203 S Sycamore St · Iola, KS 66749

$120,000

3 bd · 2.0 ba · 1,456 sqft · SingleFamily public records · 40 Days on market

Built 1920 8,400 sqft lot Est $138k · 13% under ↓ 8% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +13.5/15.0
• Cash flow +7.7/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +2.1/10.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Key facts

• Covered front porch
• Original woodwork
• Hardwood floors

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• EXPANSIVE LIVING AREAS
• PRIVATE EXTERIOR ENTRANCE
• COVERED FRONT PORCH
• LARGE FENCED BACKYARD

Property features AI

Finance

• Other: City lot (approx. 8,400 sq ft)
• HOA & community: No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Bungalow floor plan; Residential property
• Construction: Frame construction with wood siding; Composition roof; Approximately 101+ years old
• Exterior features: Front porch; Outbuilding / shed

Interior

• Kitchen: Dishwasher
• Bedrooms: 4 bedrooms (all on the first floor)
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: Unfinished partial basement; Main-floor primary bedroom; Main-floor bedrooms; Formal dining area
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (27.1% below list).
• Recommended offer: $88k (27.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#150 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.
• Iola (town): math 18% / reading 31% proficiency, ranked #140 of 169 in KS (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Allen County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($116k) 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,500 (27.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.73% ✗
• Cap rate: 4.91%
• Cash-on-cash: -4.93%
• DSCR: 0.78
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $138,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 South Elm S Elm St	0.32mi	3/2.0	1,456 (0%)	3mo	$129,500	$89	82
710 E Vine St	0.42mi	3/2.0	1,428 (-2%)	10mo	$135,000	$95	69
612 S Cottonwood St	0.31mi	3/1.0	1,439 (-1%)	12mo	$50,000	$35	69
518 S Jefferson St	0.26mi	2/2.0 (-1)	1,297 (-11%)	1mo	$62,000	$48	63
523 S Oak St	0.36mi	3/1.5	1,574 (+8%)	13mo	$162,000	$103	57
717 E Madison Ave	0.35mi	2/2.0 (-1)	1,384 (-5%)	17mo	$115,000	$83	56
620 North Chestnut St	0.63mi	3/1.0	1,378 (-5%)	10mo	$75,000	$54	49
202 S 1st St	0.35mi	3/1.0	1,308 (-10%)	18mo	$140,000	$107	48
721 N 2nd St	0.74mi	3/2.0	1,264 (-13%)	0mo	$155,000	$123	43
321 E Buchanan St	0.73mi	3/2.0	1,632 (+12%)	3mo	$159,500	$98	43
915 N Buckeye St	0.71mi	3/2.0	1,299 (-11%)	13mo	$139,900	$108	38
508 N Walnut St	0.51mi	2/1.0 (-1)	1,294 (-11%)	13mo	$98,000	$76	38

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: -24.7%
• Equity multiple: 0.16×
• Total profit: $-28,224
• Equity at exit: $17,892

10-year hold

• IRR: -20.3%
• Equity multiple: -0.07×
• Total profit: $-35,844
• Equity at exit: $10,375

Cash invested: $33,600 (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 66749

• Home prices YoY: -32.6%
• Active inventory: 63
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $-138

Break-even live

Break-even rent $1,050

Max offer price $100,025

Occupancy floor —

Sensitivity live

Price	-10% $-55	-5% $-97	+0% $-138	+5% $-180	+10% $-221
Rent	-10% $-207	-5% $-173	+0% $-138	+5% $-103	+10% $-69
Rate	-1.0pp $-78	-0.5pp $-108	base $-138	+0.5pp $-169	+1.0pp $-201

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 N Walnut St Iola, KS	2.0	1.0	950	$875	$0.92	44d	1	0.68mi

Listing history 18 events

1. 2026-06-21
   days on market $120,000 Active 40 DOM
2. 2026-06-18
   days on market $120,000 Active 38 DOM
3. 2026-06-17
   days on market $120,000 Active 37 DOM
4. 2026-06-16
   days on market $120,000 Active 36 DOM
5. 2026-06-15
   days on market $120,000 Active 35 DOM
6. 2026-06-13
   days on market $120,000 Active 33 DOM
7. 2026-06-12
   days on market $120,000 Active 32 DOM
8. 2026-06-09
   days on market $120,000 Active 29 DOM
9. 2026-06-08
   days on market $120,000 Active 28 DOM
10. 2026-06-07
    days on market $120,000 Active 27 DOM
11. 2026-06-05
    days on market $120,000 Active 25 DOM
12. 2026-06-04
    days on market $120,000 Active 23 DOM
13. 2026-06-02
    days on market $120,000 Active 22 DOM
14. 2026-06-01
    days on market $120,000 Active 21 DOM
15. 2026-05-31
    days on market $120,000 Active 20 DOM
16. 2026-05-31
    days on market $120,000 Active 19 DOM
17. 2026-05-23
    price $120,000
18. 2026-05-11
    listed $130,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $10,500
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$3,491
• Taxable loss: −$3,793
• Est. tax savings @ 24.0%: +$910
• After-tax cash flow: $-746/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: Iola
• NCES district ID: 2007740
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $38,749
• Composite: 20.52/100
• National rank: #8567
• State rank: #140 of 169 in KS

Livability — Iola

• Score: 71/100
• State rank: #150
• US rank: #7275

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: Iola, KS
• Population (ZIP): 7,452

Population outlook (Allen County) Hauer SSP2

• Today (2025): 11,885 people
• By 2030: 11,352 · -4.5%
• By 2040: 10,285 · -13.5%
• By 2050: 9,342 · -21.4%
• By 2075: 7,482 · -37.0%
• By 2100: 5,871 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 1% Pacific Islander 1%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+46.1) · D 25.8% · R 72.0% · Other 2.2%
• 2008→2024 swing: -22.9pp toward R · 2008: -23.3pp · 2024: -46.1pp
• All cycles: 2024: R+46.1 2020: R+44.4 2016: R+41.0 2012: R+27.2 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.20%
• Current HPI: 151.1778
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-7.7% since first listed

2 events — show timeline

• 2026-05-23 Price Changed $120,000 Heartland MLS as Distributed by MLS Grid
• 2026-05-11 Listed $130,000 Heartland MLS as Distributed by MLS Grid