514 S Main St

Ellinwood, KS 67526

$42,500B+

2 bd · 1.0 ba · 576 sqft · Built 1948 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $792/mo
• Mortgage (P&I): −$223
• Tax + insurance: −$501
• HOA: −$0
• Vac / Maint / Mgmt: −$166
• Net cashflow: $-98/mo
• Annual: $-1,179/yr
• Cap rate: 15.56%
• Cash-on-cash: 33.10%
• DSCR: 2.47
• 1% rule: 1.86%
• Cash to close: $11,900

Investor read

• This is a 2-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $25k (40.9% below list).
• Meets the 1% rule at list price ($792 rent vs $42k).
• It's been on market 17 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (40.9% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($294 loan paydown + $2k appreciation (5.7% local appreciation)).
• Location reads 71/100 on livability (#135 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Ellinwood Public Schools (rural): math 30% / reading 31% proficiency, ranked #93 of 169 in KS (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ellinwood Elem (math 37% / reading 42%, grade F, #321 of 684 statewide, top 52%, 232 students, 46% FRL); Ellinwood Middle School (math 27% / reading 17%, grade F, #134 of 219 statewide, top 63%, 76 students, 32% FRL); Ellinwood High (math 5% / reading 24%, grade F, #260 of 327 statewide, top 81%, 154 students, 42% FRL).
• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 19 units permitted in Barton County in 2024 (0 in 5+ unit buildings).
• Barton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 21y 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 $9k; list at $42k implies a 352% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.