1415 Neosho St

Emporia, KS 66801

$134,000D+

4 bd · 1.0 ba · 1,469 sqft · Built 1930 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,199/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $74/mo
• Annual: $882/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• 1% rule: 0.89%
• Cash to close: $37,520

Investor read

• This is a 4-bed/1.0-bath single-family listed at $134k.
• At list price, monthly cash flow is $74 ($882/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 $120k (10.5% below list).
• It's been on market 42 days — a 3% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (10.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#60 in KS, #3,810 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Emporia (town): math 19% / reading 30% proficiency, ranked #146 of 169 in KS (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Walnut Elem (math 32% / reading 47%, grade F, #321 of 684 statewide, top 52%, 288 students, 59% FRL); Emporia Middle School (math 12% / reading 24%, grade F, #164 of 219 statewide, top 76%, 900 students, 62% FRL); Emporia High (math 18% / reading 29%, grade F, #161 of 327 statewide, top 50%, 1,510 students, 51% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 162 active listings in the ZIP; 33 units permitted in Lyon County in 2024 (0 in 5+ unit buildings).
• Lyon County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; list at $134k implies a 262% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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 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?
• 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.