515 S Cottonwood St · Iola, KS 66749

$110,000

4 bd · 2.0 ba · 1,666 sqft · SingleFamily public records · 27 Days on market

Built 1905 0.69 ac lot Est $132k · 16% under

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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
• ARV discount +14.9/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

Key facts

• Large backyard
• Spacious lot
• 0.69 acre lot

Tags

• LARGE BACKYARD
• SPACIOUS LOT

Property features AI

Finance

• Other: Inside city limits
• HOA & community: No association fees

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; 2-story floor plan; Accessible approach with ramp
• Construction: Frame and other construction materials; Composition roof
• Exterior features: Deck; Wood fencing; Property located within city limits; Paved road access

Interior

• Kitchen: Kitchen with vinyl and wood flooring
• Bedrooms: 4 bedrooms (three located on the second floor)
• Flooring: Laminate flooring; Wood flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Other heating; Other cooling
• Interior features: Ceiling fans in multiple rooms; Formal dining area; Crawl space and other basement areas
• Laundry & utility: Upper level laundry; Utility room on the first floor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 6.1% in Iola — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#150 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.
• Iola (town): math 18% / reading 31% proficiency, ranked #140 of 169 in KS (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 62 active listings in the ZIP; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Allen County population projected at -21% 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.
• Current owner paid $18k; list at $110k implies a 511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.35% ✓
• Cap rate: 10.83%
• Cash-on-cash: 16.19%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $131,614
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 S Buckeye St	0.24mi	3/1.5 (-1)	1,680 (+1%)	13mo	$125,000	$74	70
523 S Oak St	0.13mi	3/1.5 (-1)	1,574 (-6%)	13mo	$162,000	$103	67
10 W Vine St	0.30mi	3/2.5 (-1)	1,780 (+7%)	10mo	$139,950	$79	59
221 South Elm S Elm St	0.29mi	3/2.0 (-1)	1,456 (-13%)	3mo	$129,500	$89	58
612 S Cottonwood St	0.06mi	3/1.0 (-1)	1,439 (-14%)	12mo	$50,000	$35	55
710 E Vine St	0.21mi	3/2.0 (-1)	1,428 (-14%)	10mo	$135,000	$95	53
206 S 4th St	0.49mi	4/2.0	1,911 (+15%)	1mo	$115,000	$60	52
106 & 110 S 4th St	0.51mi	4/1.0	1,708 (+2%)	20mo	$169,900	$99	51
414 S Elm St	0.18mi	3/2.0 (-1)	1,880 (+13%)	22mo	$131,500	$70	46
901 E Douglas St	0.70mi	3/2.0 (-1)	1,500 (-10%)	22mo	$183,000	$122	28
324 N 2nd St	0.69mi	3/1.0 (-1)	1,485 (-11%)	19mo	$79,947	$54	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 7.2%
• Equity multiple: 1.28×
• Total profit: $8,671
• Equity at exit: $16,401

10-year hold

• IRR: 16.5%
• Equity multiple: 2.35×
• Total profit: $41,730
• Equity at exit: $9,511

Cash invested: $30,800 (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 66749

• Home prices YoY: -32.6%
• Active inventory: 62
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,488 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $416

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 67%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $110,000 Active 27 DOM
2. 2026-06-17
   days on market $110,000 Active 26 DOM
3. 2026-06-16
   days on market $110,000 Active 25 DOM
4. 2026-06-15
   days on market $110,000 Active 24 DOM
5. 2026-06-13
   days on market $110,000 Active 22 DOM
6. 2026-06-12
   days on market $110,000 Active 21 DOM
7. 2026-06-09
   days on market $110,000 Active 18 DOM
8. 2026-06-08
   days on market $110,000 Active 17 DOM
9. 2026-06-07
   days on market $110,000 Active 16 DOM
10. 2026-06-05
    days on market $110,000 Active 14 DOM
11. 2026-06-04
    days on market $110,000 Active 12 DOM
12. 2026-06-02
    days on market $110,000 Active 11 DOM
13. 2026-06-01
    days on market $110,000 Active 10 DOM
14. 2026-05-31
    days on market $110,000 Active 9 DOM
15. 2026-05-31
    days on market $110,000 Active 8 DOM
16. 2026-05-22
    listed $110,000 Active
17. 2022-08-15
    soldstatus Closed 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

18. 2022-08-15
    soldstatus 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

19. 2022-07-11
    status Pending 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

20. 2022-07-06
    price $110,000 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

21. 2022-06-27
    listed $120,000 Active 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

22. 2022-06-27
    listed $110,000 391-char remark

    Show marketing remark (391 chars)

    So much charm in this beautiful traditional 2 story home. 4 bedrooms, 2 baths, with a huge fenced back yard! Bonuses such as hardwood floors and trim, stained glass windows, walk in closet/laundry room, and Armstrong HVAC unit. New roof will be put on by Boren's Roofing before closing. This is the perfect place to call home! This listing includes 3 lots: 513, 515, and 523 S Cottonwood St.

23. 1985-11-01
    soldstatus $18,000

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

Taxation est. · year 1

• Rental income: $17,861
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$3,200
• Taxable income: $3,441
• Est. tax owed @ 24.0%: −$826
• After-tax cash flow: $4,162/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: Iola
• NCES district ID: 2007740
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $38,749
• Composite: 20.52/100
• National rank: #8567
• State rank: #140 of 169 in KS

Livability — Iola

• Score: 71/100
• State rank: #150
• US rank: #7275

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iola, KS
• Population (ZIP): 7,452

Population outlook (Allen County) Hauer SSP2

• Today (2025): 11,885 people
• By 2030: 11,352 · -4.5%
• By 2040: 10,285 · -13.5%
• By 2050: 9,342 · -21.4%
• By 2075: 7,482 · -37.0%
• By 2100: 5,871 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 1% Pacific Islander 1%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+46.1) · D 25.8% · R 72.0% · Other 2.2%
• 2008→2024 swing: -22.9pp toward R · 2008: -23.3pp · 2024: -46.1pp
• All cycles: 2024: R+46.1 2020: R+44.4 2016: R+41.0 2012: R+27.2 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.20%
• Current HPI: 151.1778
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+511.1% since first listed

8 events — show timeline

• 2026-05-22 Listed $110,000 Heartland MLS as Distributed by MLS Grid
• 2022-08-15 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-08-15 Sold (MLS) — Heartland MLS as Distributed by MLS Grid
• 2022-07-11 Pending — Heartland MLS as Distributed by MLS Grid
• 2022-07-06 Price Changed $110,000 Heartland MLS as Distributed by MLS Grid
• 2022-06-27 Listed $110,000 Heartland MLS as Distributed by MLS Grid
• 2022-06-27 Listed $120,000 Heartland MLS as Distributed by MLS Grid
• 1985-11-01 Sold (Public Records) $18,000 Public Records