507 E 1st St

Enterprise, KS 67441

$175,000D-

3 bd · 2.0 ba · 1,792 sqft · Built 2005 · SingleFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,269/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-151/mo
• Annual: $-1,816/yr
• Cap rate: 5.26%
• Cash-on-cash: -3.71%
• DSCR: 0.84
• 1% rule: 0.73%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (27.5% below list).
• It's been on market 35 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (27.5% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.1% local appreciation)).
• Location reads 67/100 on livability (#248 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, crime F.
• Chapman (rural): math 29% / reading 37% proficiency, ranked #73 of 169 in KS (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 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.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $102k; list at $175k implies a 71% gain — meaningful room to come down on a strong offer.
• By year 5, 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→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 35 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.