1013 Commercial St

Atchison, KS 66002

$25,000D

1 bd · 1.0 ba · 680 sqft · Built 1930 · SingleFamily · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$31
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $908/mo
• Annual: $10,895/yr
• Cap rate: 49.87%
• Cash-on-cash: 155.64%
• DSCR: 7.93
• 1% rule: 5.42%
• Cash to close: $7,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $25k.
• At list price, monthly cash flow is $908 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 158 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#268 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, amenities F, commute F.
• Atchison Public Schools (town): math 18% / reading 25% proficiency, ranked #154 of 169 in KS (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Atchison Elementary School (math 21% / reading 29%, grade F, #537 of 684 statewide, top 79%, 703 students, 68% FRL); Atchison Middle School (math 18% / reading 21%, grade F, #152 of 219 statewide, top 72%, 313 students, 65% FRL); Atchison High School (math 12% / reading 22%, grade F, #235 of 327 statewide, top 74%, 429 students, 56% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 79 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 12 units permitted in Atchison County in 2024 (0 in 5+ unit buildings).
• Atchison County population projected at -14% 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 49.9% vs local median 6.7% in Atchison — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.