402 N Mcrae St · Gas, KS 66742

$59,000

4 bd · 2.0 ba · 2,128 sqft · SingleFamily · 210 Days on market

Built 1929 0.57 ac lot ↓ 25% since listing

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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
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Key facts

• Working fireplace
• Large corner lot
• Extra adjoining lot

Tags

• TWO STORY HOME
• WORKING FIREPLACE
• LARGE CORNER LOT
• EXTRA ADJOINING LOT
• ATTACHED 3 STALL GARAGE
• HOBBY OR WORK SPACE

Property features AI

Finance

• HOA & community: No association fees

Exterior

• Parking: Attached garage facing side; 3-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; 2 stories; Attached property; Fixer condition
• Construction: Asbestos, block, and frame construction; Composition roof
• Exterior features: Patio; Partial wood fencing; Corner city lot; Paved road access; Public road maintenance

Interior

• Kitchen: Dishwasher; Disposal; Freezer; Refrigerator; Electric range
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Electric cooling; Window unit(s)
• Interior features: Thermal windows; Storm doors; Enclosed porch; Formal living room; Main floor primary bedroom; Mud room; Sun room; Formal dining area; Fixer-up condition
• Laundry & utility: Washer; Laundry closet; Laundry located off the kitchen

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#401 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools 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: 1 active listings in the ZIP; 18 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($408 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.18% ✓
• Cap rate: 18.71%
• Cash-on-cash: 44.34%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $193,648
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 N Mcrae St	0.00mi	4/2.0	2,128 (0%)	1mo	$59,000	$28	100
401 N Taylor St	0.03mi	3/2.0 (-1)	1,886 (-11%)	16mo	$235,000	$125	62
604 W 1st St	0.35mi	5/4.0 (+1)	2,135 (+0%)	15mo	$195,000	$91	57

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: 49.7%
• Equity multiple: 3.78×
• Total profit: $46,004
• Equity at exit: $26,529

10-year hold

• IRR: 49.4%
• Equity multiple: 7.62×
• Total profit: $109,320
• Equity at exit: $40,884

Cash invested: $16,520 (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 66742

• Active inventory: 1
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,289 medium
• Mortgage (P&I): −$309
• Tax est. 1.5%: −$74 /mo · $885/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $610

Break-even live

Break-even rent $516

Max offer price $59,000

Occupancy floor 48%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-16
   status Pending
2. 2026-04-11
   price $59,000
3. 2026-01-15
   price $69,500
4. 2025-10-17
   listed $79,000 Active

ⓘ 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 4/10 Moderate 7 d/yr ≥107°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: $15,465
• − Mortgage interest: −$3,305
• − Property taxes: −$885
• − Insurance: −$295
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$1,716
• Taxable income: $6,790
• Est. tax owed @ 24.0%: −$1,630
• After-tax cash flow: $5,695/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 — Gas

• Score: 61/100
• State rank: #401
• US rank: #17701

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gas, KS
• City population: 31
• Population (ZIP): 31

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 13%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 19%

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: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-25.3% since first listed

4 events — show timeline

• 2026-05-16 Pending — Heartland MLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $59,000 Heartland MLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $69,500 Heartland MLS as Distributed by MLS Grid
• 2025-10-17 Listed $79,000 Heartland MLS as Distributed by MLS Grid