21710 S Madison St

Spring Hill, KS 66083

$399,990F

4 bd · 2.5 ba · 2,053 sqft · Built 2026 · Land · Pending · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,730/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$667
• HOA: −$0
• Vac / Maint / Mgmt: −$573
• Net cashflow: $-607/mo
• Annual: $-7,287/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.51%
• DSCR: 0.71
• 1% rule: 0.68%
• Cash to close: $111,997

Investor read

• This is a 4-bed/2.5-bath land listed at $400k.
• At list price, monthly cash flow is $-607 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $312k (22.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (31.7% below list).
• It's been on market 74 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (31.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#93 in KS) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Spring Hill (rural): math 40% / reading 47% proficiency, ranked #11 of 169 in KS (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Spring Hill Elementary School (math 41% / reading 48%, grade F, #228 of 684 statewide, top 38%, 611 students, 31% FRL); Spring Hill High School (math 27% / reading 47%, grade F, #26 of 327 statewide, top 8%, 983 students, 18% FRL).
• Market conditions: 411 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 100 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• Miami County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 4.5% vs local median 3.5% in Spring Hill — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 74 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.