407 S Washington N/A · La Harpe, KS 66751

$114,900

3 bd · 1.0 ba · 1,346 sqft · SingleFamily public records · 206 Days on market

Built 1890 0.76 ac lot ↓ 40% since listing

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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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Appreciation +3.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Key facts

• Completely remodeled
• Spacious lot
• New roof

Tags

• COMPLETELY REMODELED
• NEW ROOF
• NEW ENERGY EFFICIENT WINDOWS
• NEW CENTRAL HEAT AND AIR
• SPACIOUS LOT

Property features AI

Finance

• Other: Living area reported as 1,346 (source: appraiser)
• HOA & community: No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Bungalow style; One story (living area above grade)
• Construction: Frame construction; Composition roof; Home is over 100 years old
• Exterior features: Lot approximately 33,231 square feet; Not in a flood plain; Directions: From Highway 54 turn south on Washington; house is on the east side of the road

Interior

• Bedrooms: Three bedrooms (all on the first floor)
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Electric cooling (has cooling)
• Interior features: Bungalow floor plan; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#379 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Iola (town): math 18% / reading 31% proficiency, ranked #140 of 169 in KS (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 5 active listings in the ZIP; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.2%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Allen County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 206 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $50k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 206 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.42%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $48,456
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 S Harrison N/A	0.23mi	2/2.0 (-1)	1,248 (-7%)	17mo	$45,000	$36	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.78×
• Total profit: $-7,175
• Equity at exit: $21,255

10-year hold

• IRR: 2.7%
• Equity multiple: 1.22×
• Total profit: $6,966
• Equity at exit: $17,163

Cash invested: $32,172 (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 66751

• Home prices YoY: -1.5%
• Active inventory: 5
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,155 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $119

Break-even live

Break-even rent $1,005

Max offer price $114,900

Occupancy floor 85%

Sensitivity live

Price	-10% $198	-5% $158	+0% $119	+5% $79	+10% $39
Rent	-10% $27	-5% $73	+0% $119	+5% $164	+10% $210
Rate	-1.0pp $176	-0.5pp $148	base $119	+0.5pp $89	+1.0pp $58

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $114,900 Active 206 DOM
2. 2026-06-18
   days on market $114,900 Active 204 DOM
3. 2026-06-17
   days on market $114,900 Active 203 DOM
4. 2026-06-16
   days on market $114,900 Active 202 DOM
5. 2026-06-16
   status $114,900 Active 201 DOM
6. 2026-05-06
   status Active
7. 2026-05-05
   historical
8. 2026-04-14
   price $114,900
9. 2026-03-04
   price $125,000
10. 2026-02-07
    status Active
11. 2026-02-07
    price $135,000
12. 2026-02-04
    historical
13. 2025-11-19
    price $149,000
14. 2025-11-04
    listed $164,900 Active
15. 2025-10-30
    historical
16. 2025-10-12
    price $170,000
17. 2025-09-13
    price $180,000
18. 2025-08-14
    listed $190,000 Active
19. 2018-11-28
    soldstatus

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

Taxation est. · year 1

• Rental income: $13,862
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$3,343
• Taxable loss: −$432
• Est. tax savings @ 24.0%: +$104
• After-tax cash flow: $1,526/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: Iola
• NCES district ID: 2007740
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $38,749
• Composite: 20.52/100
• National rank: #8567
• State rank: #140 of 169 in KS

Livability — La Harpe

• Score: 62/100
• State rank: #379
• US rank: #16916

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Harpe, KS
• Population (ZIP): 503

Population outlook (Allen County) Hauer SSP2

• Today (2025): 11,885 people
• By 2030: 11,352 · -4.5%
• By 2040: 10,285 · -13.5%
• By 2050: 9,342 · -21.4%
• By 2075: 7,482 · -37.0%
• By 2100: 5,871 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 6% Iranian 3% Italian 1%
• Foreign-born: 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+46.1) · D 25.8% · R 72.0% · Other 2.2%
• 2008→2024 swing: -22.9pp toward R · 2008: -23.3pp · 2024: -46.1pp
• All cycles: 2024: R+46.1 2020: R+44.4 2016: R+41.0 2012: R+27.2 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.20%
• Current HPI: 142.2674
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-39.5% since first listed

14 events — show timeline

• 2026-05-06 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-05-05 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $114,900 Heartland MLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $125,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-07 Relisted — Heartland MLS as Distributed by MLS Grid
• 2026-02-07 Price Changed $135,000 Heartland MLS as Distributed by MLS Grid
• 2026-02-04 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-11-19 Price Changed $149,000 Heartland MLS as Distributed by MLS Grid
• 2025-11-04 Listed $164,900 Heartland MLS as Distributed by MLS Grid
• 2025-10-30 Listing Removed — Heartland MLS as Distributed by MLS Grid
• 2025-10-12 Price Changed $170,000 Heartland MLS as Distributed by MLS Grid
• 2025-09-13 Price Changed $180,000 Heartland MLS as Distributed by MLS Grid
• 2025-08-14 Listed $190,000 Heartland MLS as Distributed by MLS Grid
• 2018-11-28 Sold (Public Records) — Public Records