301 N Poplar St

Solomon, KS 67480

$117,000D

2 bd · 1.0 ba · 704 sqft · Built 1910 · SingleFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $882/mo
• Mortgage (P&I): −$614
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $-29/mo
• Annual: $-353/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• 1% rule: 0.75%
• Cash to close: $32,760

Investor read

• This is a 2-bed/1.0-bath single-family listed at $117k.
• At list price, monthly cash flow is $-29 ($-353/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (24.7% below list).
• It's been on market 129 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (24.7% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($809 loan paydown + $4k appreciation (3.5% local appreciation)).
• Location reads 72/100 on livability (#113 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Solomon (rural): math 35% / reading 30% proficiency, ranked #133 of 280 in KS (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Solomon Elem (math 37% / reading 32%, grade F, #388 of 684 statewide, top 61%, 278 students, 58% FRL); Solomon High (math 10% / reading 30%, grade F, #184 of 327 statewide, top 60%, 97 students, 44% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $12k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 129 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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?
• 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.