102 S E St · Herington, KS 67449

$40,000

2 bd · 1.0 ba · 1,018 sqft · SingleFamily public records · 41 Days on market

Built 1920 0.33 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 0.33 acre lot
• Built 1920
• Listed 41 days

Property features AI

Finance

• Other: Lot size approximately 0.33 acres
• HOA & community: No association fees

Exterior

• Parking: Other parking
• Utilities: City/Public water (verify); Public sewer
• Home design: Single-family residential; Residential property; Bungalow style; 1 story (above-grade finished area ~1018)
• Construction: Board & batten siding; Composition roof; Estimated age: 101+ years
• Exterior features: Shed(s); Paved road with public maintenance

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Electric cooling (has cooling)
• Interior features: Concrete, unfinished basement; Gas fireplace; Bungalow floor plan

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($947 rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#170 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, amenities F.
• Herington (rural): math 28% / reading 33% proficiency, ranked #100 of 169 in KS (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $354 of equity ($277 loan paydown + $77 appreciation (0.2% local appreciation)).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $14k; list at $40k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.37% ✓
• Cap rate: 20.13%
• Cash-on-cash: 49.43%
• DSCR: 3.20
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.1%
• Equity multiple: 3.55×
• Total profit: $28,599
• Equity at exit: $12,002

10-year hold

• IRR: 53.5%
• Equity multiple: 7.11×
• Total profit: $68,487
• Equity at exit: $14,740

Cash invested: $11,200 (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 67449

• Home prices YoY: 0.1%
• Active inventory: 29
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $947 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$60 /mo · $726/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $461

Break-even live

Break-even rent $363

Max offer price $40,000

Occupancy floor 46%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   days on market $40,000 Active 41 DOM
2. 2026-06-08
   days on market $40,000 Active 40 DOM
3. 2026-06-07
   days on market $40,000 Active 39 DOM
4. 2026-06-05
   days on market $40,000 Active 37 DOM
5. 2026-06-04
   days on market $40,000 Active 35 DOM
6. 2026-06-02
   days on market $40,000 Active 34 DOM
7. 2026-06-01
   days on market $40,000 Active 33 DOM
8. 2026-05-31
   days on market $40,000 Active 32 DOM
9. 2026-05-31
   days on market $40,000 Active 31 DOM
10. 2026-04-29
    listed $40,000 Active
11. 2004-11-01
    soldstatus $13,500
12. 1996-06-01
    soldstatus $19,000
13. 1989-06-01
    soldstatus $22,000

ⓘ 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: $726 · $60/mo
• Projected year-2 tax: $726 · $60/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,366
• − Mortgage interest: −$2,241
• − Property taxes: −$726
• − Insurance: −$200
• − Repairs & maintenance: −$909
• − Management: −$909
• − Depreciation: −$1,164
• Taxable income: $5,218
• Est. tax owed @ 24.0%: −$1,252
• After-tax cash flow: $4,284/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: Herington
• NCES district ID: 2007110
• Math proficiency: 28% ▼ -1.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $39,012
• Composite: 25.55/100
• National rank: #7429
• State rank: #100 of 169 in KS

Livability — Herington

• Score: 70/100
• State rank: #170
• US rank: #8052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herington, KS
• Population (ZIP): 2,756

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 18,727 people
• By 2030: 18,312 · -2.2%
• By 2040: 17,433 · -6.9%
• By 2050: 16,493 · -11.9%
• By 2075: 14,441 · -22.9%
• By 2100: 11,707 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 0% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+55.0) · D 21.8% · R 76.7% · Other 1.5%
• 2008→2024 swing: -12.8pp toward R · 2008: -42.2pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+54.1 2016: R+54.0 2012: R+47.7 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.19%
• Current HPI: 146.5368
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+81.8% since first listed

4 events — show timeline

• 2026-04-29 Listed $40,000 Heartland MLS as Distributed by MLS Grid
• 2004-11-01 Sold (Public Records) $13,500 Public Records
• 1996-06-01 Sold (Public Records) $19,000 Public Records
• 1989-06-01 Sold (Public Records) $22,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $726 · +2.8% YoY. Source: county tax records.