506 N 4th St

Atwood, KS 67730

$40,000B+

4 bd · 2.0 ba · 1,575 sqft · Built 1952 · SingleFamily · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $705/mo
• Annual: $8,455/yr
• Cap rate: 27.43%
• Cash-on-cash: 75.49%
• DSCR: 4.36
• 1% rule: 3.10%
• Cash to close: $11,200

Investor read

• This is a 4-bed/2.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 91 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($277 loan paydown + $1k appreciation (3.1% local appreciation)).
• Location reads 77/100 on livability (#37 in KS, #2,949 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities D-, commute F.
• Rawlins County (rural): math 32% / reading 44% proficiency, ranked #95 of 280 in KS (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 2 units permitted in Rawlins County in 2024 (0 in 5+ unit buildings).
• Rawlins County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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.
• 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.