288 Logan Ave

Utica, KS 67584

$78,000C+

3 bd · 1.5 ba · 961 sqft · Built 1948 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $895/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $168/mo
• Annual: $2,019/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $21,840

Investor read

• This is a 3-bed/1.5-bath single-family listed at $78k.
• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($895 rent vs $78k).
• It's been on market 29 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($539 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 66/100 on livability (#267 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, crime F, amenities F.
• Western Plains (rural): math 11% / reading 30% proficiency, ranked #263 of 280 in KS (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 2 units permitted in Ness County in 2024 (0 in 5+ unit buildings).
• Ness County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1948 — 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.
• 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.