613 E 4th St

Erie, KS 66733

$54,900B+

1 bd · 1.0 ba · 736 sqft · Built 1986 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $806/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $257/mo
• Annual: $3,087/yr
• Cap rate: 11.92%
• Cash-on-cash: 20.08%
• DSCR: 1.89
• 1% rule: 1.47%
• Cash to close: $15,372

Investor read

• This is a 1-bed/1.0-bath single-family listed at $55k.
• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($806 rent vs $55k).
• It's been on market 23 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($380 loan paydown + $3k appreciation (5.0% local appreciation)).
• Location reads 71/100 on livability (#144 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Erie-Galesburg (rural): math 28% / reading 29% proficiency, ranked #116 of 169 in KS (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 18 units permitted in Neosho County in 2024 (0 in 5+ unit buildings).
• Neosho County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $14k; list at $55k implies a 292% gain — meaningful room to come down on a strong offer.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.