323 King St · Gypsum, KS 67448

$148,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 42 Days on market

Built 1911 0.32 ac lot

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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).

• Cash flow +11.4/30.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Schools +3.5/10.0
• DSCR +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Key facts

• Bonus living area
• Partial basement
• Dining area

Tags

• LARGE KITCHEN
• DINING AREA
• MAIN FLOOR LAUNDRY
• BONUS LIVING AREA
• PARTIAL BASEMENT

Property features AI

Exterior

• Utilities: Public sewer available
• Home design: Single-family onsite-built home
• Construction: Partial foundation; Composition roof
• Exterior features: Two levels; Partial foundation with no basement windows; Composition roof

Interior

• Kitchen: Refrigerator; Range
• Flooring: Hardwood; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air (electric); Forced air heating (natural gas)
• Interior features: Refrigerator; Range
• Laundry & utility: Laundry on main floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $-50 ($-602/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (26.3% below list).
• Recommended offer: $109k (26.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#246 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Southeast Of Saline (rural): math 32% / reading 46% proficiency, ranked #30 of 169 in KS (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Southeast Saline Elem (math 32% / reading 52%, grade F, #273 of 684 statewide, top 45%, 352 students, 26% FRL); Southeast Saline High (math 32% / reading 37%, grade F, #32 of 327 statewide, top 13%, 339 students, 28% FRL).
• Market conditions: 8 active listings in the ZIP; 293 units permitted in Saline County in 2024 (186 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Saline County population projected to shrink 9% 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 $41k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $148k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,069 (26.3% 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 42 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.34×
• Total profit: $14,242
• Equity at exit: $66,188

10-year hold

• IRR: 8.9%
• Equity multiple: 2.34×
• Total profit: $55,553
• Equity at exit: $101,725

Cash invested: $41,440 (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 67448

• Home prices YoY: 1.7%
• Active inventory: 8
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,091 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$74 /mo · $889/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-50

Break-even live

Break-even rent $1,154

Max offer price $139,133

Occupancy floor 100%

Sensitivity live

Price	-10% $34	-5% $-8	+0% $-50	+5% $-92	+10% $-134
Rent	-10% $-136	-5% $-93	+0% $-50	+5% $-7	+10% $36
Rate	-1.0pp $24	-0.5pp $-13	base $-50	+0.5pp $-89	+1.0pp $-128

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $148,000 Active 42 DOM
2. 2026-06-21
   days on market $148,000 Active 41 DOM
3. 2026-06-19
   days on market $148,000 Active 39 DOM
4. 2026-06-18
   days on market $148,000 Active 38 DOM
5. 2026-06-17
   days on market $148,000 Active 37 DOM
6. 2026-06-16
   days on market $148,000 Active 36 DOM
7. 2026-06-15
   days on market $148,000 Active 35 DOM
8. 2026-06-14
   days on market $148,000 Active 33 DOM
9. 2026-06-12
   days on market $148,000 Active 32 DOM
10. 2026-06-09
    days on market $148,000 Active 29 DOM
11. 2026-06-08
    days on market $148,000 Active 28 DOM
12. 2026-06-07
    days on market $148,000 Active 27 DOM
13. 2026-06-05
    days on market $148,000 Active 24 DOM
14. 2026-06-02
    days on market $148,000 Active 22 DOM
15. 2026-06-01
    days on market $148,000 Active 21 DOM
16. 2026-05-31
    days on market $148,000 Active 20 DOM
17. 2026-05-30
    days on market $148,000 Active 19 DOM
18. 2026-05-08
    listed $148,000 Active
19. 2026-05-06
    historical
20. 2026-04-14
    listed $148,000 Active
21. 2018-12-06
    soldstatus $60,000
22. 2014-12-10
    soldstatus $28,400
23. 2002-05-01
    soldstatus $11,500

ⓘ 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: $889 · $74/mo
• Projected year-2 tax: $2,087 · $174/mo
• Expected delta: +$1,198/yr (+$100/mo · 134.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,088
• − Mortgage interest: −$8,290
• − Property taxes: −$889
• − Insurance: −$740
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$4,305
• Taxable loss: −$3,230
• Est. tax savings @ 24.0%: +$775
• After-tax cash flow: $173/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: Southeast Of Saline
• NCES district ID: 2000001
• Math proficiency: 32% ▬ 0.00%
• Reading proficiency: 46% ▲ 8.00%
• Median HH income: $60,069
• Composite: 34.57/100
• National rank: #5168
• State rank: #30 of 169 in KS

Livability — Gypsum

• Score: 67/100
• State rank: #246
• US rank: #10961

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gypsum, KS
• Population (ZIP): 1,123

Population outlook (Saline County) Hauer SSP2

• Today (2025): 55,099 people
• By 2030: 54,446 · -1.2%
• By 2040: 52,572 · -4.6%
• By 2050: 50,362 · -8.6%
• By 2075: 45,522 · -17.4%
• By 2100: 40,059 · -27.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 3% Slovak 3% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Saline

• 2024 margin: Solid R (+31.6) · D 33.3% · R 64.9% · Other 1.8%
• 2008→2024 swing: -5.3pp toward R · 2008: -26.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+30.5 2016: R+34.3 2012: R+32.2 2008: R+26.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.96%
• Current HPI: 178.4887
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+1187.0% since first listed

6 events — show timeline

• 2026-05-08 Listed $148,000 SCKMLS as Distributed by MLS Grid
• 2026-05-06 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2026-04-14 Listed $148,000 SCKMLS as Distributed by MLS Grid
• 2018-12-06 Sold (Public Records) $60,000 Public Records
• 2014-12-10 Sold (Public Records) $28,400 Public Records
• 2002-05-01 Sold (Public Records) $11,500 Public Records

Property tax history

+9.5%/yr

Latest (2025): $889 · +8.6% YoY. Source: county tax records.