412 S D St

Herington, KS 67449

$155,000D-

3 bd · 1.5 ba · 1,296 sqft · Built 1960 · SingleFamily · Pending · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,164/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $-178/mo
• Annual: $-2,132/yr
• Cap rate: 4.92%
• Cash-on-cash: -4.91%
• DSCR: 0.78
• 1% rule: 0.75%
• Cash to close: $43,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $155k.
• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (20.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (24.9% below list).
• It's been on market 159 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (24.9% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($1k loan paydown + $299 appreciation (0.2% local appreciation)).
• Location reads 70/100 on livability (#170 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Herington (rural): math 28% / reading 33% proficiency, ranked #100 of 169 in KS (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Herington Elem (math 42% / reading 42%, grade F, #273 of 684 statewide, top 45%, 187 students, 74% FRL); Herington Middle Sch (math 22% / reading 27%, grade F, #110 of 219 statewide, top 55%, 112 students, 74% FRL); Herington High (math 5% / reading 15%, grade F, #289 of 327 statewide, top 93%, 151 students, 60% FRL) — zoned schools average 70% FRL vs 49% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 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.
• Climate carrying-cost: major wildfire risk; 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 159 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.