%)	2mo	$289,000	$211	51

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-53,953
• Equity at exit: $48,459

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-48,665
• Equity at exit: $28,100

Cash invested: $91,000 (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 66083

• Home prices YoY: -32.9%
• Active inventory: 411
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,715 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$325 /mo · $3,901/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $-20

Break-even live

Break-even rent $2,740

Max offer price $321,451

Occupancy floor 96%

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21743 Johnson Ct Spring Hill, KS	3.0	2.5	1781	$2,600	$1.46	1d	1	0.34mi
21203 W 216th Ter Spring Hill, KS	2.0–4.0	2.5–3.5	1536	$2,395	$1.56	1d	20	0.46mi
200 E Wilson St Spring Hill, KS	2.0–3.0	1.5	1007	$1,499	$1.49	1d	3	0.57mi

Listing history 14 events

1. 2026-04-10
   status Pending
2. 2026-04-08
   listed $325,000 Active
3. 2026-03-20
   historical $2,500
4. 2026-03-02
   listed $2,500
5. 2026-03-01
   historical $2,500
6. 2026-03-01
   listed $2,500
7. 2026-02-04
   soldstatus
8. 2026-02-02
   soldstatus
9. 2015-06-08
   soldstatus
10. 2015-06-05
    soldstatus 302-char remark

    Show marketing remark (302 chars)

    NEW NEW NEW! Enjoy this 4 bedroom home under 150,000. Newer siding, new deck front and back, carpet, interior paint and so much more. Perfect location in town. Home faces a field where the kids love to play, also a dead end road. Home features 2 living spaces, Master suite with bath and a huge garage.

11. 2015-04-04
    listed $145,000 302-char remark

    Show marketing remark (302 chars)

    NEW NEW NEW! Enjoy this 4 bedroom home under 150,000. Newer siding, new deck front and back, carpet, interior paint and so much more. Perfect location in town. Home faces a field where the kids love to play, also a dead end road. Home features 2 living spaces, Master suite with bath and a huge garage.

12. 2001-10-29
    soldstatus 255-char remark

    Show marketing remark (255 chars)

    Great buy in SH * this immaculate raised ranch is ready to move into * all bdrms have spacious closets * finished LL * fenced yard with mature trees * located in a quiet neighborhood * open floor plan * large deck great for entertaining. REDUCED TO SELL!!

13. 2001-07-30
    listed $124,750 255-char remark

    Show marketing remark (255 chars)

    Great buy in SH * this immaculate raised ranch is ready to move into * all bdrms have spacious closets * finished LL * fenced yard with mature trees * located in a quiet neighborhood * open floor plan * large deck great for entertaining. REDUCED TO SELL!!

14. 1999-11-29
    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: $3,901 · $325/mo
• Projected year-2 tax: $4,582 · $382/mo
• Expected delta: +$681/yr (+$57/mo · 17.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,579
• − Mortgage interest: −$18,205
• − Property taxes: −$3,901
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,606
• − Management: −$2,606
• − Depreciation: −$9,455
• Taxable loss: −$5,820
• Est. tax savings @ 24.0%: +$1,397
• After-tax cash flow: $1,156/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: Spring Hill
• NCES district ID: 2011850
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 47% ▲ 5.00%
• Median HH income: $80,172
• Composite: 40.26/100
• National rank: #3767
• State rank: #11 of 169 in KS

Livability — Spring Hill

• Score: 73/100
• State rank: #93
• US rank: #5370

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Hill, KS
• County: Johnson County · 574,662 people
• City population: 13,011
• Metro: Kansas City, MO-KS
• Population (ZIP): 13,011
• Household income: $116,791
• Rent vs Own: 17.9% rent · 82.1% own
• Severe rent burden: 274.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 663,396 people
• By 2030: 702,585 · +5.9%
• By 2040: 775,386 · +16.9%
• By 2050: 841,772 · +26.9%
• By 2075: 994,137 · +49.9%
• By 2100: 1,073,036 · +61.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Lithuanian 3% Italian 3% Portuguese 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Johnson

• 2024 margin: Lean D (+8.5) · D 53.4% · R 44.9% · Other 1.8%
• 2008→2024 swing: +17.5pp toward D · 2008: -9.0pp · 2024: 8.5pp
• All cycles: 2024: D+8.5 2020: D+8.2 2016: R+2.7 2012: R+17.8 2008: R+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.12%
• Current HPI: 265.6494
• Rent YoY: —
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

+160.5% since first listed

14 events — show timeline

• 2026-04-10 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-08 Listed $325,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-20 Rental Removed $2,500 RENTLY
• 2026-03-02 Listed for Rent $2,500 RENTLY
• 2026-03-01 Rental Removed $2,500 RENTEC
• 2026-03-01 Listed for Rent $2,500 RENTEC
• 2026-02-04 Sold (Public Records) — Public Records
• 2026-02-02 Sold (Public Records) — Public Records
• 2015-06-08 Sold (Public Records) — Public Records
• 2015-06-05 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2015-04-04 Listed $145,000 Heartland MLS as Distributed by MLS Grid
• 2001-10-29 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2001-07-30 Listed $124,750 Heartland MLS as Distributed by MLS Grid
• 1999-11-29 Sold (Public Records) — Public Records

Property tax history

+5.3%/yr

Latest (2025): $3,901 · +4.7% YoY. Source: county tax records.