406 S Maple St

McPherson, KS 67460

$73,000B-

4 bd · 1.5 ba · 2,448 sqft · Built 1887 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,493/mo
• Mortgage (P&I): −$383
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $675/mo
• Annual: $8,102/yr
• Cap rate: 17.39%
• Cash-on-cash: 39.64%
• DSCR: 2.76
• 1% rule: 2.04%
• Cash to close: $20,440

Investor read

• This is a 4-bed/1.5-bath single-family listed at $73k.
• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• It's been on market 64 days — a 6% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $505 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#12 in KS, #1,567 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Mcpherson (town): math 25% / reading 32% proficiency, ranked #103 of 169 in KS (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Roosevelt Elem (math 27% / reading 42%, grade F, #388 of 684 statewide, top 61%, 266 students, 65% FRL); Mcpherson Middle School (math 21% / reading 27%, grade F, #121 of 219 statewide, top 56%, 492 students, 42% FRL); Mcpherson High (math 22% / reading 22%, grade F, #165 of 327 statewide, top 55%, 709 students, 36% FRL) — zoned schools average 48% FRL vs 32% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 149 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 102 units permitted in McPherson County in 2024 (0 in 5+ unit buildings).
• McPherson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1887 — 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.
• 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.