800 Quail St

Plains, KS 67869

$35,000B

2 bd · 1.0 ba · 751 sqft · Built 1920 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $838/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $375/mo
• Annual: $4,503/yr
• Cap rate: 19.16%
• Cash-on-cash: 45.95%
• DSCR: 3.04
• 1% rule: 2.39%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $375 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($838 rent vs $35k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $36 of equity ($242 loan paydown + $-206 appreciation (-0.6% local appreciation)).
• Location reads 70/100 on livability (#158 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools F, amenities F, commute F.
• Kismet-Plains (rural): math 12% / reading 16% proficiency, ranked #166 of 169 in KS (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 5 units permitted in Meade County in 2024 (0 in 5+ unit buildings).
• Meade County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $10k; list at $35k implies a 250% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.