300 E 6th St

Washington, KS 66968

$139,000D

4 bd · 2.0 ba · 2,426 sqft · Built 1910 · SingleFamily · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,210/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $-10/mo
• Annual: $-121/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $38,920

Investor read

• This is a 4-bed/2.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $-10 ($-121/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (13.0% below list).
• It's been on market 168 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (13.0% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($961 loan paydown + $933 appreciation (0.7% local appreciation)).
• Location reads 68/100 on livability (#223 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.
• Washington County Schools (rural): math 25% / reading 30% proficiency, ranked #201 of 280 in KS (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Washington Elementary (math 32% / reading 32%, grade F, #423 of 684 statewide, top 66%, 206 students, 52% FRL); Washington County High School (math 17% / reading 27%, grade F, #165 of 327 statewide, top 55%, 164 students, 49% FRL) — zoned schools average 51% FRL vs 34% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.

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?
• It's been on market 168 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?