21826 Franklin St · Spring Hill, KS 66083

$327,500

4 bd · 2.0 ba · 1,603 sqft · SingleFamily public records · 56 Days on market

Built 2021 7,475 sqft lot Est $359k · 9% under $1/mo HOA ↓ 4% since listing

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Why this score? — see what drove the D 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).

• ARV discount +11.5/15.0
• Cash flow +10.9/30.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully maintained 4-bedroom, 2-bath ranch in Spring Hill’s Oak Woods neighborhood. Built in 2021, this move-in-ready home offers the kind of modern layout buyers are looking for with the ease of true one-level living. From the moment you step inside, you’re greeted by bright, open spaces, durable flooring, and a layout that just makes sense for everyday life. The heart of the home is the spacious open-concept living, kitchen, and dining area…perfect for everything from busy weekday mornings to hosting friends on the weekend. The kitchen features stainless steel appliances, abundant cabinet space, sleek countertops, and a large center island that

Key facts

• Large center island
• En suite bath
• One level living

Tags

• ONE LEVEL LIVING
• STAINLESS STEEL APPLIANCES
• ABUNDANT CABINET SPACE
• LARGE CENTER ISLAND
• PRIVATE PRIMARY SUITE
• EN SUITE BATH

Property features AI

Finance

• HOA & community: Has HOA (verify details); Association fee approximately $1 monthly

Exterior

• Parking: Attached garage that faces the front; 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Ranch floor plan; Approximately 1,603 square feet of living area; 3–5 years old
• Construction: Board & batten siding; Composition roof
• Exterior features: Covered patio; Privacy wood fencing; Not in a flood plain

Interior

• Kitchen: Dishwasher, Microwave, Refrigerator, Electric Range
• Bedrooms: 4 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Electric cooling (has air conditioning)
• Interior features: Dishwasher, Microwave, Refrigerator, Electric Range; Vinyl flooring; Slab foundation (no basement)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $328k.

Deal economics

• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $302k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (16.4% below list).
• Recommended offer: $274k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.6% in Spring Hill — 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.

Location & tenants

• Location reads 73/100 on livability (#93 in KS) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Spring Hill (rural): math 40% / reading 47% proficiency, ranked #11 of 169 in KS (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 415 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 100 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Miami County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($318k) is reasonable based on typical stale-listing flexibility.

Recommended offer $273,828 (16.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $359,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21844 Franklin St	0.04mi	4/2.0	1,603 (0%)	2mo	$329,900	$206	96
21837 Franklin St	0.04mi	4/2.0	1,603 (0%)	3mo	$322,500	$201	96
21295 W 218th Ter	0.03mi	4/3.0	1,561 (-3%)	3mo	$367,500	$235	88
21297 W 219th St	0.07mi	4/3.0	1,561 (-3%)	3mo	$349,900	$224	86
20945 W 217th St	0.30mi	3/2.0 (-1)	1,635 (+2%)	2mo	$425,990	$261	76
21725 S Madison St	0.35mi	3/2.0 (-1)	1,635 (+2%)	0mo	$397,990	$243	75
21730 S Madison St	0.32mi	3/2.0 (-1)	1,498 (-7%)	1mo	$383,990	$256	68
20630 W 219 Ter	0.43mi	3/2.5 (-1)	1,518 (-5%)	0mo	$330,000	$217	64
20493 W 221st St	0.59mi	3/2.5 (-1)	1,557 (-3%)	2mo	$375,000	$241	59
305 S Franklin St	0.62mi	3/2.0 (-1)	1,510 (-6%)	1mo	$275,000	$182	56
605 W South St	0.44mi	3/2.0 (-1)	1,810 (+13%)	0mo	$349,500	$193	53
20490 W 219th Ter	0.55mi	4/3.0	1,837 (+15%)	0mo	$328,500	$179	46

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

Projected returns pro-forma

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

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-62,129
• Equity at exit: $48,831

