307 N Custer St

Delphos, KS 67436

$53,000B+

2 bd · 1.0 ba · 1,265 sqft · Built 1910 · SingleFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,033/mo
• Mortgage (P&I): −$278
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $445/mo
• Annual: $5,343/yr
• Cap rate: 16.37%
• Cash-on-cash: 36.00%
• DSCR: 2.60
• 1% rule: 1.95%
• Cash to close: $14,840

Investor read

• This is a 2-bed/1.0-bath single-family listed at $53k.
• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• It's been on market 56 days — a 3% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($366 loan paydown + $3k appreciation (4.8% local appreciation)).
• Location reads 71/100 on livability (#136 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• North Ottawa County (rural): math 34% / reading 34% proficiency, ranked #62 of 169 in KS (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Minneapolis Elementary (math 37% / reading 37%, grade F, #358 of 684 statewide, top 56%, 327 students, 51% FRL); Minneapolis Jr-Sr High School (math 27% / reading 32%, grade F, #60 of 327 statewide, top 24%, 302 students, 45% FRL) — zoned schools average 48% FRL vs 29% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 12 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $20k; list at $53k implies a 165% gain — meaningful room to come down on a strong offer.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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?
• 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.