707 Quail

Plains, KS 67869

$131,000F

2 bd · 1.0 ba · 986 sqft · Built 1920 · SingleFamily · Active · 553 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $888/mo
• Mortgage (P&I): −$687
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $-173/mo
• Annual: $-2,074/yr
• Cap rate: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• 1% rule: 0.68%
• Cash to close: $36,680

Investor read

• This is a 2-bed/1.0-bath single-family listed at $131k.
• At list price, monthly cash flow is $-173 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (23.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (32.2% below list).
• It's been on market 553 days — a 12% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (32.2% below list) — sets the bar for 1% rule.
• In year one you build about $134 of equity ($906 loan paydown + $-772 appreciation (-0.6% local appreciation)).
• Location reads 70/100 on livability (#158 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: amenities F, commute F.
• Kismet-Plains (rural): math 12% / reading 16% proficiency, ranked #166 of 169 in KS (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kismet Elem (152 students, 70% FRL); Southwestern Heights Jr/Sr High (math 8% / reading 12%, grade F, #306 of 327 statewide, top 95%, 322 students, 71% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 5 units permitted in Meade County in 2024 (0 in 5+ unit buildings).
• Meade County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $52k; list at $131k implies a 154% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 553 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.