515 E Bungalow St

Richmond, KS 66080

$105,000C

3 bd · 2.0 ba · 1,749 sqft · Built 1999 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,128/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$344
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $-4/mo
• Annual: $-44/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• 1% rule: 1.07%
• Cash to close: $29,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-4 ($-44/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (0.6% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $104k (0.6% below list) — sets the bar for cash-flow.
• In year one you build about $9k of equity ($726 loan paydown + $8k appreciation (7.9% local appreciation)).
• Location reads 65/100 on livability (#303 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Central Heights (rural): math 36% / reading 42% proficiency, ranked #34 of 169 in KS (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Heights Elem (math 37% / reading 52%, grade F, #228 of 684 statewide, top 38%, 247 students, 54% FRL); Central Heights High (math 32% / reading 37%, grade F, #32 of 327 statewide, top 13%, 294 students, 49% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: 13 active listings in the ZIP; 85 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 13y ago 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.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.