3 bd · 2.0 ba ·
1,216 sqft ·
Built 2026
· Manufactured
· Active
· 60 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,809/mo
Mortgage (P&I)
−$496
Tax + insurance
−$158
HOA
−$0
Vac / Maint / Mgmt
−$380
Net cashflow
$775/mo
Annual
$9,301/yr
Cap rate
16.12%
Cash-on-cash
35.10%
DSCR
2.56
1% rule
1.91%
Cash to close
$26,501
Investor read
This is a 3-bed/2.0-bath manufactured listed at $95k.
At list price, monthly cash flow is $775 ($9k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $95k).
It's been on market 60 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $654 of loan paydown is wiped out by about $3k 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); 280 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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 $27k cash investment doubles in ~4 years — after that, you're playing with house money.
Cap rate 16.1% 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 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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-HBRQKB0CBV35KN
· Data 2 weeks agocashflowre.app · 2026-05-29