6819 W 78th St

Overland Park, KS 66204

$319,900D

4 bd · 2.0 ba · 1,542 sqft · Built 1947 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,252/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$419
• HOA: −$0
• Vac / Maint / Mgmt: −$473
• Net cashflow: $-318/mo
• Annual: $-3,817/yr
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• 1% rule: 0.70%
• Cash to close: $89,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $320k.
• At list price, monthly cash flow is $-318 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (29.6% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $225k (29.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#16 in KS, #1,851 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+.
• Shawnee Mission Pub Schools (suburban): math 38% / reading 46% proficiency, ranked #22 of 169 in KS (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tomahawk Elem (math 32% / reading 52%, grade F, #273 of 684 statewide, top 45%, 290 students, 30% FRL); Indian Hills Middle (math 44% / reading 51%, grade C-, #8 of 219 statewide, top 3%, 850 students, 15% FRL); Shawnee Mission East High (math 40% / reading 46%, grade F, #10 of 327 statewide, top 3%, 1,697 students, 12% FRL).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 73 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
• Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.1% vs local median 3.9% in Overland Park — 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.
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.