302 First St

Americus, KS 66835

$159,900F

3 bd · 2.0 ba · 960 sqft · Built 1973 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,001/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$259
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $-307/mo
• Annual: $-3,680/yr
• Cap rate: 3.99%
• Cash-on-cash: -8.22%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $-307 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (33.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (37.4% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $100k (37.4% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.2% local appreciation)).
• Location reads 70/100 on livability (#173 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• North Lyon County (rural): math 25% / reading 35% proficiency, ranked #155 of 280 in KS (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nlc Elementary School (math 27% / reading 37%, grade F, #423 of 684 statewide, top 66%, 216 students, 40% FRL); Northern Heights (math 15% / reading 24%, grade F, #198 of 327 statewide, top 66%, 124 students, 38% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 9 active listings in the ZIP; 33 units permitted in Lyon County in 2024 (0 in 5+ unit buildings).
• Lyon County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $105k; list at $160k implies a 52% gain — meaningful room to come down on a strong offer.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• Built in 1973 — 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 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?
• 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?
• 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?
• 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.