317 E Wagner St

Dexter, KS 67038

$75,000B

3 bd · 2.0 ba · 1,440 sqft · Built 1978 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,114/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $351/mo
• Annual: $4,216/yr
• Cap rate: 11.91%
• Cash-on-cash: 20.08%
• DSCR: 1.89
• 1% rule: 1.49%
• Cash to close: $21,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $75k.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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).
• Cowley County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1978 — 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.
• 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?
• 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.