321 Holiday Dr

Lansing, KS 66043

$207,000D

3 bd · 1.5 ba · 900 sqft · Built 1965 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,847/mo
• Mortgage (P&I): −$1,086
• Tax + insurance: −$316
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $58/mo
• Annual: $697/yr
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• 1% rule: 0.89%
• Cash to close: $57,960

Investor read

• This is a 3-bed/1.5-bath single-family listed at $207k.
• At list price, monthly cash flow is $58 ($697/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (10.8% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $185k (10.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#52 in KS, #3,637 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lansing (town): math 32% / reading 45% proficiency, ranked #25 of 169 in KS (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lansing Elementary School (math 42% / reading 37%, grade F, #321 of 684 statewide, top 52%, 762 students, 40% FRL); Lansing Middle 6-8 (math 29% / reading 46%, grade F, #35 of 219 statewide, top 16%, 635 students, 33% FRL); Lansing High 9-12 (math 23% / reading 36%, grade F, #60 of 327 statewide, top 24%, 870 students, 25% FRL).
• Market conditions: 53 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 347 units permitted in Leavenworth County in 2024 (50 in 5+ unit buildings).
• Leavenworth County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $54k; list at $207k implies a 280% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 3.5% in Lansing — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.