316 W 3rd St · Erie, KS 66733

$60,000

2 bd · 1.0 ba · 928 sqft · SingleFamily public records · 21 Days on market

Built 1925 7,500 sqft lot Est $70k · 14% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +13.7/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Appreciation +7.5/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Key facts

• Guest accommodations
• Central heat and air
• Two separate homes

Tags

• TWO SEPARATE HOMES
• RENTAL INCOME
• GUEST ACCOMMODATIONS
• DETACHED GARAGE
• FREESTANDING GAS HEATER
• CENTRAL HEAT AND AIR

Property features AI

Finance

• Other: Directions: from hwy 169 & hwy 39 - go east on 39 (W Cherry St), right on N Plummer Ave, left on W 3rd St
• HOA & community: No association fees

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; Frame construction; Composition roof
• Construction: Frame construction; Composition roof; About 101 years old
• Exterior features: 50 x 150 lot (7,500 square feet); Not in a flood plain

Interior

• Kitchen: Refrigerator; Free-standing electric oven
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Other heating; Window unit(s) for cooling
• Interior features: Crawl space basement; Other floor plan features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($873 rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#144 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Erie-Galesburg (rural): math 28% / reading 29% proficiency, ranked #116 of 169 in KS (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 18 units permitted in Neosho County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($415 loan paydown + $3k appreciation (5.0% local appreciation)).
• Neosho County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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. 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?
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.65%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $69,600
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 W 2nd St	0.07mi	2/1.0	976 (+5%)	17mo	$79,500	$81	74
422 S Webster St	0.14mi	2/1.0	1,032 (+11%)	15mo	$76,000	$74	62
122 S Butler St	0.29mi	2/1.0	816 (-12%)	20mo	$61,000	$75	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.86×
• Total profit: $31,222
• Equity at exit: $33,848

10-year hold

• IRR: 28.6%
• Equity multiple: 5.72×
• Total profit: $79,339
• Equity at exit: $58,291

Cash invested: $16,800 (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 66733

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $873 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $275

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 63%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-07
   status $60,000 Pending 21 DOM
2. 2026-06-05
   days on market $60,000 Active 21 DOM
3. 2026-06-04
   days on market $60,000 Active 19 DOM
4. 2026-06-02
   days on market $60,000 Active 18 DOM
5. 2026-06-01
   days on market $60,000 Active 17 DOM
6. 2026-05-31
   days on market $60,000 Active 16 DOM
7. 2026-05-31
   days on market $60,000 Active 15 DOM
8. 2026-05-15
   listed $60,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $10,478
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$838
• − Management: −$838
• − Depreciation: −$1,745
• Taxable income: $2,495
• Est. tax owed @ 24.0%: −$599
• After-tax cash flow: $2,703/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: Erie-Galesburg
• NCES district ID: 2006000
• Math proficiency: 28% ▲ 7.00%
• Reading proficiency: 29% ▲ 5.00%
• Median HH income: $43,185
• Composite: 24.31/100
• National rank: #7708
• State rank: #116 of 169 in KS

Livability — Erie

• Score: 71/100
• State rank: #144
• US rank: #7005

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Erie, KS
• Population (ZIP): 1,966

Population outlook (Neosho County) Hauer SSP2

• Today (2025): 15,851 people
• By 2030: 15,452 · -2.5%
• By 2040: 14,642 · -7.6%
• By 2050: 13,836 · -12.7%
• By 2075: 11,782 · -25.7%
• By 2100: 9,024 · -43.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Black 5% Hispanic / Latino 2%
• Common ancestry: Iranian 4% Italian 4% Serbian 3%
• Foreign-born: 1% · China
• Languages at home: 98% English-only · Chinese 1% Spanish 1%

Political lean MEDSL · Neosho

• 2024 margin: Solid R (+48.1) · D 25.0% · R 73.1% · Other 1.9%
• 2008→2024 swing: -21.6pp toward R · 2008: -26.6pp · 2024: -48.1pp
• All cycles: 2024: R+48.1 2020: R+46.3 2016: R+46.8 2012: R+34.3 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.96%
• Current HPI: 186.4277
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-15 Listed $60,000 Heartland MLS as Distributed by MLS Grid