1865 US Highway 54 · Gas, KS 66749

$135,000

4 bd · 1.5 ba · 2,252 sqft · SingleFamily public records · 11 Days on market

Built 1940

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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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4-Bedroom Home with Flexible Living Spaces and Large Backyard Offering approximately 2,300 square feet of living space, this inviting 4-bedroom, 2.5-bath home provides plenty of room to spread out and make it your own. The floor plan features a main-floor primary suite complete with an en suite bathroom and convenient walk-through closet. In addition to the four bedrooms, a bonus office/flex room offers the perfect space for working from home, hobbies, or a playroom. Enjoy multiple gathering areas, including a welcoming living room and a cozy family room with a fireplace. The spacious dining area connects into the kitchen and family room, creating an ideal layout for everyday living and entertaining. French doors lead to a large backyard featuring a concrete patio, garden area, storage shed, and detached garage perfect for outdoor enjoyment and additional storage. Recent improvements include a new roof installed in 2025 over the two-story section of the home, providing added value and peace of mind. The home is priced with consideration given to the need for some window updates, partial roof repair and cosmetic improvements, presenting an excellent opportunity for buyers to add their own finishing touches while building equity. With generous living space, versatile rooms, desirable outdoor amenities, and a convenient layout, this property is ready for its next owner to make it their own. This home is situated on a gas well, which may provide significant savings on natural gas expenses. This unique feature can help reduce monthly utility costs while adding long-term value and efficiency to homeownership. Price is listed for property as-is. Additional projects planned, including partial roof repair, carpeting, and cosmetic updates will increase price as the projects are completed. Don't miss out on making this your next home!

Key facts

• En suite bathroom
• Cozy family room
• Walk-through closet

Tags

• MAIN-FLOOR PRIMARY SUITE
• EN SUITE BATHROOM
• WALK-THROUGH CLOSET
• BONUS OFFICE FLEX ROOM
• MULTIPLE GATHERING AREAS
• COZY FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).

Location & tenants

• Location reads 61/100 on livability (#401 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools 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; 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 $933 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $33k; list at $135k implies a 310% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.11% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-6,034
• Equity at exit: $20,129

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $15,208
• Equity at exit: $11,672

Cash invested: $37,800 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,495 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $248

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 78%

Sensitivity live

Price	-10% $342	-5% $295	+0% $248	+5% $202	+10% $155
Rent	-10% $130	-5% $189	+0% $248	+5% $307	+10% $367
Rate	-1.0pp $316	-0.5pp $283	base $248	+0.5pp $213	+1.0pp $178

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $135,000 Active 11 DOM
2. 2026-06-18
   days on market $135,000 Active 9 DOM
3. 2026-06-17
   days on market $135,000 Active 8 DOM
4. 2026-06-16
   days on market $135,000 Active 7 DOM
5. 2026-06-15
   days on market $135,000 Active 6 DOM
6. 2026-06-13
   days on market $135,000 Active 4 DOM
7. 2026-06-12
   days on market $135,000 Active 3 DOM
8. 2026-06-09
   days on marketlisting id $135,000 Active 1 DOM
9. 2026-06-08
   days on market $135,000 Active 3 DOM
10. 2026-06-07
    days on marketlisting id $135,000 Active 2 DOM
11. 2026-06-05
    listed $135,000 Active 1 DOM

    Show marketing remark (1865 chars)

    Spacious 4-Bedroom Home with Flexible Living Spaces and Large Backyard Offering approximately 2,300 square feet of living space, this inviting 4-bedroom, 2.5-bath home provides plenty of room to spread out and make it your own. The floor plan features a main-floor primary suite complete with an en suite bathroom and convenient walk-through closet. In addition to the four bedrooms, a bonus office/flex room offers the perfect space for working from home, hobbies, or a playroom. Enjoy multiple gathering areas, including a welcoming living room and a cozy family room with a fireplace. The spacious dining area connects into the kitchen and family room, creating an ideal layout for everyday living and entertaining. French doors lead to a large backyard featuring a concrete patio, garden area, storage shed, and detached garage perfect for outdoor enjoyment and additional storage. Recent improvements include a new roof installed in 2025 over the two-story section of the home, providing added value and peace of mind. The home is priced with consideration given to the need for some window updates, partial roof repair and cosmetic improvements, presenting an excellent opportunity for buyers to add their own finishing touches while building equity. With generous living space, versatile rooms, desirable outdoor amenities, and a convenient layout, this property is ready for its next owner to make it their own. This home is situated on a gas well, which may provide significant savings on natural gas expenses. This unique feature can help reduce monthly utility costs while adding long-term value and efficiency to homeownership. Price is listed for property as-is. Additional projects planned, including partial roof repair, carpeting, and cosmetic updates will increase price as the projects are completed. Don't miss out on making this your next home!

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $17,944
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,436
• − Management: −$1,436
• − Depreciation: −$3,927
• Taxable income: $884
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $2,768/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 — Gas

• Score: 61/100
• State rank: #401
• US rank: #17701

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 31
• 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

+145.5% since first listed

10 events — show timeline

• 2026-06-05 Listed $135,000 FSBO.com
• 2026-06-05 Listed $135,000 ForSaleByOwner.com
• 2022-10-19 Sold (Public Records) $32,900 Public Records
• 2022-08-26 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-06-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-01-04 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2022-01-03 Listed $44,900 Heartland MLS as Distributed by MLS Grid
• 2022-01-03 Listed $34,900 Heartland MLS as Distributed by MLS Grid
• 2021-10-29 Listed $79,900 Heartland MLS as Distributed by MLS Grid
• 2003-02-01 Sold (Public Records) $55,000 Public Records