621 William St

Effingham, KS 66023

$79,000B-

2 bd · 2.0 ba · 1,116 sqft · Built 1975 · SingleFamily · Pending · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$169
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $190/mo
• Annual: $2,278/yr
• Cap rate: 9.18%
• Cash-on-cash: 10.30%
• DSCR: 1.46
• 1% rule: 1.24%
• Cash to close: $22,120

Investor read

• This is a 2-bed/2.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $79k).
• It's been on market 191 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 $5k of equity ($546 loan paydown + $5k appreciation (5.9% local appreciation)).
• Location reads 65/100 on livability (#299 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, amenities F.
• Atchison County Community Schools (rural): math 24% / reading 36% proficiency, ranked #97 of 169 in KS (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Atchison County Community Elementary School (math 37% / reading 57%, grade D-, #200 of 684 statewide, top 33%, 246 students, 39% FRL); Atchison County Community Jr/Sr High (math 12% / reading 17%, grade F, #267 of 327 statewide, top 84%, 264 students, 47% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 9 active listings in the ZIP; 12 units permitted in Atchison County in 2024 (0 in 5+ unit buildings).
• Atchison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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?
• 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.