1402 N 4th St

Neodesha, KS 66757

$74,500B

3 bd · 2.0 ba · 1,568 sqft · Built 1991 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,108/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $360/mo
• Annual: $4,322/yr
• Cap rate: 12.09%
• Cash-on-cash: 20.72%
• DSCR: 1.92
• 1% rule: 1.49%
• Cash to close: $20,860

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k.
• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $207 of equity ($515 loan paydown + $-308 appreciation (-0.4% local appreciation)).
• Location reads 69/100 on livability (#196 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, schools D-, amenities F.
• Neodesha (town): math 25% / reading 30% proficiency, ranked #121 of 169 in KS (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 22 active listings in the ZIP; 16 units permitted in Wilson County in 2024 (0 in 5+ unit buildings).
• Wilson County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 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

• 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.