511 Mission St

St. Marys, KS 66536

$120,000C

2 bd · 1.0 ba · 855 sqft · Built 1883 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,250/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $270/mo
• Annual: $3,237/yr
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• 1% rule: 1.04%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 74 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Kaw Valley (rural): math 26% / reading 38% proficiency, ranked #78 of 169 in KS (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St Marys Elem (math 37% / reading 47%, grade F, #273 of 684 statewide, top 45%, 259 students, 47% FRL); St. Marys Junior Senior High (math 27% / reading 37%, grade F, #50 of 327 statewide, top 16%, 248 students, 46% FRL) — zoned schools average 46% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 114 units permitted in Pottawatomie County in 2024 (0 in 5+ unit buildings).
• Pottawatomie County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $120k implies a 287% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1883 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.