204 S York Ave

Oberlin, KS 67749

$52,400B

4 bd · 3.0 ba · 1,256 sqft · Built 1921 · SingleFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,164/mo
• Mortgage (P&I): −$275
• Tax + insurance: −$87
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $557/mo
• Annual: $6,687/yr
• Cap rate: 19.05%
• Cash-on-cash: 45.57%
• DSCR: 3.03
• 1% rule: 2.22%
• Cash to close: $14,672

Investor read

• This is a 4-bed/3.0-bath single-family listed at $52k.
• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• It's been on market 98 days — a 9% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (9.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($362 loan paydown + $698 appreciation (1.3% local appreciation)).
• Location reads 68/100 on livability (#202 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, schools D+, amenities F.
• Oberlin (rural): math 30% / reading 40% proficiency, ranked #125 of 280 in KS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).
• Decatur County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $25k; list at $52k implies a 110% gain — meaningful room to come down on a strong offer.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1921 — 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.