1222 Elm St

Humboldt, KS 66748

$98,000B+

3 bd · 1.0 ba · 1,740 sqft · Built 1910 · SingleFamily · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,193/mo
• Mortgage (P&I): −$514
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $266/mo
• Annual: $3,186/yr
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $27,440

Investor read

• This is a 3-bed/1.0-bath single-family listed at $98k.
• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• It's been on market 45 days — a 3% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($678 loan paydown + $4k appreciation (4.5% local appreciation)).
• Location reads 72/100 on livability (#112 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools D-, amenities F.
• Humboldt (rural): math 18% / reading 29% proficiency, ranked #148 of 169 in KS (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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 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.