208 S Cedar St

Hillsboro, KS 67063

$92,000D+

3 bd · 2.0 ba · 1,141 sqft · Built 1956 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $954/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$207
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $64/mo
• Annual: $772/yr
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• 1% rule: 1.04%
• Cash to close: $25,760

Investor read

• This is a 3-bed/2.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $64 ($772/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($954 rent vs $92k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#26 in KS, #2,407 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities D, commute F.
• Durham-Hillsboro-Lehigh (town): math 47% / reading 45% proficiency, ranked #16 of 169 in KS (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillsboro Elem (math 52% / reading 52%, grade C-, #131 of 684 statewide, top 23%, 313 students, 49% FRL); Hillsboro Middle/High School (math 42% / reading 42%, grade F, #12 of 327 statewide, top 5%, 327 students, 36% FRL).
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 25 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 19y 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 $75k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: 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

• Built in 1956 — 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.
• 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.
• 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.