1912 Walnut St

Harper, KS 67058

$93,000C+

3 bd · 1.5 ba · 1,348 sqft · Built 1960 · SingleFamily · Pending · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,097/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $177/mo
• Annual: $2,120/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.14%
• DSCR: 1.36
• 1% rule: 1.18%
• Cash to close: $26,040

Investor read

• This is a 3-bed/1.5-bath single-family listed at $93k.
• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• It's been on market 104 days — a 9% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($643 loan paydown + $5k appreciation (5.4% local appreciation)).
• Location reads 72/100 on livability (#106 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Chaparral Schools (rural): math 29% / reading 29% proficiency, ranked #110 of 169 in KS (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Harper Elem (math 42% / reading 37%, grade F, #321 of 684 statewide, top 52%, 251 students, 67% FRL); Chaparral Jr/Sr High (math 12% / reading 17%, grade F, #267 of 327 statewide, top 84%, 350 students, 64% FRL).
• Market conditions: 15 active listings in the ZIP; 6 units permitted in Harper County in 2024 (0 in 5+ unit buildings).
• Harper County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $60k; list at $93k implies a 55% gain — meaningful room to come down on a strong offer.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k 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

• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 D-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.