515 S Madison St · Junction City, KS 66441

$75,000

1 bd · 1.0 ba · 432 sqft · SingleFamily · 167 Days on market

Built 1952 Fair condition 4,356 sqft lot

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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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1 bedroom, 1 bathroom single-family home located at 515 S Madison offers an affordable entry point for investors looking to add a cash-flowing property to their portfolio. The home is currently tenant-occupied at $525/month, providing immediate rental income from day one. Situated on a shared lot, this property will require a lot split, creating an excellent opportunity for buyers to add value through subdivision and future resale or redevelopment. With strong rental demand in the area and low operating costs, this property is well-suited for investors seeking steady income with upside potential. Whether you’re a seasoned investor or looking for your next rental, this property presents a unique chance to secure an income-producing home with room to grow.

Key facts

• Lot split
• Strong rental demand
• Low operating costs

Tags

• CASH-FLOWING PROPERTY
• IMMEDIATE RENTAL INCOME
• LOT SPLIT
• STRONG RENTAL DEMAND
• LOW OPERATING COSTS
• INCOME-PRODUCING HOME

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($952 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#266 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Geary County Schools (town): math 32% / reading 39% proficiency, ranked #60 of 169 in KS (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 262 active listings in the ZIP; 93 units permitted in Geary County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Geary County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.37%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.05% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.27×
• Total profit: $5,772
• Equity at exit: $11,183

10-year hold

• IRR: 18.7%
• Equity multiple: 2.78×
• Total profit: $37,426
• Equity at exit: $6,485

Cash invested: $21,000 (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 66441

• Rents YoY: 6.0%
• Active inventory: 262
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $952 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $234

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 70%

Sensitivity live

Price	-10% $286	-5% $260	+0% $234	+5% $208	+10% $182
Rent	-10% $159	-5% $196	+0% $234	+5% $272	+10% $309
Rate	-1.0pp $272	-0.5pp $253	base $234	+0.5pp $215	+1.0pp $195

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $75,000 Active 167 DOM
2. 2026-06-19
   days on market $75,000 Active 165 DOM
3. 2026-06-18
   days on market $75,000 Active 164 DOM
4. 2026-06-17
   days on market $75,000 Active 163 DOM
5. 2026-06-16
   days on market $75,000 Active 162 DOM
6. 2026-06-15
   days on market $75,000 Active 161 DOM
7. 2026-06-14
   days on market $75,000 Active 159 DOM
8. 2026-06-13
   days on market $75,000 Active 158 DOM
9. 2026-06-10
   days on market $75,000 Active 156 DOM
10. 2026-06-09
    days on market $75,000 Active 155 DOM
11. 2026-06-08
    days on market $75,000 Active 154 DOM
12. 2026-06-07
    days on market $75,000 Active 153 DOM
13. 2026-06-02
    days on market $75,000 Active 148 DOM
14. 2026-06-01
    days on market $75,000 Active 147 DOM
15. 2026-05-31
    days on market $75,000 Active 146 DOM
16. 2026-05-30
    days on market $75,000 Active 145 DOM
17. 2025-09-17
    listed $75,000 Active 775-char remark

    Show marketing remark (775 chars)

    This 1 bedroom, 1 bathroom single-family home located at 515 S Madison offers an affordable entry point for investors looking to add a cash-flowing property to their portfolio. The home is currently tenant-occupied at $525/month, providing immediate rental income from day one. Situated on a shared lot, this property will require a lot split, creating an excellent opportunity for buyers to add value through subdivision and future resale or redevelopment. With strong rental demand in the area and low operating costs, this property is well-suited for investors seeking steady income with upside potential. Whether you’re a seasoned investor or looking for your next rental, this property presents a unique chance to secure an income-producing home with room to grow.

18. 2023-11-21
    historical 236-char remark

    Show marketing remark (236 chars)

    Investor Special, this 2 bedroom 1 bath home is currently rented out to a long time tenant. They pay $450 per month. Other investment property available from same landlord. Call/text Staci Schroeder at 785-223-1308 for more information.

19. 2023-10-01
    historical $500
20. 2023-09-22
    listed $500
21. 2022-11-24
    historical
22. 2018-11-16
    listed $40,000 236-char remark

    Show marketing remark (236 chars)

    Investor Special, this 2 bedroom 1 bath home is currently rented out to a long time tenant. They pay $450 per month. Other investment property available from same landlord. Call/text Staci Schroeder at 785-223-1308 for more information.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,427
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$914
• − Management: −$914
• − Depreciation: −$2,182
• Taxable income: $1,715
• Est. tax owed @ 24.0%: −$412
• After-tax cash flow: $2,396/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.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab

This single-family home requires moderate renovations to improve its condition and increase its value for resale or rental.

Repairs flagged

• Major kitchen appliances — need replacement for functionality
• Major bathroom fixtures — need replacement for functionality
• Moderate exterior siding — showing wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet — improves comfort and reduces maintenance
• Both update kitchen appliances — increases functionality and appeal
• Both update bathroom fixtures — enhances functionality and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · need replacement for functionality	Major	$15,000–50,000
bathroom fixtures · need replacement for functionality	Major	$15,000–50,000
exterior siding · showing wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet — improves comfort and reduces maintenance ↑
• Both update kitchen appliances — increases functionality and appeal ↑
• Both update bathroom fixtures — enhances functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Geary County Schools
• NCES district ID: 2007890
• Math proficiency: 32% ▲ 1.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $44,319
• Composite: 30.2/100
• National rank: #6306
• State rank: #60 of 169 in KS

Livability — Junction City

• Score: 66/100
• State rank: #266
• US rank: #11965

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Junction City, KS
• County: Geary County · 25,828 people
• City population: 25,828
• Metro: Manhattan, KS
• Population (ZIP): 25,828
• Household income: $59,522
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 950.0

Population outlook (Geary County) Hauer SSP2

• Today (2025): 37,364 people
• By 2030: 38,234 · +2.3%
• By 2040: 39,727 · +6.3%
• By 2050: 40,314 · +7.9%
• By 2075: 44,283 · +18.5%
• By 2100: 46,935 · +25.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 53% Black 19% Two or more races 15% Hispanic / Latino 15% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4%
• Common ancestry: Lithuanian 3% Italian 2% Portuguese 2%
• Foreign-born: 8% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 9% German/W. Germanic 1% Korean 1%

Political lean MEDSL · Geary

• 2024 margin: R (+17.6) · D 40.1% · R 57.7% · Other 2.2%
• 2008→2024 swing: -5.2pp toward R · 2008: -12.4pp · 2024: -17.6pp
• All cycles: 2024: R+17.6 2020: R+14.7 2016: R+21.7 2012: R+14.4 2008: R+12.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -152.25%
• Current HPI: 137.9936
• Rent YoY: ▲ 6.05%
• Metro: Manhattan, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+87.5% since first listed

6 events — show timeline

• 2025-09-17 Listed $75,000 FHAOR as distributed by MLS GRID
• 2023-11-21 Delisted — FHAOR as distributed by MLS GRID
• 2023-10-01 Rental Removed $500 APPFOLIO
• 2023-09-22 Listed for Rent $500 APPFOLIO
• 2022-11-24 Rental Removed — APPFOLIO
• 2018-11-16 Listed $40,000 FHAOR as distributed by MLS GRID