4 bd · 2.0 ba ·
1,568 sqft ·
Built 2026
· Manufactured
· Active
· 151 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$2,072/mo
Mortgage (P&I)
−$734
Tax + insurance
−$233
HOA
−$0
Vac / Maint / Mgmt
−$435
Net cashflow
$670/mo
Annual
$8,038/yr
Cap rate
12.04%
Cash-on-cash
20.52%
DSCR
1.91
1% rule
1.48%
Cash to close
$39,172
Investor read
This is a 4-bed/2.0-bath manufactured listed at $140k.
At list price, monthly cash flow is $670 ($8k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $140k).
It's been on market 151 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
Location reads 75/100 on livability (#61 in KS, #3,865 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F, commute F.
Gardner Edgerton (suburban): math 32% / reading 37% proficiency, ranked #50 of 169 in KS (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Market conditions: Rents rising (+2.2%/yr); 277 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,969 units permitted in Johnson County in 2024 (1,066 in 5+ unit buildings).
Johnson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
At projected returns (-3.0% appreciation + 2.2% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.
Cap rate 12.0% vs local median 3.1% in Gardner — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
Questions for listing agent
It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% 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.
Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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.
CashFlowRE · CFR-G57ZPEE7J144P8
· Data 6 days agocashflowre.app · 2026-05-29