103 S Marion St

Elk City, KS 67344

$17,000C-

3 bd · 2.0 ba · 1,592 sqft · Built 1885 · SingleFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,223/mo
• Mortgage (P&I): −$89
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $800/mo
• Annual: $9,603/yr
• Cap rate: 62.78%
• Cash-on-cash: 201.74%
• DSCR: 9.98
• 1% rule: 7.19%
• Cash to close: $4,760

Investor read

• This is a 3-bed/2.0-bath single-family listed at $17k.
• At list price, monthly cash flow is $800 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $17k).
• It's been on market 151 days — a 12% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($118 loan paydown + $1k appreciation (6.2% local appreciation)).
• Location reads 59/100 on livability (#470 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Independence (town): math 31% / reading 36% proficiency, ranked #76 of 169 in KS (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.9% of price; built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 10 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).
• Montgomery County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $5k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/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 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-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?
• 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.