610 Elm St

Wamego, KS 66547

$60,000B+

2 bd · 1.0 ba · 900 sqft · Built 1920 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $853/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $268/mo
• Annual: $3,210/yr
• Cap rate: 11.64%
• Cash-on-cash: 19.11%
• DSCR: 1.85
• 1% rule: 1.42%
• Cash to close: $16,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $60k).
• It's been on market 40 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#17 in KS, #1,914 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Wamego (town): math 35% / reading 41% proficiency, ranked #38 of 169 in KS (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Elem (407 students, 32% FRL); Wamego Middle School (math 20% / reading 29%, grade F, #110 of 219 statewide, top 55%, 360 students, 27% FRL); Wamego High (math 22% / reading 32%, grade F, #85 of 327 statewide, top 29%, 507 students, 24% FRL).
• Zoned-school proficiency averages 26% at this address vs 38% district-wide (-12 pts) — the specific schools serving this property underperform the Wamego average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 78 active listings in the ZIP; 114 units permitted in Pottawatomie County in 2024 (0 in 5+ unit buildings).
• Pottawatomie County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $12k; list at $60k implies a 400% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.