102 N West St

Powhattan, KS 66527

$55,000B

2 bd · 1.0 ba · 1,440 sqft · Built 1917 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,105/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $462/mo
• Annual: $5,543/yr
• Cap rate: 16.37%
• Cash-on-cash: 36.00%
• DSCR: 2.60
• 1% rule: 2.01%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $55k.
• At list price, monthly cash flow is $462 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 38 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#460 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment D-.
• South Brown County (rural): math 28% / reading 26% proficiency, ranked #132 of 169 in KS (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Horton Elem (math 42% / reading 32%, grade F, #358 of 684 statewide, top 56%, 211 students, 60% FRL); Everest Middle (math 27% / reading 27%, grade F, #94 of 219 statewide, top 44%, 174 students, 58% FRL); Horton High (math 15% / reading 15%, grade F, #249 of 327 statewide, top 79%, 163 students, 59% FRL) — zoned schools at 59% FRL track the district average.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 2 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -12% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1917 — 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.
• 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.