418 S Briarwood

Norwich, KS 67118

$115,000C-

3 bd · 1.0 ba · 1,352 sqft · Built 1886 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,163/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $104/mo
• Annual: $1,247/yr
• Cap rate: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• 1% rule: 1.01%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($795 loan paydown + $2k appreciation (1.4% local appreciation)).
• Location reads 65/100 on livability (#302 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Kingman-Norwich (town): math 22% / reading 30% proficiency, ranked #129 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Norwich Elementary School (math 47% / reading 42%, grade F, #228 of 684 statewide, top 38%, 135 students, 45% FRL); Norwich Middle School (math 34% / reading 34%, grade F, #49 of 219 statewide, top 24%, 46 students, 28% FRL); Norwich High (math 10% / reading 30%, grade F, #184 of 327 statewide, top 60%, 73 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 52 units permitted in Kingman County in 2024 (30 in 5+ unit buildings).
• Kingman County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1886 — 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.
• 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?
• 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.