324 W 15th St

Horton, KS 66439

$60,000C+

1 bd · 1.0 ba · 770 sqft · Built 1920 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $825/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $264/mo
• Annual: $3,167/yr
• Cap rate: 11.57%
• Cash-on-cash: 18.85%
• DSCR: 1.84
• 1% rule: 1.38%
• Cash to close: $16,800

Investor read

• This is a 1-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($825 rent vs $60k).
• It's been on market 28 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $25 of equity ($415 loan paydown + $-390 appreciation (-0.7% local appreciation)).
• Location reads 69/100 on livability (#177 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.
• 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 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.
• 5 sale attempts since 5y 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 $4k; list at $60k implies a 1400% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1920 — 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.