721 W Cedar N/A · Fulton, KS 66738

$32,000

2 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 45 Days on market

Built 1920 0.94 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks

?? INVESTOR SPECIAL – Fulton, KS! ?? ?? Fixer Upper Opportunity ?? 721 W Cedar St, Fulton, KS ??? 2 Bedrooms ?? 1 Bathroom Great opportunity for investors or buyers looking to add their own finishing touches! This 2-bedroom, 1-bath home at 721 West Cedar Street in Fulton, KS is well on its way to being completed. The seller has already finished hanging most of the drywall, providing a solid head start on renovations. With the major prep work underway, this property is ready for your vision to bring it to life. Whether you’re looking for your next flip, rental, or affordable home project, this fixer-upper offers plenty of potential.

Key facts

• 0.94 acre lot
• Built 1920
• Listed 45 days

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Attached parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Bungalow style; One story (main-level living)
• Construction: Wood siding exterior; Composition roof; Approximately 101+ years old
• Exterior features: Property not in a flood plain; Lot approximately 40,900 sq ft

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Electric heating; Electric cooling (central)
• Interior features: Bungalow floor plan; Crawl space basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Recommended offer: $31k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#347 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D+, crime F.
• Fort Scott (town): math 19% / reading 28% proficiency, ranked #150 of 169 in KS (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 3 active listings in the ZIP; 5 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($221 loan paydown + $960 appreciation (3.0% local appreciation)).
• Bourbon County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $31,040 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.13% ✓
• Cap rate: 28.48%
• Cash-on-cash: 79.23%
• DSCR: 4.53
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 83.7%
• Equity multiple: 5.64×
• Total profit: $41,534
• Equity at exit: $14,389

10-year hold

• IRR: 83.2%
• Equity multiple: 11.61×
• Total profit: $95,061
• Equity at exit: $22,175

Cash invested: $8,960 (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 66738

• Active inventory: 3
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,001 medium
• Mortgage (P&I): −$168
• Tax from tax record: −$18 /mo · $215/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $592

Break-even live

Break-even rent $252

Max offer price $32,000

Occupancy floor 36%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $32,000 Active 45 DOM
2. 2026-06-17
   days on market $32,000 Active 44 DOM
3. 2026-06-16
   days on market $32,000 Active 43 DOM
4. 2026-06-15
   days on market $32,000 Active 42 DOM
5. 2026-06-13
   days on market $32,000 Active 40 DOM
6. 2026-06-12
   days on market $32,000 Active 39 DOM
7. 2026-06-09
   days on market $32,000 Active 36 DOM
8. 2026-06-08
   pricedays on market $32,000 Active 35 DOM
9. 2026-06-07
   days on market $35,000 Active 34 DOM
10. 2026-06-07
    days on market $35,000 Active 33 DOM
11. 2026-06-04
    days on market $35,000 Active 30 DOM
12. 2026-06-02
    days on market $35,000 Active 29 DOM
13. 2026-06-01
    days on market $35,000 Active 28 DOM
14. 2026-05-31
    days on market $35,000 Active 27 DOM
15. 2026-05-31
    days on market $35,000 Active 26 DOM
16. 2026-05-04
    listed $35,000 Active

ⓘ 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: $215 · $18/mo
• Projected year-2 tax: $451 · $38/mo
• Expected delta: +$236/yr (+$20/mo · 109.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,010
• − Mortgage interest: −$1,792
• − Property taxes: −$215
• − Insurance: −$160
• − Repairs & maintenance: −$961
• − Management: −$961
• − Depreciation: −$931
• Taxable income: $6,990
• Est. tax owed @ 24.0%: −$1,678
• After-tax cash flow: $5,421/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: Fort Scott
• NCES district ID: 2006180
• Math proficiency: 19% ▼ -3.00%
• Reading proficiency: 28% ▬ 0.00%
• Median HH income: $38,034
• Composite: 19.64/100
• National rank: #8741
• State rank: #150 of 169 in KS

Livability — Fulton

• Score: 63/100
• State rank: #347
• US rank: #15554

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: Fulton, KS
• Population (ZIP): 223

Population outlook (Bourbon County) Hauer SSP2

• Today (2025): 13,761 people
• By 2030: 13,139 · -4.5%
• By 2040: 11,920 · -13.4%
• By 2050: 10,892 · -20.8%
• By 2075: 8,645 · -37.2%
• By 2100: 6,751 · -50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 16%
• Common ancestry: Serbian 9% Lithuanian 4%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Bourbon

• 2024 margin: Solid R (+54.2) · D 22.0% · R 76.1% · Other 1.9%
• 2008→2024 swing: -26.9pp toward R · 2008: -27.2pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+52.0 2016: R+50.8 2012: R+33.9 2008: R+27.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-04 Listed $35,000 Heartland MLS as Distributed by MLS Grid

Property tax history

-6.4%/yr

Latest (2025): $215 · -28.4% YoY. Source: county tax records.