202 Grasshopper Rd

Winchester, KS 66097

$105,000C+

3 bd · 1.0 ba · 1,008 sqft · Built 1980 · SingleFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,040/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $54/mo
• Annual: $642/yr
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• 1% rule: 0.99%
• Cash to close: $29,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $54 ($642/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (1.0% below list).
• It's been on market 84 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($726 loan paydown + $8k appreciation (7.3% local appreciation)).
• Location reads 70/100 on livability (#169 in KS) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Jefferson County North (rural): math 42% / reading 44% proficiency, ranked #34 of 280 in KS (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson County North Elem/Middle (math 37% / reading 32%, grade F, #388 of 684 statewide, top 61%, 325 students, 34% FRL); Jefferson Co North High (math 30% / reading 50%, grade F, #20 of 327 statewide, top 6%, 115 students, 35% FRL).
• Market conditions: 5 active listings in the ZIP; 61 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $73k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.