121 W 7th Ave · Garnett, KS 66032

$75,000

2 bd · 2.0 ba · 2,194 sqft · Condo public records · 3 Days on market

Built 1910

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.4/10.0

Key facts

• Lower level unit
• Eat in kitchen
• Upper level unit

Tags

• 2 STORY DUPLEX
• UPPER LEVEL UNIT
• SPACIOUS FAMILY ROOM
• EAT IN KITCHEN
• LOWER LEVEL UNIT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 12.0% vs local median 2.9% in Garnett — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#154 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D, amenities F.
• Garnett (rural): math 34% / reading 32% proficiency, ranked #85 of 169 in KS (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 34 active listings in the ZIP; 23 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Anderson County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $24k; list at $75k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.22%
• DSCR: 1.90
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.4%
• Equity multiple: 1.49×
• Total profit: $10,359
• Equity at exit: $11,183

10-year hold

• IRR: 21.3%
• Equity multiple: 2.81×
• Total profit: $37,955
• Equity at exit: $6,485

Cash invested: $21,000 (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 66032

• Home prices YoY: -2.6%
• Active inventory: 34
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,032 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$37 /mo · $442/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $354

Break-even live

Break-even rent $584

Max offer price $75,000

Occupancy floor 61%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-04-16
   status Pending
2. 2026-04-13
   listed $75,000 Active
3. 2001-08-01
   soldstatus $24,500
4. 1988-03-01
   soldstatus $15,000

ⓘ 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: $442 · $37/mo
• Projected year-2 tax: $1,058 · $88/mo
• Expected delta: +$616/yr (+$51/mo · 139.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥109°F today · 18 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: $12,382
• − Mortgage interest: −$4,201
• − Property taxes: −$442
• − Insurance: −$375
• − Repairs & maintenance: −$991
• − Management: −$991
• − Depreciation: −$2,182
• Taxable income: $3,201
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $3,477/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: Garnett
• NCES district ID: 2006450
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $41,150
• Composite: 27.86/100
• National rank: #6876
• State rank: #85 of 169 in KS

Livability — Garnett

• Score: 70/100
• State rank: #154
• US rank: #7405

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garnett, KS
• Population (ZIP): 5,133

Population outlook (Anderson County) Hauer SSP2

• Today (2025): 7,231 people
• By 2030: 6,890 · -4.7%
• By 2040: 6,171 · -14.7%
• By 2050: 5,446 · -24.7%
• By 2075: 4,078 · -43.6%
• By 2100: 2,817 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Polish 2% Serbian 1%
• Languages at home: 91% English-only · German/W. Germanic 7% Spanish 1%

Political lean MEDSL · Anderson

• 2024 margin: Solid R (+59.8) · D 19.3% · R 79.1% · Other 1.6%
• 2008→2024 swing: -27.0pp toward R · 2008: -32.7pp · 2024: -59.8pp
• All cycles: 2024: R+59.8 2020: R+56.7 2016: R+52.5 2012: R+40.0 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.17%
• Current HPI: 272.75
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+400.0% since first listed

4 events — show timeline

• 2026-04-16 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-13 Listed $75,000 Heartland MLS as Distributed by MLS Grid
• 2001-08-01 Sold (Public Records) $24,500 Public Records
• 1988-03-01 Sold (Public Records) $15,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $442 · -5.0% YoY. Source: county tax records.