212 W Ave B

Chase, KS 67524

$53,900B

2 bd · 1.0 ba · 720 sqft · Built 1900 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $819/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $274/mo
• Annual: $3,292/yr
• Cap rate: 12.40%
• Cash-on-cash: 21.81%
• DSCR: 1.97
• 1% rule: 1.52%
• Cash to close: $15,092

Investor read

• This is a 2-bed/1.0-bath single-family listed at $54k.
• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($819 rent vs $54k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($373 loan paydown + $3k appreciation (5.4% local appreciation)).
• Location reads 66/100 on livability (#265 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Chase-Raymond (rural): math 10% / reading 15% proficiency, ranked #279 of 280 in KS (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 13 units permitted in Rice County in 2024 (0 in 5+ unit buildings).
• Rice County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.