1506 N Grand St · Pittsburg, KS 66762

$54,000

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 35 Days on market

Built 1920 7,200 sqft lot $47/sqft · 38% below area Est $88k · 38% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.3/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in Pittsburg! This 3-bedroom, 1-bath home offers solid potential for investors or buyers looking to add their personal touch. Featuring a functional layout, this property is ready for updates and improvements to bring it back to life. With some TLC, this home could make an excellent rental, flip, or primary residence. Conveniently located near local amenities. Don’t miss out on this opportunity!

Key facts

• 7,200 sq ft lot
• Built 1920
• Listed 35 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $54k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.5% vs local median 5.4% in Pittsburg — 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 66/100 on livability (#270 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety A; Watch: schools D, crime F, amenities F.
• Pittsburg (town): math 29% / reading 31% proficiency, ranked #111 of 169 in KS (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+13.8%/yr); 139 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $52,380 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.52% ✓
• Cap rate: 21.47%
• Cash-on-cash: 54.20%
• DSCR: 3.41
• GRM: 3.3

CMA / ARV

• ARV (median comp): $87,782
• List price: $54,000
• Delta: -38.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1811 N Michigan N/A	0.24mi	3/1.5	1,152 (0%)	2mo	$139,900	$121	85
1906 N Smelter St	0.28mi	3/1.0	1,120 (-3%)	1mo	$117,500	$105	81
801 E 9th St	0.48mi	3/1.0	1,152 (0%)	4mo	$62,500	$54	74
902 E 9th St	0.59mi	3/1.0	1,180 (+2%)	2mo	$38,000	$32	67
205 W 18th St	0.47mi	3/1.0	1,080 (-6%)	1mo	$125,000	$116	66
406 E 8th St	0.46mi	2/1.0 (-1)	1,131 (-2%)	5mo	$79,900	$71	66
211 E 21st St	0.40mi	2/1.0 (-1)	1,104 (-4%)	4mo	$45,000	$41	66
409 E 8th St	0.44mi	3/1.0	1,088 (-6%)	5mo	$115,000	$106	66
210 E 21st St	0.37mi	2/2.0 (-1)	1,237 (+7%)	5mo	$93,000	$75	57
909 E 13th St	0.49mi	2/2.0 (-1)	1,224 (+6%)	2mo	$120,000	$98	56
101 E 22nd St	0.53mi	3/2.0	1,085 (-6%)	7mo	$68,000	$63	56
1002 E 13th St	0.58mi	2/1.0 (-1)	988 (-14%)	0mo	$25,000	$25	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 58.1%
• Equity multiple: 3.78×
• Total profit: $41,969
• Equity at exit: $8,052

10-year hold

• IRR: 64.8%
• Equity multiple: 9.29×
• Total profit: $125,413
• Equity at exit: $4,669

Cash invested: $15,120 (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 66762

• Rents YoY: 13.8%
• Active inventory: 139
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,361 high
• Mortgage (P&I): −$283
• Tax from tax record: −$86 /mo · $1,036/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $683

Break-even live

Break-even rent $496

Max offer price $54,000

Occupancy floor 45%

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
544 E 23rd St Pittsburg, KS	3.0	2.0	1190	$1,800	$1.51	43d	1	0.47mi
1019 E 15th St Pittsburg, KS	3.0	1.0	1222	$1,050	$0.86	43d	1	0.64mi
511 W 2nd St Pittsburg, KS	2.0	1.0	846	$850	$1.00	43d	1	1.15mi
102 Creekside Way Pittsburg, KS	2.0	2.0	1450	$2,000	$1.38	43d	2	1.20mi
404 E Adams St Unit A Pittsburg, KS	2.0	1.0	750	$800	$1.07	43d	1	1.45mi

Listing history 7 events

1. 2026-05-18
   status Pending 422-char remark

   Show marketing remark (422 chars)

   Great opportunity in Pittsburg! This 3-bedroom, 1-bath home offers solid potential for investors or buyers looking to add their personal touch. Featuring a functional layout, this property is ready for updates and improvements to bring it back to life. With some TLC, this home could make an excellent rental, flip, or primary residence. Conveniently located near local amenities. Don’t miss out on this opportunity!

2. 2026-05-07
   price $54,000 422-char remark

   Show marketing remark (422 chars)

   Great opportunity in Pittsburg! This 3-bedroom, 1-bath home offers solid potential for investors or buyers looking to add their personal touch. Featuring a functional layout, this property is ready for updates and improvements to bring it back to life. With some TLC, this home could make an excellent rental, flip, or primary residence. Conveniently located near local amenities. Don’t miss out on this opportunity!

3. 2026-04-13
   listed $59,000 Active 422-char remark

   Show marketing remark (422 chars)

   Great opportunity in Pittsburg! This 3-bedroom, 1-bath home offers solid potential for investors or buyers looking to add their personal touch. Featuring a functional layout, this property is ready for updates and improvements to bring it back to life. With some TLC, this home could make an excellent rental, flip, or primary residence. Conveniently located near local amenities. Don’t miss out on this opportunity!

4. 2010-05-01
   soldstatus
5. 2005-05-01
   soldstatus $52,500
6. 1997-02-01
   soldstatus $24,000
7. 1994-01-01
   soldstatus $18,000

ⓘ 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: $1,036 · $86/mo
• Projected year-2 tax: $1,036 · $86/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 FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,328
• − Mortgage interest: −$3,025
• − Property taxes: −$1,036
• − Insurance: −$270
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − Depreciation: −$1,571
• Taxable income: $7,814
• Est. tax owed @ 24.0%: −$1,875
• After-tax cash flow: $6,320/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: Pittsburg
• NCES district ID: 2010710
• Math proficiency: 29% ▼ -5.00%
• Reading proficiency: 31% ▼ -4.00%
• Median HH income: $33,608
• Composite: 24.63/100
• National rank: #7629
• State rank: #111 of 169 in KS

Livability — Pittsburg

• Score: 66/100
• State rank: #270
• US rank: #12149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pittsburg, KS
• County: Crawford County · 24,907 people
• City population: 24,907
• Metro: Pittsburg, KS
• Population (ZIP): 24,907
• Household income: $50,511
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1186.0

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 39,393 people
• By 2030: 39,540 · +0.4%
• By 2040: 39,452 · +0.1%
• By 2050: 39,188 · -0.5%
• By 2075: 39,038 · -0.9%
• By 2100: 38,219 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 10% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Crawford

• 2024 margin: Strong R (+25.3) · D 36.5% · R 61.7% · Other 1.8%
• 2008→2024 swing: -26.7pp toward R · 2008: 1.4pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+23.1 2016: R+23.1 2012: R+6.5 2008: D+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.14%
• Current HPI: 158.7878
• Rent YoY: ▲ 13.80%
• Metro: Pittsburg, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+200.0% since first listed

7 events — show timeline

• 2026-05-18 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $54,000 Heartland MLS as Distributed by MLS Grid
• 2026-04-13 Listed $59,000 Heartland MLS as Distributed by MLS Grid
• 2010-05-01 Sold (Public Records) — Public Records
• 2005-05-01 Sold (Public Records) $52,500 Public Records
• 1997-02-01 Sold (Public Records) $24,000 Public Records
• 1994-01-01 Sold (Public Records) $18,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,036 · +8.1% YoY. Source: county tax records.