505 W 5th St

Woodbine, KS 67492

$72,500B-

2 bd · 1.5 ba · 866 sqft · Built 1920 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $857/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $203/mo
• Annual: $2,431/yr
• Cap rate: 9.65%
• Cash-on-cash: 11.97%
• DSCR: 1.53
• 1% rule: 1.18%
• Cash to close: $20,300

Investor read

• This is a 2-bed/1.5-bath single-family listed at $72k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($857 rent vs $72k).
• It's been on market 21 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($501 loan paydown + $1k appreciation (2.0% local appreciation)).
• Location reads 59/100 on livability (#458 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools F.
• Rural Vista (rural): math 30% / reading 30% proficiency, ranked #160 of 280 in KS (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $32k; list at $72k implies a 130% gain — meaningful room to come down on a strong offer.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — 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.