210 N Michigan St · Leonardville, KS 66449

$150,000

3 bd · 1.5 ba · 2,130 sqft · SingleFamily public records · 39 Days on market

Built 1880 0.65 ac lot

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Why this score? — see what drove the C- 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 +16.0/30.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Schools +4.6/10.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Covered front porch
• Durable metal roof
• Oversized lot

Tags

• OVERSIZED LOT
• LOCAL GOLF COURSE
• ORIGINAL OAK FLOORING
• COVERED FRONT PORCH
• DETACHED DOUBLE-BAY GARAGE
• DURABLE METAL ROOF

Property features AI

Finance

• HOA & community: Community amenities: Park, Golf Course

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Construction materials: Unknown
• Exterior features: No fencing; 0.65-acre lot

Interior

• Kitchen: Dishwasher; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Propane heating; Central air; Ceiling fans; Window air conditioning units
• Interior features: Kitchen island; Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $73 ($880/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (16.6% below list).
• Recommended offer: $125k (16.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#304 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, health & safety D+, crime F.
• Riley County (rural): math 55% / reading 52% proficiency, ranked #6 of 169 in KS (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 2 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (7.5% local appreciation)).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,082 (16.6% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.10%
• DSCR: 1.09
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 2.47×
• Total profit: $61,593
• Equity at exit: $108,839

10-year hold

• IRR: 19.1%
• Equity multiple: 5.17×
• Total profit: $175,103
• Equity at exit: $211,335

Cash invested: $42,000 (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 66449

• Home prices YoY: 3.1%
• Active inventory: 2
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$66 /mo · $788/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $73

Break-even live

Break-even rent $1,158

Max offer price $150,000

Occupancy floor 89%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $150,000 Active 39 DOM
2. 2026-06-18
   days on market $150,000 Active 38 DOM
3. 2026-06-17
   days on market $150,000 Active 37 DOM
4. 2026-06-16
   days on market $150,000 Active 36 DOM
5. 2026-06-15
   days on market $150,000 Active 35 DOM
6. 2026-06-14
   days on market $150,000 Active 33 DOM
7. 2026-06-13
   days on market $150,000 Active 32 DOM
8. 2026-06-10
   days on market $150,000 Active 30 DOM
9. 2026-06-09
   days on market $150,000 Active 29 DOM
10. 2026-06-08
    days on market $150,000 Active 28 DOM
11. 2026-06-07
    days on market $150,000 Active 27 DOM
12. 2026-06-05
    days on market $150,000 Active 24 DOM
13. 2026-06-02
    days on market $150,000 Active 22 DOM
14. 2026-06-01
    days on market $150,000 Active 21 DOM
15. 2026-05-31
    days on market $150,000 Active 20 DOM
16. 2026-05-30
    days on market $150,000 Active 19 DOM
17. 2026-05-08
    listed $150,000 Active

ⓘ 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: $788 · $66/mo
• Projected year-2 tax: $2,115 · $176/mo
• Expected delta: +$1,327/yr (+$111/mo · 168.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,010
• − Mortgage interest: −$8,402
• − Property taxes: −$788
• − Insurance: −$750
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$4,364
• Taxable loss: −$1,696
• Est. tax savings @ 24.0%: +$407
• After-tax cash flow: $1,287/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: Riley County
• NCES district ID: 2011100
• Math proficiency: 55% ▼ -2.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $56,080
• Composite: 46.29/100
• National rank: #2477
• State rank: #6 of 169 in KS

Livability — Leonardville

• Score: 65/100
• State rank: #304
• US rank: #13351

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leonardville, KS
• Population (ZIP): 981

Population outlook (Riley County) Hauer SSP2

• Today (2025): 83,656 people
• By 2030: 89,075 · +6.5%
• By 2040: 99,100 · +18.5%
• By 2050: 109,146 · +30.5%
• By 2075: 134,178 · +60.4%
• By 2100: 153,653 · +83.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 8%
• Common ancestry: Lithuanian 10% Portuguese 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Riley

• 2024 margin: Toss-up / Even · D 49.6% · R 47.8% · Other 2.5%
• 2008→2024 swing: +8.8pp toward D · 2008: -7.0pp · 2024: 1.8pp
• All cycles: 2024: D+1.8 2020: D+3.2 2016: R+4.5 2012: R+12.7 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.49%
• Current HPI: 251.3476
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-08 Listed $150,000 FHAOR as distributed by MLS GRID

Property tax history

+1.6%/yr

Latest (2025): $788 · +12.7% YoY. Source: county tax records.