315 S Somerset St · Norwich, KS 67118

$119,000

2 bd · 1.0 ba · 1,078 sqft · SingleFamily public records · 17 Days on market

Built 1920 0.32 ac lot

---

Why this score? — see what drove the D 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 +13.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• DSCR +4.0/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Key facts

• 0.32 acre lot
• 2 garage spots
• Built 1920

Property features AI

Exterior

• Parking: 2-car garage; RV access/parking
• Utilities: Public sewer available
• Home design: Single-family onsite-built home; One-story
• Construction: Composition roof; Cellar foundation
• Exterior features: Patio; Wood fencing

Interior

• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: Cellar basement; Storm windows
• Laundry & utility: Main floor laundry; 220-volt equipment outlet for laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $1 ($8/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 $96k (19.5% below list).
• Recommended offer: $96k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#302 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Kingman-Norwich (town): math 22% / reading 30% proficiency, ranked #129 of 169 in KS (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Norwich Elementary School (math 47% / reading 42%, grade F, #228 of 684 statewide, top 38%, 135 students, 45% FRL); Norwich Middle School (math 34% / reading 34%, grade F, #49 of 219 statewide, top 24%, 46 students, 28% FRL); Norwich High (math 10% / reading 30%, grade F, #184 of 327 statewide, top 60%, 73 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 8 active listings in the ZIP; 52 units permitted in Kingman County in 2024 (30 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($823 loan paydown + $2k appreciation (1.4% local appreciation)).
• Kingman County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $26k; list at $119k implies a 349% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,753 (19.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.13×
• Total profit: $4,327
• Equity at exit: $42,844

10-year hold

• IRR: 6.8%
• Equity multiple: 1.86×
• Total profit: $28,668
• Equity at exit: $58,693

Cash invested: $33,320 (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 67118

• Home prices YoY: 0.6%
• Active inventory: 8
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $958 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$82 /mo · $986/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $1

Break-even live

Break-even rent $957

Max offer price $119,000

Occupancy floor 95%

Sensitivity live

Price	-10% $68	-5% $34	+0% $1	+5% $-33	+10% $-67
Rent	-10% $-75	-5% $-37	+0% $1	+5% $38	+10% $76
Rate	-1.0pp $61	-0.5pp $31	base $1	+0.5pp $-30	+1.0pp $-62

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-14
   status Pending
2. 2026-04-27
   listed $119,000 Active
3. 2009-06-26
   historical
4. 2008-03-25
   listed $33,900
5. 1995-02-01
   soldstatus $26,500
6. 1985-11-01
   soldstatus $27,500

ⓘ 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: $986 · $82/mo
• Projected year-2 tax: $1,678 · $140/mo
• Expected delta: +$692/yr (+$58/mo · 70.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,490
• − Mortgage interest: −$6,666
• − Property taxes: −$986
• − Insurance: −$595
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$3,462
• Taxable loss: −$2,057
• Est. tax savings @ 24.0%: +$494
• After-tax cash flow: $501/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: Kingman-Norwich
• NCES district ID: 2008070
• Math proficiency: 22% ▬ 0.00%
• Reading proficiency: 30% ▲ 1.00%
• Median HH income: $48,914
• Composite: 22.76/100
• National rank: #8028
• State rank: #129 of 169 in KS

Livability — Norwich

• Score: 65/100
• State rank: #302
• US rank: #13319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, KS
• Population (ZIP): 856

Population outlook (Kingman County) Hauer SSP2

• Today (2025): 7,491 people
• By 2030: 7,380 · -1.5%
• By 2040: 7,090 · -5.4%
• By 2050: 6,736 · -10.1%
• By 2075: 6,400 · -14.6%
• By 2100: 6,125 · -18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 4% Iranian 2% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Kingman

• 2024 margin: Solid R (+59.9) · D 19.1% · R 79.0% · Other 1.9%
• 2008→2024 swing: -15.2pp toward R · 2008: -44.8pp · 2024: -59.9pp
• All cycles: 2024: R+59.9 2020: R+60.0 2016: R+58.3 2012: R+51.3 2008: R+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.36%
• Current HPI: 224.8903
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+332.7% since first listed

6 events — show timeline

• 2026-05-14 Pending — SCKMLS as Distributed by MLS Grid
• 2026-04-27 Listed $119,000 SCKMLS as Distributed by MLS Grid
• 2009-06-26 Listing Removed — SCKMLS as Distributed by MLS Grid
• 2008-03-25 Listed $33,900 SCKMLS as Distributed by MLS Grid
• 1995-02-01 Sold (Public Records) $26,500 Public Records
• 1985-11-01 Sold (Public Records) $27,500 Public Records

Property tax history

+0.6%/yr

Latest (2025): $986 · +3.8% YoY. Source: county tax records.