228 E 5th St · Chapman, KS 67431

$74,900

2 bd · 1.0 ba · 826 sqft · SingleFamily public records · 168 Days on market

Built 1900 7,405 sqft lot

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Why this score? — see what drove the B- 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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Appreciation +6.4/10.0
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Large backyard
• Bonus room
• Minutes from abilene

Tags

• BONUS ROOM
• LARGE BACKYARD
• MINUTES FROM FORT RILEY
• MINUTES FROM MANHATTAN
• MINUTES FROM ABILENE

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Wood siding construction
• Exterior features: No fencing; Outbuilding on the property; Gravel road access

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s); Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#69 in KS, #4,090 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Chapman (rural): math 29% / reading 37% proficiency, ranked #73 of 169 in KS (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($518 loan paydown + $2k appreciation (2.7% local appreciation)).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $75k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.15% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.34%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 1.87×
• Total profit: $18,326
• Equity at exit: $32,499

10-year hold

• IRR: 17.4%
• Equity multiple: 3.48×
• Total profit: $52,088
• Equity at exit: $49,187

Cash invested: $20,972 (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 67431

• Home prices YoY: 1.6%
• Active inventory: 23
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $861 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$93 /mo · $1,120/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $163

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 76%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $74,900 Active 168 DOM
2. 2026-06-18
   days on market $74,900 Active 167 DOM
3. 2026-06-17
   days on market $74,900 Active 166 DOM
4. 2026-06-16
   days on market $74,900 Active 165 DOM
5. 2026-06-15
   days on market $74,900 Active 164 DOM
6. 2026-06-14
   days on market $74,900 Active 162 DOM
7. 2026-06-13
   days on market $74,900 Active 161 DOM
8. 2026-06-10
   days on market $74,900 Active 159 DOM
9. 2026-06-09
   days on market $74,900 Active 158 DOM
10. 2026-06-09
    price $74,900 Active 157 DOM
11. 2026-06-08
    days on market $79,900 Active 157 DOM
12. 2026-06-07
    days on market $79,900 Active 156 DOM
13. 2026-06-05
    days on market $79,900 Active 153 DOM
14. 2026-06-03
    days on market $79,900 Active 152 DOM
15. 2026-06-02
    days on market $79,900 Active 151 DOM
16. 2026-06-01
    days on market $79,900 Active 150 DOM
17. 2026-05-31
    days on market $79,900 Active 149 DOM
18. 2026-05-30
    days on market $79,900 Active 148 DOM
19. 2026-04-12
    price $79,900
20. 2026-03-26
    price $74,900
21. 2026-01-02
    listed $79,000 Active
22. 2004-08-01
    soldstatus $35,750
23. 2004-04-01
    soldstatus $23,500

ⓘ 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: $1,120 · $93/mo
• Projected year-2 tax: $1,120 · $93/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,338
• − Mortgage interest: −$4,196
• − Property taxes: −$1,120
• − Insurance: −$374
• − Repairs & maintenance: −$827
• − Management: −$827
• − Depreciation: −$2,179
• Taxable income: $815
• Est. tax owed @ 24.0%: −$196
• After-tax cash flow: $1,764/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: Chapman
• NCES district ID: 2004620
• Math proficiency: 29% ▼ -11.00%
• Reading proficiency: 37% ▼ -5.00%
• Median HH income: $48,961
• Composite: 28.56/100
• National rank: #6726
• State rank: #73 of 169 in KS

Livability — Chapman

• Score: 75/100
• State rank: #69
• US rank: #4090

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chapman, KS
• Population (ZIP): 1,963

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 18,727 people
• By 2030: 18,312 · -2.2%
• By 2040: 17,433 · -6.9%
• By 2050: 16,493 · -11.9%
• By 2075: 14,441 · -22.9%
• By 2100: 11,707 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 7% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Vietnam
• Languages at home: 98% English-only · Vietnamese 2% Spanish 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+55.0) · D 21.8% · R 76.7% · Other 1.5%
• 2008→2024 swing: -12.8pp toward R · 2008: -42.2pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+54.1 2016: R+54.0 2012: R+47.7 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.72%
• Current HPI: 176.8864
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+240.0% since first listed

5 events — show timeline

• 2026-04-12 Price Changed $79,900 FHAOR as distributed by MLS GRID
• 2026-03-26 Price Changed $74,900 FHAOR as distributed by MLS GRID
• 2026-01-02 Listed $79,000 FHAOR as distributed by MLS GRID
• 2004-08-01 Sold (Public Records) $35,750 Public Records
• 2004-04-01 Sold (Public Records) $23,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,120 · +5.7% YoY. Source: county tax records.