109 W 22nd St

Pittsburg, KS 66762

$50,000B+

1 bd · 1.0 ba · 816 sqft · Built 1930 · SingleFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $757/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$159
• Net cashflow: $261/mo
• Annual: $3,130/yr
• Cap rate: 12.55%
• Cash-on-cash: 22.36%
• DSCR: 1.99
• 1% rule: 1.51%
• Cash to close: $14,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($757 rent vs $50k).
• It's been on market 28 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#270 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.
• Pittsburg (town): math 29% / reading 31% proficiency, ranked #111 of 169 in KS (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pittsburg Middle School (math 28% / reading 26%, grade F, #94 of 219 statewide, top 44%, 720 students, 67% FRL); Pittsburg High (math 27% / reading 32%, grade F, #60 of 327 statewide, top 24%, 1,017 students, 60% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+13.8%/yr); 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 65 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $50k implies a 140% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $14k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.6% vs local median 5.4% in Pittsburg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 18% of the median local income ($51k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1930 — 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.
• 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?
• 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.