1620 Polk St

Great Bend, KS 67530

$109,900D

3 bd · 2.0 ba · 1,062 sqft · Built 1940 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,038/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $2/mo
• Annual: $18/yr
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• 1% rule: 0.94%
• Cash to close: $30,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $2 ($18/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 (5.6% below list).
• It's been on market 18 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (5.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#138 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Great Bend (town): math 25% / reading 30% proficiency, ranked #124 of 169 in KS (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Eisenhower Elem (math 22% / reading 37%, grade F, #463 of 684 statewide, top 73%, 316 students, 72% FRL); Great Bend Middle School (math 19% / reading 27%, grade F, #125 of 219 statewide, top 59%, 460 students, 68% FRL); Great Bend High School (math 17% / reading 22%, grade F, #216 of 327 statewide, top 70%, 913 students, 58% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 153 active listings in the ZIP; 19 units permitted in Barton County in 2024 (0 in 5+ unit buildings).
• Barton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $55k; list at $110k implies a 100% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1940 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.