215 E Cherokee St

Sedan, KS 67361

$29,000D+

4 bd · 2.0 ba · 1,608 sqft · Built 1975 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,226/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $768/mo
• Annual: $9,215/yr
• Cap rate: 38.07%
• Cash-on-cash: 113.49%
• DSCR: 6.05
• 1% rule: 4.23%
• Cash to close: $8,120

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $29k.
• At list price, monthly cash flow is $768 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• It's been on market 39 days — a 3% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($200 loan paydown + $870 appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#328 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Chautauqua County Community (rural): math 25% / reading 25% proficiency, ranked #236 of 280 in KS (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 active listings in the ZIP.
• Chautauqua County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $4k; list at $29k implies a 582% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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 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?
• 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?
• 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.
• 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.