728 S Cherry St · Ottawa, KS 66067

$40,000

2 bd · 1.0 ba · 660 sqft · SingleFamily public records · 1 Days on market

Built 1945

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

FSBO: 728 S Cherry St, Ottawa, KS 66067 2 Bed 1 Bath | 660 sqft. | 0.26 Acre Lot Asking $40k | ARV $140k Kitchen fire was put out very quickly. Minimal damage. Full remodel. Good bones. Good AC unit.

Key facts

• Full remodel
• Built 1945

Tags

• FULL REMODEL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).

Location & tenants

• Location reads 72/100 on livability (#125 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• Ottawa (town): math 23% / reading 30% proficiency, ranked #128 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 106 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 85 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Franklin County population projected at -17% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 3.06% ✓
• Cap rate: 25.31%
• Cash-on-cash: 67.92%
• DSCR: 4.02
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 67.3%
• Equity multiple: 4.03×
• Total profit: $33,946
• Equity at exit: $5,964

10-year hold

• IRR: 71.5%
• Equity multiple: 8.30×
• Total profit: $81,765
• Equity at exit: $3,458

Cash invested: $11,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 66067

• Home prices YoY: -33.6%
• Active inventory: 106
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,225 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$107 /mo · $1,289/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $634

Break-even live

Break-even rent $423

Max offer price $40,000

Occupancy floor 43%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Canterbury Ct Ottawa, KS	1.0–4.0	1.0–1.5	929	$1,225	$1.32	23d	4	1.16mi

Listing history 2 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $40,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,289 · $107/mo
• Projected year-2 tax: $1,289 · $107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,700
• − Mortgage interest: −$2,241
• − Property taxes: −$1,289
• − Insurance: −$200
• − Repairs & maintenance: −$1,176
• − Management: −$1,176
• − Depreciation: −$1,164
• Taxable income: $7,455
• Est. tax owed @ 24.0%: −$1,789
• After-tax cash flow: $5,818/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ottawa
• NCES district ID: 2000015
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 30% ▲ 3.00%
• Median HH income: $46,080
• Composite: 22.9/100
• National rank: #8003
• State rank: #128 of 169 in KS

Livability — Ottawa

• Score: 72/100
• State rank: #125
• US rank: #6479

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottawa, KS
• City population: 16,146
• Population (ZIP): 16,146

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 24,777 people
• By 2030: 24,116 · -2.7%
• By 2040: 22,426 · -9.5%
• By 2050: 20,555 · -17.0%
• By 2075: 17,149 · -30.8%
• By 2100: 14,526 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+40.1) · D 28.9% · R 69.0% · Other 2.0%
• 2008→2024 swing: -17.6pp toward R · 2008: -22.5pp · 2024: -40.1pp
• All cycles: 2024: R+40.1 2020: R+38.4 2016: R+39.4 2012: R+30.4 2008: R+22.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.97%
• Current HPI: 309.5576
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $40,000 FSBO.com

Property tax history

+4.3%/yr

Latest (2025): $1,289 · +6.6% YoY. Source: county tax records.