401 S Kansas St

Lakin, KS 67860

$80,810D+

1 bd · 1.0 ba · 580 sqft · Built 1920 · SingleFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $781/mo
• Mortgage (P&I): −$424
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$164
• Net cashflow: $59/mo
• Annual: $703/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.11%
• DSCR: 1.14
• 1% rule: 0.97%
• Cash to close: $22,627

Investor read

• This is a 1-bed/1.0-bath single-family listed at $81k.
• At list price, monthly cash flow is $59 ($703/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 $78k (3.3% below list).
• It's been on market 104 days — a 9% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $558 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#251 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment D+, schools F, amenities F.
• Lakin (rural): math 21% / reading 29% proficiency, ranked #135 of 169 in KS (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP.
• Kearny County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $81k implies a 124% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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?
• 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.