828 N Anthony Ave

Anthony, KS 67003

$120,000D

4 bd · 1.5 ba · 882 sqft · Built 1953 · SingleFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $983/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$209
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $-62/mo
• Annual: $-741/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.21%
• DSCR: 0.90
• 1% rule: 0.82%
• Cash to close: $33,600

Investor read

• This is a 4-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $-62 ($-741/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (18.1% below list).
• It's been on market 63 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (18.1% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($830 loan paydown + $5k appreciation (3.8% local appreciation)).
• Location reads 68/100 on livability (#228 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities F, commute F.
• Chaparral Schools (rural): math 29% / reading 29% proficiency, ranked #110 of 169 in KS (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Anthony Elem (math 42% / reading 42%, grade F, #273 of 684 statewide, top 45%, 210 students, 71% FRL); Chaparral Jr/Sr High (math 12% / reading 17%, grade F, #267 of 327 statewide, top 84%, 350 students, 64% FRL) — zoned schools average 68% FRL vs 52% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 6 units permitted in Harper County in 2024 (0 in 5+ unit buildings).
• Harper County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $39k; list at $120k implies a 208% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1953 — 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.
• 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?
• Crime grade is D 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?
• 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?