406 W Burns · Norwich, KS 67118

$149,999

4 bd · 2.0 ba · 1,642 sqft · SingleFamily public records · 6 Days on market

Built 1904 0.60 ac lot

---

Why this score? — see what drove the D 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 +12.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• DSCR +3.9/10.0
• 1% rule +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Key facts

• 0.6 acre lot
• 2 garage spots
• Built 1904

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Public water; Sewer available; Natural gas available
• Home design: Single-family onsite-built home
• Construction: Composition roof; Full daylight foundation
• Exterior features: One level; Full daylight foundation; Composition roof

Interior

• Kitchen: Refrigerator; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central electric air conditioning
• Interior features: Unfinished basement
• Laundry & utility: Main-floor laundry in a separate room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-11 ($-135/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (14.4% below list).
• Recommended offer: $128k (14.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#302 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Kingman-Norwich (town): math 22% / reading 30% proficiency, ranked #129 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kingman Elementary School (math 22% / reading 27%, grade F, #540 of 684 statewide, top 82%, 349 students, 59% FRL); Kingman Middle School (math 8% / reading 17%, grade F, #192 of 219 statewide, top 88%, 94 students, 54% FRL); Kingman High (math 15% / reading 24%, grade F, #198 of 327 statewide, top 66%, 203 students, 44% FRL) — zoned schools average 53% FRL vs 37% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 8 active listings in the ZIP; 52 units permitted in Kingman County in 2024 (30 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.4% local appreciation)).
• Kingman County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $25k; list at $150k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,415 (14.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.2%
• Equity multiple: 1.11×
• Total profit: $4,732
• Equity at exit: $54,005

10-year hold

• IRR: 6.5%
• Equity multiple: 1.83×
• Total profit: $34,706
• Equity at exit: $73,982

Cash invested: $42,000 (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 67118

• Home prices YoY: 0.6%
• Active inventory: 8
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,284 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$177 /mo · $2,119/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-11

Break-even live

Break-even rent $1,298

Max offer price $148,015

Occupancy floor 96%

Sensitivity live

Price	-10% $74	-5% $31	+0% $-11	+5% $-54	+10% $-96
Rent	-10% $-113	-5% $-62	+0% $-11	+5% $39	+10% $90
Rate	-1.0pp $64	-0.5pp $27	base $-11	+0.5pp $-50	+1.0pp $-90

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-04
   status Pending
2. 2026-04-29
   price $149,999
3. 2026-04-26
   listed $165,000 Active
4. 1985-10-01
   soldstatus $25,000

ⓘ 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: $2,119 · $177/mo
• Projected year-2 tax: $2,119 · $177/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 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,410
• − Mortgage interest: −$8,402
• − Property taxes: −$2,119
• − Insurance: −$750
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$4,364
• Taxable loss: −$2,691
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $511/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: Kingman-Norwich
• NCES district ID: 2008070
• Math proficiency: 22% ▬ 0.00%
• Reading proficiency: 30% ▲ 1.00%
• Median HH income: $48,914
• Composite: 22.76/100
• National rank: #8028
• State rank: #129 of 169 in KS

Livability — Norwich

• Score: 65/100
• State rank: #302
• US rank: #13319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, KS
• Population (ZIP): 856

Population outlook (Kingman County) Hauer SSP2

• Today (2025): 7,491 people
• By 2030: 7,380 · -1.5%
• By 2040: 7,090 · -5.4%
• By 2050: 6,736 · -10.1%
• By 2075: 6,400 · -14.6%
• By 2100: 6,125 · -18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 4% Iranian 2% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Kingman

• 2024 margin: Solid R (+59.9) · D 19.1% · R 79.0% · Other 1.9%
• 2008→2024 swing: -15.2pp toward R · 2008: -44.8pp · 2024: -59.9pp
• All cycles: 2024: R+59.9 2020: R+60.0 2016: R+58.3 2012: R+51.3 2008: R+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.36%
• Current HPI: 224.8903
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+500.0% since first listed

4 events — show timeline

• 2026-05-04 Pending — SCKMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $149,999 SCKMLS as Distributed by MLS Grid
• 2026-04-26 Listed $165,000 SCKMLS as Distributed by MLS Grid
• 1985-10-01 Sold (Public Records) $25,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,119 · +4.6% YoY. Source: county tax records.