514- 514.5 Eshelman St · McPherson, KS 67460

$165,000

4 bd · 2.0 ba · 1,184 sqft · MultiFamily public records · 17 Days on market

Built 1958

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Local amenities
• Functional layout
• Built 1958

Tags

• BLOCK FROM MCPHERSON COLLEGE
• EASY ACCESS TO CAMPUS
• LOCAL AMENITIES
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Financial info: Reported actual rent for a unit: $675
• HOA & community: No association amenities

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property — duplex; Above-grade finished area combined ~1,184
• Construction: Frame construction with metal siding
• Exterior features: Composition roof; Lot approximately 10,653 square feet

Interior

• Kitchen: Electric oven; Refrigerator
• Flooring: Carpet; Vinyl
• Heating & cooling: Zoned heating; Central air conditioning; Electric cooling; Ceiling fans; Multiple cooling units
• Interior features: Appliances include electric oven, refrigerator, and gas water heater; Crawl space basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#12 in KS, #1,567 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools C-, commute F.
• Mcpherson (town): math 25% / reading 32% proficiency, ranked #103 of 169 in KS (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 149 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 102 units permitted in McPherson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• McPherson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $62k; list at $165k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $162,525 (1.5% below list)

Questions for the listing agent

1. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.38%
• DSCR: 1.46
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,307
• Equity at exit: $24,602

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $31,567
• Equity at exit: $14,266

Cash invested: $46,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67460

• Active inventory: 149
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $1,861 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$137 /mo · $1,640/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $400

Break-even live

Break-even rent $1,355

Max offer price $165,000

Occupancy floor 74%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,860
Total (2 units)			$1,861

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1909 Millers Ln Unit 434 McPherson, KS	3.0	2.0	1153	$1,000	$0.87	23d	1	0.20mi
1323 Eastlinks Ct McPherson, KS	3.0	2.0	1350	$2,500	$1.85	23d	1	0.92mi
507 E Northview Ave McPherson, KS	1.0–3.0	1.0–2.0	900	$1,165	$1.29	14d	5	1.47mi

Listing history 12 events

1. 2026-06-19
   days on market $165,000 Active 17 DOM
2. 2026-06-18
   days on market $165,000 Active 16 DOM
3. 2026-06-17
   days on market $165,000 Active 15 DOM
4. 2026-06-16
   days on market $165,000 Active 14 DOM
5. 2026-06-15
   days on market $165,000 Active 13 DOM
6. 2026-06-14
   days on market $165,000 Active 11 DOM
7. 2026-06-12
   days on market $165,000 Active 10 DOM
8. 2026-06-09
   days on market $165,000 Active 7 DOM
9. 2026-06-08
   days on market $165,000 Active 6 DOM
10. 2026-06-07
    days on market $165,000 Active 5 DOM
11. 2026-06-05
    days on market $165,000 Active 3 DOM
12. 2026-06-03
    listed $165,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,640 · $137/mo
• Projected year-2 tax: $2,326 · $194/mo
• Expected delta: +$687/yr (+$57/mo · 41.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,332
• − Mortgage interest: −$9,243
• − Property taxes: −$1,640
• − Insurance: −$825
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$4,800
• Taxable income: $2,251
• Est. tax owed @ 24.0%: −$540
• After-tax cash flow: $4,254/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mcpherson
• NCES district ID: 2009390
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 32% ▲ 1.00%
• Median HH income: $54,750
• Composite: 25.39/100
• National rank: #7468
• State rank: #103 of 169 in KS

Livability — McPherson

• Score: 81/100
• State rank: #12
• US rank: #1567

Category grades

Amenities A+ Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McPherson, KS
• County: McPherson County · 16,348 people
• City population: 16,348
• Metro: McPherson, KS
• Population (ZIP): 16,348
• Household income: $80,720
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 492.0

Population outlook (McPherson County) Hauer SSP2

• Today (2025): 28,958 people
• By 2030: 28,735 · -0.8%
• By 2040: 28,020 · -3.2%
• By 2050: 27,276 · -5.8%
• By 2075: 26,211 · -9.5%
• By 2100: 23,976 · -17.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Iranian 3% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · McPherson

• 2024 margin: Solid R (+41.1) · D 28.5% · R 69.6% · Other 1.9%
• 2008→2024 swing: -5.8pp toward R · 2008: -35.3pp · 2024: -41.1pp
• All cycles: 2024: R+41.1 2020: R+40.3 2016: R+42.0 2012: R+41.6 2008: R+35.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -216.18%
• Current HPI: 155.3302
• Rent YoY: —
• Metro: McPherson, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+294.7% since first listed

7 events — show timeline

• 2026-06-02 Listed $165,000 MKMLS as distributed by MLS GRID
• 2024-04-28 Rental Removed $850 BUILDIUM
• 2024-03-29 Listed for Rent $850 BUILDIUM
• 2022-03-25 Price Changed $650 BUILDIUM
• 2009-10-01 Sold (Public Records) $62,500 Public Records
• 2003-10-01 Sold (Public Records) $48,000 Public Records
• 2001-01-01 Sold (Public Records) $41,800 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,640 · +2.7% YoY. Source: county tax records.