2615 21st St

Great Bend, KS 67530

$99,000C+

3 bd · 2.0 ba · 1,848 sqft · Built 1930 · SingleFamily · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,223/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $280/mo
• Annual: $3,361/yr
• Cap rate: 9.69%
• Cash-on-cash: 12.13%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $27,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 178 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#138 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Great Bend (town): math 25% / reading 30% proficiency, ranked #124 of 169 in KS (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Jefferson Elem (math 42% / reading 42%, grade F, #273 of 684 statewide, top 45%, 301 students, 49% FRL); Great Bend Middle School (math 19% / reading 27%, grade F, #125 of 219 statewide, top 59%, 460 students, 68% FRL); Great Bend High School (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 913 students, 58% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 153 active listings in the ZIP; 19 units permitted in Barton County in 2024 (0 in 5+ unit buildings).
• Barton County population projected at -13% 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 $28k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 178 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 F-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.