103 W 3rd St

Hope, KS 67451

$120,000C-

3 bd · 1.0 ba · 1,428 sqft · Built 1893 · SingleFamily · Under Contract

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,109/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $120/mo
• Annual: $1,444/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• 1% rule: 0.92%
• Cash to close: $33,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $120 ($1k/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 $111k (7.6% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $111k (7.6% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($830 loan paydown + $6k appreciation (5.0% local appreciation)).
• Location reads 59/100 on livability (#462 in KS) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety D+, crime F.
• Rural Vista (rural): math 30% / reading 30% proficiency, ranked #160 of 280 in KS (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 26 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 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: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1893 — 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.
• 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.
• 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.