205 Delaware Not Applicable

Edwardsville, KS 66113

$30,300B

3 bd · 2.0 ba · 1,216 sqft · Built 2024 · Manufactured · Active · 785 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $924/mo
• Mortgage (P&I): −$159
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $521/mo
• Annual: $6,247/yr
• Cap rate: 26.91%
• Cash-on-cash: 73.63%
• DSCR: 4.28
• 1% rule: 3.05%
• Cash to close: $8,484

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $30k.
• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $30k).
• It's been on market 785 days — a 12% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($209 loan paydown + $909 appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#289 in KS) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Bonner Springs (suburban): math 21% / reading 29% proficiency, ranked #131 of 169 in KS (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Edwardsville Elem (math 32% / reading 42%, grade F, #358 of 684 statewide, top 56%, 341 students, 62% FRL); Robert E Clark Middle (math 15% / reading 23%, grade F, #159 of 219 statewide, top 73%, 563 students, 52% FRL); Bonner Springs High (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 777 students, 44% FRL).
• Market conditions: 15 active listings in the ZIP; 369 units permitted in Wyandotte County in 2024 (236 in 5+ unit buildings).
• Wyandotte County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 26.9% vs local median 3.8% in Edwardsville — 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 785 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.