308 N C St

Herington, KS 67449

$29,900B

2 bd · 1.0 ba · 940 sqft · Built 1950 · SingleFamily · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $886/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$38
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $505/mo
• Annual: $6,065/yr
• Cap rate: 26.58%
• Cash-on-cash: 72.45%
• DSCR: 4.22
• 1% rule: 2.96%
• Cash to close: $8,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($886 rent vs $30k).
• It's been on market 158 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• In year one you build about $265 of equity ($207 loan paydown + $58 appreciation (0.2% local appreciation)).
• Location reads 70/100 on livability (#170 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Herington (rural): math 28% / reading 33% proficiency, ranked #100 of 169 in KS (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Herington Elem (math 42% / reading 42%, grade F, #273 of 684 statewide, top 45%, 187 students, 74% FRL); Herington Middle Sch (math 22% / reading 27%, grade F, #110 of 219 statewide, top 55%, 112 students, 74% FRL); Herington High (math 5% / reading 15%, grade F, #289 of 327 statewide, top 93%, 151 students, 60% FRL) — zoned schools average 70% FRL vs 49% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $16k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

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 1950 — 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.