315 S 3rd St · Iola, KS 66749

$40,000

2 bd · 1.0 ba · 1,079 sqft · SingleFamily public records · 3 Days on market

Built 1900 6,000 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Key facts

• 6,000 sq ft lot
• Built 1900
• Listed 3 days

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Off-street parking; Other parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Bungalow style
• Construction: Vinyl siding exterior; Composition roof; About 101+ years old
• Exterior features: Lot size approximately 6,000 square feet

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Crawl space basement; Bungalow floor plan

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 24.3% vs local median 5.8% in Iola — 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 71/100 on livability (#150 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities F.
• Iola (town): math 18% / reading 31% proficiency, ranked #140 of 169 in KS (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 63 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Allen County population projected at -21% 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 $11k cash investment doubles in ~2 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 $18k; list at $40k implies a 129% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1900 — 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 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?
4. 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?
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: 2.77% ✓
• Cap rate: 24.30%
• Cash-on-cash: 64.30%
• DSCR: 3.86
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $98,189
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
324 S Oak St	0.28mi	2/1.0	1,030 (-4%)	13mo	$89,500	$87	69
120 N 3rd St	0.31mi	2/1.0	1,104 (+2%)	20mo	$45,000	$41	65
311 S Sycamore St	0.51mi	3/1.0 (+1)	1,002 (-7%)	2mo	$94,500	$94	58
622 S Jefferson Ave	0.65mi	2/1.0	1,080 (+0%)	16mo	$89,900	$83	56
421 N Kentucky St	0.56mi	3/1.0 (+1)	1,040 (-4%)	11mo	$95,000	$91	54
320 South St	0.66mi	2/1.0	1,097 (+2%)	15mo	$89,000	$81	54
427 N Vermont St	0.63mi	3/1.0 (+1)	1,008 (-7%)	2mo	$110,000	$109	53
423 N Ohio St	0.56mi	3/1.0 (+1)	1,008 (-7%)	9mo	$125,000	$124	50
409 S Buckeye St	0.45mi	1/1.0 (-1)	956 (-11%)	8mo	$84,500	$88	48
502 N 4th St	0.57mi	3/1.0 (+1)	1,181 (+10%)	9mo	$39,900	$34	45
518 N Second St	0.62mi	3/2.0 (+1)	1,000 (-7%)	8mo	$169,000	$169	43
408 Kansas Dr	0.60mi	3/1.0 (+1)	1,008 (-7%)	20mo	$105,000	$104	39

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

Projected returns pro-forma

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

5-year hold

• IRR: 63.4%
• Equity multiple: 3.84×
• Total profit: $31,760
• Equity at exit: $5,964

10-year hold

• IRR: 67.9%
• Equity multiple: 7.87×
• Total profit: $76,944
• Equity at exit: $3,458

Cash invested: $11,200 (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 66749

• Home prices YoY: -32.6%
• Active inventory: 63
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,110 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $600

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 41%

Sensitivity live

Price	-10% $628	-5% $614	+0% $600	+5% $586	+10% $573
Rent	-10% $513	-5% $556	+0% $600	+5% $644	+10% $688
Rate	-1.0pp $620	-0.5pp $610	base $600	+0.5pp $590	+1.0pp $579

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 1/2 N Jefferson Ave Iola, KS	1.0	1.0	750	$1,100	$1.47	44d	1	0.60mi
17 E Madison Ave Iola, KS	1.0	1.0	700	$1,300	$1.86	44d	1	0.61mi
820 N Walnut St Iola, KS	2.0	1.0	950	$875	$0.92	44d	1	1.08mi

Listing history 2 events

1. 2026-06-21
   days on market $40,000 Active 3 DOM
2. 2026-06-18
   listed $40,000 Active 1 DOM

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $13,315
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,065
• − Management: −$1,065
• − Depreciation: −$1,164
• Taxable income: $6,981
• Est. tax owed @ 24.0%: −$1,675
• After-tax cash flow: $5,527/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: Iola
• NCES district ID: 2007740
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $38,749
• Composite: 20.52/100
• National rank: #8567
• State rank: #140 of 169 in KS

Livability — Iola

• Score: 71/100
• State rank: #150
• US rank: #7275

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iola, KS
• Population (ZIP): 7,452

Population outlook (Allen County) Hauer SSP2

• Today (2025): 11,885 people
• By 2030: 11,352 · -4.5%
• By 2040: 10,285 · -13.5%
• By 2050: 9,342 · -21.4%
• By 2075: 7,482 · -37.0%
• By 2100: 5,871 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 4% Two or more races 4% Black 3% Native American 1% Pacific Islander 1%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+46.1) · D 25.8% · R 72.0% · Other 2.2%
• 2008→2024 swing: -22.9pp toward R · 2008: -23.3pp · 2024: -46.1pp
• All cycles: 2024: R+46.1 2020: R+44.4 2016: R+41.0 2012: R+27.2 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.20%
• Current HPI: 151.1778
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+142.4% since first listed

4 events — show timeline

• 2026-06-17 Listed $40,000 Heartland MLS as Distributed by MLS Grid
• 2024-08-27 Sold (Public Records) — Public Records
• 2002-03-01 Sold (Public Records) $17,500 Public Records
• 1998-05-01 Sold (Public Records) $16,500 Public Records