523 3rd St · Atlanta, KS 67008

$97,500

2 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 13 Days on market

Built 1923

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.0/10.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Separate outbuilding
• Sunroom
• Built 1923

Tags

• SUNROOM
• PRIVATE EXTERIOR ENTRANCE
• SEPARATE OUTBUILDING
• ADDITIONAL STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $98k).

Location & tenants

• Location reads 65/100 on livability (#293 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D+, crime F.
• Central (rural): math 25% / reading 30% proficiency, ranked #199 of 280 in KS (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 2 active listings in the ZIP; 41 units permitted in Cowley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($674 loan paydown + $3k appreciation (3.0% local appreciation)).
• Cowley County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $10k; list at $98k implies a 875% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $97,500

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.17%
• DSCR: 1.27
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.76×
• Total profit: $20,673
• Equity at exit: $43,840

10-year hold

• IRR: 15.2%
• Equity multiple: 3.24×
• Total profit: $61,068
• Equity at exit: $67,563

Cash invested: $27,300 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67008

• Active inventory: 2
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $978 medium
• Mortgage (P&I): −$511
• Tax from tax record: −$80 /mo · $962/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $140

Break-even live

Break-even rent $800

Max offer price $97,500

Occupancy floor 81%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $97,500 Active 13 DOM
2. 2026-06-17
   days on market $97,500 Active 12 DOM
3. 2026-06-16
   days on market $97,500 Active 11 DOM
4. 2026-06-15
   days on market $97,500 Active 10 DOM
5. 2026-06-13
   days on market $97,500 Active 8 DOM
6. 2026-06-12
   days on market $97,500 Active 7 DOM
7. 2026-06-09
   days on market $97,500 Active 4 DOM
8. 2026-06-08
   days on market $97,500 Active 3 DOM
9. 2026-06-07
   listed $97,500 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $962 · $80/mo
• Projected year-2 tax: $1,375 · $115/mo
• Expected delta: +$413/yr (+$34/mo · 42.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,733
• − Mortgage interest: −$5,462
• − Property taxes: −$962
• − Insurance: −$488
• − Repairs & maintenance: −$939
• − Management: −$939
• − Depreciation: −$2,836
• Taxable income: $109
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $1,658/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Central
• NCES district ID: 2004230
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 30% ▬ 0.00%
• Median HH income: $44,136
• Composite: 26.5/100
• National rank: #12630
• State rank: #199 of 280 in KS

Livability — Atlanta

• Score: 65/100
• State rank: #293
• US rank: #13034

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, KS
• Population (ZIP): 632

Population outlook (Cowley County) Hauer SSP2

• Today (2025): 34,984 people
• By 2030: 34,410 · -1.6%
• By 2040: 33,265 · -4.9%
• By 2050: 32,421 · -7.3%
• By 2075: 31,488 · -10.0%
• By 2100: 30,276 · -13.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Iranian 2% Serbian 1% Slovak 1%
• Foreign-born: 1% · China
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Cowley

• 2024 margin: Solid R (+40.3) · D 29.0% · R 69.3% · Other 1.7%
• 2008→2024 swing: -15.1pp toward R · 2008: -25.2pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+37.9 2016: R+37.6 2012: R+29.8 2008: R+25.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+875.0% since first listed

2 events — show timeline

• 2026-06-06 Listed $97,500 FSBO.com
• 1991-10-01 Sold (Public Records) $10,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $962 · +16.2% YoY. Source: county tax records.