220 W 7th St

Eureka, KS 67045

$59,900B+

2 bd · 2.0 ba · 1,216 sqft · Built 2000 · Manufactured · Pending · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,020/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $392/mo
• Annual: $4,702/yr
• Cap rate: 14.14%
• Cash-on-cash: 28.03%
• DSCR: 2.25
• 1% rule: 1.70%
• Cash to close: $16,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 230 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($414 loan paydown + $6k appreciation (9.5% local appreciation)).
• Location reads 69/100 on livability (#192 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment F.
• Eureka (rural): math 28% / reading 39% proficiency, ranked #86 of 169 in KS (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marshall Elementary School (math 37% / reading 42%, grade F, #321 of 684 statewide, top 52%, 307 students, 67% FRL); Eureka Jr/Sr High (math 22% / reading 37%, grade F, #60 of 327 statewide, top 24%, 252 students, 56% FRL).
• Market conditions: 23 active listings in the ZIP; 3 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $4k; list at $60k implies a 1398% gain — meaningful room to come down on a strong offer.
• At projected returns (9.5% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; 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 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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.