407 W 3rd St

Franklin, KS 66735

$80,000B+

3 bd · 1.0 ba · 1,410 sqft · Built 1960 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,206/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $449/mo
• Annual: $5,392/yr
• Cap rate: 13.03%
• Cash-on-cash: 24.07%
• DSCR: 2.07
• 1% rule: 1.51%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k. Condition is rated poor.
• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 42 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($553 loan paydown + $2k appreciation (2.3% local appreciation)).
• Location reads 50/100 on livability (#627 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Northeast (rural): math 18% / reading 22% proficiency, ranked #159 of 169 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 3 active listings in the ZIP; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $19k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Severe damage and weathering
• Major: Interior walls — Peeling and chipped paint
• Major: Flooring — Worn and dirty carpet
• Major: Kitchen cabinets — Dated and old
• Major: Bathroom fixtures — Outdated and worn