704 W Main St · Independence, KS 67301

$99,000

5 bd · 1.0 ba · 2,082 sqft · SingleFamily public records · 117 Days on market

Built 1930 7,000 sqft lot Est $171k · 42% 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Updated electrical
• Renovated bathroom
• New siding

Tags

• UPDATED KITCHEN
• RENOVATED BATHROOM
• BIG FENCED BACKYARD
• NEW SIDING
• UPDATED ELECTRICAL
• CENTRAL HEAT AND AIR

Property features AI

Finance

• Other: Directions to property available
• Financial info: Annual tax listed (see broker for details)
• HOA & community: No association fees

Exterior

• Parking: Other parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; 1.5-story floor plan; Above-grade living area reported as 2,028 (public records)
• Construction: Frame construction; Composition roof; Estimated age: 51–75 years
• Exterior features: Not in a flood plain; Lot about 7,000 square feet

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Crawl space basement; 1 total room

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.0% in Independence — 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 65/100 on livability (#285 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Independence (town): math 31% / reading 36% proficiency, ranked #76 of 169 in KS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eisenhower Elem (391 students, 75% FRL); Independence Middle (math 25% / reading 33%, grade F, #85 of 219 statewide, top 40%, 433 students, 72% FRL) — zoned schools average 74% FRL vs 49% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 69 active listings in the ZIP; 10 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Montgomery County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $21k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.38% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $170,724
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 W Laurel St	0.16mi	4/1.5 (-1)	2,242 (+8%)	7mo	$69,000	$31	67
313 N 12th St	0.20mi	4/2.5 (-1)	2,273 (+9%)	8mo	$193,000	$85	58
219 S Penn St	0.48mi	4/1.5 (-1)	2,175 (+4%)	7mo	$195,000	$90	57
119 S 12th St	0.11mi	4/1.5 (-1)	1,889 (-9%)	21mo	$154,900	$82	55
418 N 8th St	0.50mi	4/2.0 (-1)	1,793 (-14%)	5mo	$145,000	$81	40
719 W Pine St	0.35mi	4/2.5 (-1)	2,277 (+9%)	21mo	$97,500	$43	40

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: 14.3%
• Equity multiple: 1.57×
• Total profit: $15,807
• Equity at exit: $14,761

10-year hold

• IRR: 23.0%
• Equity multiple: 2.97×
• Total profit: $54,657
• Equity at exit: $8,560

Cash invested: $27,720 (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 67301

• Active inventory: 69
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,370 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$21 /mo · $253/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $501

Break-even live

Break-even rent $736

Max offer price $99,000

Occupancy floor 58%

Sensitivity live

Price	-10% $557	-5% $529	+0% $501	+5% $473	+10% $445
Rent	-10% $393	-5% $447	+0% $501	+5% $555	+10% $609
Rate	-1.0pp $551	-0.5pp $526	base $501	+0.5pp $475	+1.0pp $449

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $99,000 Active 117 DOM
2. 2026-06-21
   days on market $99,000 Active 116 DOM
3. 2026-06-18
   days on market $99,000 Active 114 DOM
4. 2026-06-17
   days on market $99,000 Active 113 DOM
5. 2026-06-16
   days on market $99,000 Active 112 DOM
6. 2026-06-15
   days on market $99,000 Active 111 DOM
7. 2026-06-13
   days on market $99,000 Active 109 DOM
8. 2026-06-12
   days on market $99,000 Active 108 DOM
9. 2026-06-09
   days on market $99,000 Active 105 DOM
10. 2026-06-09
    price $99,000 Active 104 DOM
11. 2026-06-08
    days on market $105,000 Active 104 DOM
12. 2026-06-07
    days on market $105,000 Active 103 DOM
13. 2026-06-05
    days on market $105,000 Active 101 DOM
14. 2026-06-04
    days on market $105,000 Active 99 DOM
15. 2026-06-02
    days on market $105,000 Active 98 DOM
16. 2026-06-01
    days on market $105,000 Active 97 DOM
17. 2026-05-31
    days on market $105,000 Active 96 DOM
18. 2026-05-31
    days on market $105,000 Active 95 DOM
19. 2026-04-07
    price $105,000
20. 2026-03-23
    price $113,000
21. 2026-02-24
    listed $120,000 Active
22. 2020-09-16
    soldstatus
23. 2020-02-28
    historical
24. 2009-03-30
    listed $9,900
25. 2009-02-28
    historical
26. 2009-01-29
    listed $16,900
27. 2009-01-29
    historical
28. 2008-10-31
    listed $19,900
29. 2002-11-01
    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: $253 · $21/mo
• Projected year-2 tax: $1,396 · $116/mo
• Expected delta: +$1,143/yr (+$95/mo · 452.2%)

ⓘ 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 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥109°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,439
• − Mortgage interest: −$5,546
• − Property taxes: −$253
• − Insurance: −$495
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$2,880
• Taxable income: $4,635
• Est. tax owed @ 24.0%: −$1,112
• After-tax cash flow: $4,896/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: Independence
• NCES district ID: 2007650
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 36% ▲ 1.00%
• Median HH income: $43,327
• Composite: 28.45/100
• National rank: #6750
• State rank: #76 of 169 in KS

Livability — Independence

• Score: 65/100
• State rank: #285
• US rank: #12779

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, KS
• Population (ZIP): 12,996

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 29,729 people
• By 2030: 27,786 · -6.5%
• By 2040: 24,201 · -18.6%
• By 2050: 21,280 · -28.4%
• By 2075: 16,754 · -43.6%
• By 2100: 14,088 · -52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 6% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+51.1) · D 23.6% · R 74.7% · Other 1.8%
• 2008→2024 swing: -15.3pp toward R · 2008: -35.8pp · 2024: -51.1pp
• All cycles: 2024: R+51.1 2020: R+50.2 2016: R+50.8 2012: R+41.4 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.85%
• Current HPI: 126.8212
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+427.6% since first listed

11 events — show timeline

• 2026-04-07 Price Changed $105,000 Heartland MLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $113,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-24 Listed $120,000 Heartland MLS as Distributed by MLS Grid
• 2020-09-16 Sold (Public Records) — Public Records
• 2020-02-28 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2009-03-30 Listed $9,900 Heartland MLS as Distributed by MLS Grid
• 2009-02-28 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2009-01-29 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2009-01-29 Listed $16,900 Heartland MLS as Distributed by MLS Grid
• 2008-10-31 Listed $19,900 Heartland MLS as Distributed by MLS Grid
• 2002-11-01 Sold (Public Records) — Public Records

Property tax history

-4.1%/yr

Latest (2025): $253 · +0.7% YoY. Source: county tax records.