1513 20th St

Belleville, KS 66935

$79,000C-

2 bd · 1.5 ba · 1,064 sqft · Built 1959 · SingleFamily · Pending · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $795/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $82/mo
• Annual: $985/yr
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $22,120

Investor read

• This is a 2-bed/1.5-bath single-family listed at $79k.
• At list price, monthly cash flow is $82 ($985/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $79k).
• It's been on market 163 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($546 loan paydown + $1k appreciation (1.6% local appreciation)).
• Location reads 75/100 on livability (#67 in KS, #4,020 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Republic County (rural): math 26% / reading 32% proficiency, ranked #115 of 169 in KS (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Belleville East Elementary (math 27% / reading 42%, grade F, #388 of 684 statewide, top 61%, 264 students, 58% FRL) — zoned schools average 58% FRL vs 36% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1 units permitted in Republic County in 2024 (0 in 5+ unit buildings).
• Republic County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $19k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $79k implies a 126% gain — meaningful room to come down on a strong offer.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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?
• 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.