1013 W 12th St

Goodland, KS 67735-2325

$64,900B

3 bd · 2.0 ba · 2,165 sqft · Built 1965 · SingleFamily · Pending · 315 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,266/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $552/mo
• Annual: $6,624/yr
• Cap rate: 16.50%
• Cash-on-cash: 36.45%
• DSCR: 2.62
• 1% rule: 1.95%
• Cash to close: $18,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 315 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 75/100 on livability (#75 in KS, #4,359 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Goodland (town): math 29% / reading 26% proficiency, ranked #122 of 169 in KS (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Goodland Virtual School (1 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1 active listings in the ZIP.
• Sherman County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $52k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 315 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• 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.