10-year hold

• IRR: -12.0%
• Equity multiple: 0.28×
• Total profit: $-65,579
• Equity at exit: $28,316

Cash invested: $91,700 (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 66083

• Home prices YoY: -32.9%
• Active inventory: 415
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,738 medium
• Mortgage (P&I): −$1,717
• Tax from tax record: −$452 /mo · $5,420/yr
• Insurance: −$136
• HOA: −$1
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $-143

Break-even live

Break-even rent $2,920

Max offer price $302,182

Occupancy floor —

Sensitivity live

Price	-10% $42	-5% $-51	+0% $-143	+5% $-236	+10% $-329
Rent	-10% $-360	-5% $-251	+0% $-143	+5% $-35	+10% $73
Rate	-1.0pp $22	-0.5pp $-60	base $-143	+0.5pp $-228	+1.0pp $-315

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: $81,875
• Closing costs: $9,825
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21203 W 216th Ter Spring Hill, KS	2.0–4.0	2.5–3.5	1536	$2,395	$1.56	2d	20	0.25mi
21743 Johnson Ct Spring Hill, KS	3.0	2.5	1781	$2,600	$1.46	2d	1	0.72mi
200 E Wilson St Spring Hill, KS	2.0–3.0	1.5	1007	$1,499	$1.49	2d	3	1.07mi

HOA detail

• Monthly dues: $1 · $12/yr

Listing history 8 events

1. 2026-06-05
   statusdays on market $327,500 Pending 56 DOM
2. 2026-06-03
   days on market $327,500 Active 55 DOM
3. 2026-06-02
   days on market $327,500 Active 54 DOM
4. 2026-06-01
   days on market $327,500 Active 53 DOM
5. 2026-05-31
   days on market $327,500 Active 52 DOM
6. 2026-05-22
   price $327,500
7. 2026-05-07
   price $337,500
8. 2026-04-09
   listed $342,500 Active

ⓘ 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: $5,420 · $452/mo
• Projected year-2 tax: $5,420 · $452/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,859
• − Mortgage interest: −$18,345
• − Property taxes: −$5,420
• − Insurance: −$1,638
• − Repairs & maintenance: −$2,629
• − Management: −$2,629
• − HOA: −$12
• − Depreciation: −$9,527
• Taxable loss: −$7,340
• Est. tax savings @ 24.0%: +$1,762
• After-tax cash flow: $42/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: Spring Hill
• NCES district ID: 2011850
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 47% ▲ 5.00%
• Median HH income: $80,172
• Composite: 40.26/100
• National rank: #3767
• State rank: #11 of 169 in KS

Livability — Spring Hill

• Score: 73/100
• State rank: #93
• US rank: #5370

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Hill, KS
• County: Johnson County · 574,662 people
• City population: 13,011
• Metro: Kansas City, MO-KS
• Population (ZIP): 13,011
• Household income: $116,791
• Rent vs Own: 17.9% rent · 82.1% own
• Severe rent burden: 274.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 32,162 people
• By 2030: 31,472 · -2.1%
• By 2040: 29,611 · -7.9%
• By 2050: 27,277 · -15.2%
• By 2075: 22,738 · -29.3%
• By 2100: 18,479 · -42.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Lithuanian 3% Italian 3% Portuguese 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+39.5) · D 29.3% · R 68.8% · Other 1.9%
• 2008→2024 swing: -15.8pp toward R · 2008: -23.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+39.6 2016: R+40.0 2012: R+34.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.12%
• Current HPI: 265.6494
• Rent YoY: —
• Metro: Kansas City, MO-KS
• State GDP YoY: —
• F500 in state: 0

Price history

-4.4% since first listed

3 events — show timeline

• 2026-05-22 Price Changed $327,500 Heartland MLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $337,500 Heartland MLS as Distributed by MLS Grid
• 2026-04-09 Listed $342,500 Heartland MLS as Distributed by MLS Grid

Property tax history

+92.5%/yr

Latest (2025): $5,420 · -1.3% YoY. Source: county tax records.