505 N Walnut St · McPherson, KS 67460

$130,000

3 bd · 1.5 ba · 1,348 sqft · SingleFamily public records · 73 Days on market

Built 1929 6,970 sqft lot

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under contract do not show.

Key facts

• 6,970 sq ft lot
• 2 parking spots
• Built 1929

Property features AI

Finance

• Other: $0.16 acre lot size noted

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Frame construction; Composition roof; Above-grade and below-grade finished living areas
• Exterior features: Covered patio/porch; Chain link fencing; Shed(s) on the property; Paved road access

Interior

• Kitchen: Electric range; Disposal
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Electric heating; Central electric air conditioning
• Interior features: Disposal; Gas water heater; Partial basement; Basement laundry on lower level
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.

Location & tenants

• 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: 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).
• Market conditions: 149 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 102 units permitted in McPherson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• McPherson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $122,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.60%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-6,385
• Equity at exit: $19,383

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $13,316
• Equity at exit: $11,240

Cash invested: $36,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67460

• Active inventory: 149
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,367 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$113 /mo · $1,359/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $231

Break-even live

Break-even rent $1,075

Max offer price $130,000

Occupancy floor 78%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Laurel Ct McPherson, KS	3.0	2.0	1596	$1,475	$0.92	14d	1	1.14mi
507 E Northview Ave McPherson, KS	1.0–3.0	1.0–2.0	900	$1,165	$1.29	14d	5	1.36mi

Listing history 22 events

1. 2026-06-19
   days on market $130,000 Active 73 DOM
2. 2026-06-18
   days on market $130,000 Active 72 DOM
3. 2026-06-17
   days on market $130,000 Active 71 DOM
4. 2026-06-16
   days on market $130,000 Active 70 DOM
5. 2026-06-15
   days on market $130,000 Active 69 DOM
6. 2026-06-14
   days on market $130,000 Active 67 DOM
7. 2026-06-12
   days on market $130,000 Active 66 DOM
8. 2026-06-09
   days on market $130,000 Active 63 DOM
9. 2026-06-08
   days on market $130,000 Active 62 DOM
10. 2026-06-07
    days on market $130,000 Active 61 DOM
11. 2026-06-05
    pricedays on market $130,000 Active 59 DOM
12. 2026-06-04
    days on market $135,000 Active 57 DOM
13. 2026-06-02
    days on market $135,000 Active 56 DOM
14. 2026-06-01
    days on market $135,000 Active 55 DOM
15. 2026-05-31
    days on market $135,000 Active 54 DOM
16. 2026-05-31
    days on market $135,000 Active 53 DOM
17. 2026-04-25
    price $135,000
18. 2026-04-07
    listed $139,900 Active
19. 2022-06-10
    soldstatus 27-char remark

    Show marketing remark (27 chars)

    Under contract do not show.

20. 2022-05-06
    listed $36,000 27-char remark

    Show marketing remark (27 chars)

    Under contract do not show.

21. 2018-03-14
    soldstatus 378-char remark

    Show marketing remark (378 chars)

    Take a look at this 3 bedroom bungalow with several major upgrades in 2010 including roof, heat & air, siding, electrical, insulation, windows, and hot water heater! Home also includes an unfinished basement. Back yard features a deck, a fenced-in yard, a 2-car carport off of the alley, and a shed! Ready for someone to make this home theirs! Call today for a viewing!

22. 2017-12-22
    listed $73,000 378-char remark

    Show marketing remark (378 chars)

    Take a look at this 3 bedroom bungalow with several major upgrades in 2010 including roof, heat & air, siding, electrical, insulation, windows, and hot water heater! Home also includes an unfinished basement. Back yard features a deck, a fenced-in yard, a 2-car carport off of the alley, and a shed! Ready for someone to make this home theirs! Call today for a viewing!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $1,359 · $113/mo
• Projected year-2 tax: $1,833 · $153/mo
• Expected delta: +$474/yr (+$40/mo · 34.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,401
• − Mortgage interest: −$7,282
• − Property taxes: −$1,359
• − Insurance: −$650
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$3,782
• Taxable income: $705
• Est. tax owed @ 24.0%: −$169
• After-tax cash flow: $2,599/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mcpherson
• NCES district ID: 2009390
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 32% ▲ 1.00%
• Median HH income: $54,750
• Composite: 25.39/100
• National rank: #7468
• State rank: #103 of 169 in KS

Livability — McPherson

• Score: 81/100
• State rank: #12
• US rank: #1567

Category grades

Amenities A+ Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McPherson, KS
• County: McPherson County · 16,348 people
• City population: 16,348
• Metro: McPherson, KS
• Population (ZIP): 16,348
• Household income: $80,720
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 492.0

Population outlook (McPherson County) Hauer SSP2

• Today (2025): 28,958 people
• By 2030: 28,735 · -0.8%
• By 2040: 28,020 · -3.2%
• By 2050: 27,276 · -5.8%
• By 2075: 26,211 · -9.5%
• By 2100: 23,976 · -17.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Iranian 3% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · McPherson

• 2024 margin: Solid R (+41.1) · D 28.5% · R 69.6% · Other 1.9%
• 2008→2024 swing: -5.8pp toward R · 2008: -35.3pp · 2024: -41.1pp
• All cycles: 2024: R+41.1 2020: R+40.3 2016: R+42.0 2012: R+41.6 2008: R+35.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -216.18%
• Current HPI: 155.3302
• Rent YoY: —
• Metro: McPherson, KS
• State GDP YoY: —
• F500 in state: 0

Price history

+84.9% since first listed

6 events — show timeline

• 2026-04-25 Price Changed $135,000 MKMLS as distributed by MLS GRID
• 2026-04-07 Listed $139,900 MKMLS as distributed by MLS GRID
• 2022-06-10 Sold (MLS) — MKMLS as distributed by MLS GRID
• 2022-05-06 Listed $36,000 MKMLS as distributed by MLS GRID
• 2018-03-14 Sold (MLS) — MKMLS as distributed by MLS GRID
• 2017-12-22 Listed $73,000 MKMLS as distributed by MLS GRID

Property tax history

+1.3%/yr

Latest (2025): $1,359 · +2.9% YoY. Source: county tax records.