104 Morton

Elkhart, KS 67950

$54,900B+

4 bd · 2.0 ba · 1,136 sqft · Built 1947 · SingleFamily · Pending · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $448/mo
• Annual: $5,373/yr
• Cap rate: 16.08%
• Cash-on-cash: 34.95%
• DSCR: 2.56
• 1% rule: 1.91%
• Cash to close: $15,372

Investor read

• This is a 4-bed/2.0-bath single-family listed at $55k.
• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 110 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($380 loan paydown + $2k appreciation (4.2% local appreciation)).
• Location reads 72/100 on livability (#116 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment D+, amenities F, commute F.
• Elkhart (rural): math 25% / reading 42% proficiency, ranked #80 of 169 in KS (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elkhart Elem (math 17% / reading 34%, grade F, #535 of 684 statewide, top 78%, 155 students, 66% FRL); Elkhart Middle School (math 17% / reading 27%, grade F, #134 of 219 statewide, top 63%, 120 students, 60% FRL); Elkhart High (math 10% / reading 10%, grade F, #289 of 327 statewide, top 93%, 112 students, 46% FRL) — zoned schools average 57% FRL vs 34% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 19% at this address vs 34% district-wide (-14 pts) — the specific schools serving this property underperform the Elkhart average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP.
• Morton County population projected at -40% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.