205 N Vine St

Glen Elder, KS 67446

$129,000D

3 bd · 2.0 ba · 1,171 sqft · Built 1983 · SingleFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,059/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$206
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $-46/mo
• Annual: $-551/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• 1% rule: 0.82%
• Cash to close: $36,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $-46 ($-551/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (17.9% below list).
• It's been on market 27 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (17.9% below list) — sets the bar for 1% rule.
• In year one you build about $150 of equity ($892 loan paydown + $-742 appreciation (-0.6% local appreciation)).
• Location reads 63/100 on livability (#326 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime F, amenities F.
• Waconda (rural): math 45% / reading 50% proficiency, ranked #24 of 280 in KS (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeside Elementary (math 64% / reading 54%, grade B-, #70 of 684 statewide, top 12%, 159 students, 57% FRL); Lakeside Junior/Senior High School (math 27% / reading 37%, grade F, #50 of 327 statewide, top 16%, 134 students, 50% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 3 active listings in the ZIP.
• Mitchell County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $24k; list at $129k implies a 449% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.