81 Eureka Lake Rd

Eureka, KS 67045

$99,000D+

3 bd · 2.0 ba · 1,040 sqft · Built 1998 · Manufactured · Active · 263 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $948/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$100
• Vac / Maint / Mgmt: −$199
• Net cashflow: $-36/mo
• Annual: $-426/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 0.96%
• Cash to close: $27,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $-36 ($-426/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (4.3% below list).
• It's been on market 263 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($684 loan paydown + $9k appreciation (9.5% local appreciation)).
• Location reads 69/100 on livability (#192 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment F.
• Eureka (rural): math 28% / reading 39% proficiency, ranked #86 of 169 in KS (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marshall Elementary School (math 37% / reading 42%, grade F, #321 of 684 statewide, top 52%, 307 students, 67% FRL); Eureka Jr/Sr High (math 22% / reading 37%, grade F, #60 of 327 statewide, top 24%, 252 students, 56% FRL).
• Market conditions: 23 active listings in the ZIP; 3 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $28k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (9.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.