317 E Wagner St · Dexter, KS 67038

$75,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 1 Days on market

Built 1978 0.79 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Large deck
• Wood stove
• Laundry room

Tags

• LARGE DECK
• WOOD STOVE
• BONUS ROOM
• LAUNDRY ROOM
• COVERED PATIO AREA
• GARDEN STORAGE SHEDS

Property features AI

Exterior

• Utilities: Public water; Sewer available; Natural gas available
• Home design: Single-family offsite-built home
• Construction: Composition roof; No basement; No foundation details listed
• Exterior features: Covered patio/porch; On one level; Storage structure

Interior

• Kitchen: Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Wall/window cooling units
• Interior features: Wood burning stove; Skylight(s)
• Laundry & utility: Main floor laundry in a separate room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).

Location & tenants

• Location reads 63/100 on livability (#352 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: employment C-, crime F, amenities F.
• Dexter (rural): math 40% / reading 40% proficiency, ranked #61 of 280 in KS (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dexter Elem (math 44% / reading 54%, grade D, #165 of 684 statewide, top 28%, 129 students, 56% FRL); Dexter High (math 37% / reading 42%, grade F, #21 of 327 statewide, top 7%, 153 students, 40% FRL).
• Market conditions: 2 active listings in the ZIP; 41 units permitted in Cowley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (3.0% local appreciation)).
• Cowley County population projected to shrink 7% 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y ago 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 $24k; list at $75k implies a 219% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.49% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.08%
• DSCR: 1.89
• GRM: 5.6

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: 26.4%
• Equity multiple: 2.50×
• Total profit: $31,433
• Equity at exit: $33,723

10-year hold

• IRR: 27.1%
• Equity multiple: 4.84×
• Total profit: $80,585
• Equity at exit: $51,972

Cash invested: $21,000 (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 67038

• Active inventory: 2
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,114 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$104 /mo · $1,251/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $351

Break-even live

Break-even rent $669

Max offer price $75,000

Occupancy floor 63%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-06-17
   listed $75,000 Active 1 DOM

ⓘ 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: $1,251 · $104/mo
• Projected year-2 tax: $1,251 · $104/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥109°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,369
• − Mortgage interest: −$4,201
• − Property taxes: −$1,251
• − Insurance: −$375
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$2,182
• Taxable income: $3,221
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $3,443/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: Dexter
• NCES district ID: 2005520
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $49,414
• Composite: 36.87/100
• National rank: #9144
• State rank: #61 of 280 in KS

Livability — Dexter

• Score: 63/100
• State rank: #352
• US rank: #15920

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dexter, KS
• Population (ZIP): 699

Population outlook (Cowley County) Hauer SSP2

• Today (2025): 34,984 people
• By 2030: 34,410 · -1.6%
• By 2040: 33,265 · -4.9%
• By 2050: 32,421 · -7.3%
• By 2075: 31,488 · -10.0%
• By 2100: 30,276 · -13.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7%
• Common ancestry: Portuguese 2% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Cowley

• 2024 margin: Solid R (+40.3) · D 29.0% · R 69.3% · Other 1.7%
• 2008→2024 swing: -15.1pp toward R · 2008: -25.2pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+37.9 2016: R+37.6 2012: R+29.8 2008: R+25.2

Not yet ingested

• Civics: —

Market trends

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

Price history

+200.0% since first listed

3 events — show timeline

• 2026-06-12 Listed $75,000 SCKMLS as Distributed by MLS Grid
• 2002-07-01 Sold (Public Records) $23,500 Public Records
• 2001-06-19 Listed $25,000 SCKMLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2025): $1,251 · +15.7% YoY. Source: county tax records.