318 12th St

Ogden, KS 66517

$65,000B+

2 bd · 1.0 ba · 854 sqft · Built 1920 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $985/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $340/mo
• Annual: $4,081/yr
• Cap rate: 12.57%
• Cash-on-cash: 22.42%
• DSCR: 2.00
• 1% rule: 1.52%
• Cash to close: $18,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $65k).
• It's been on market 73 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($449 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#301 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Manhattan-Ogden (urban): math 39% / reading 46% proficiency, ranked #26 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ogden Elem (math 42% / reading 44%, grade F, #269 of 684 statewide, top 39%, 134 students, 69% FRL); Susan B Anthony Middle School (math 36% / reading 44%, grade F, #25 of 219 statewide, top 12%, 747 students, 30% FRL); Manhattan High School West/East Campus (math 30% / reading 38%, grade F, #45 of 327 statewide, top 14%, 1,954 students, 35% FRL) — zoned schools average 45% FRL vs 29% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 132 units permitted in Riley County in 2024 (35 in 5+ unit buildings).
• Riley County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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 $35k; list at $65k implies a 86% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.