481 Sun Ln · Herington, KS 67449

$92,900

3 bd · 2.5 ba · 1,200 sqft · SingleFamily public records · 11 Days on market

Built 1971 0.30 ac lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Appreciation +5.1/10.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Outdoor recreation
• Front deck
• Screened-in porch

Tags

• LAKE VIEWS
• SCREENED-IN PORCH
• PRIVACY FENCED YARD
• FRONT DECK
• DETACHED GARAGE
• OUTDOOR RECREATION

Property features AI

Finance

• HOA & community: Playground (association amenity)

Exterior

• Parking: Attached garage; Detached garage; Three garage spaces
• Utilities: Private well water; Propane service; Septic tank
• Home design: Manufactured home (single-family); One level above grade finished area reported
• Construction: Vinyl siding; Metal roof; Partially finished walk-out basement
• Exterior features: Privacy fence; Lake frontage/view; Garage(s) on property; Gravel road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Ceramic tile; Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air; Ceiling fans; Electric heating; Propane heating; Baseboard heating; Wood stove
• Interior features: Ceiling fans; Wood-burning stove in family room; Water softener; Water purifier
• Laundry & utility: Washer/Dryer connections (washer and dryer not specified)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).

Location & tenants

• 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).

Forward outlook

• In year one you build about $821 of equity ($642 loan paydown + $179 appreciation (0.2% local appreciation)).
• Dickinson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $92,900

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.29%
• DSCR: 1.37
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.37×
• Total profit: $9,638
• Equity at exit: $27,875

10-year hold

• IRR: 12.6%
• Equity multiple: 2.40×
• Total profit: $36,530
• Equity at exit: $34,233

Cash invested: $26,012 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kansas: 83 Strongly Landlord-Friendly · R+10
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; moderate court pace.

Methodology + full state rankings →

ZIP-level market 67449

• Home prices YoY: 0.1%
• Active inventory: 29
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$487
• Tax from tax record: −$186 /mo · $2,230/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $180

Break-even live

Break-even rent $901

Max offer price $92,900

Occupancy floor 79%

Sensitivity live

Price	-10% $232	-5% $206	+0% $180	+5% $153	+10% $127
Rent	-10% $91	-5% $135	+0% $180	+5% $224	+10% $269
Rate	-1.0pp $227	-0.5pp $203	base $180	+0.5pp $156	+1.0pp $131

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,225
• Closing costs: $2,787
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-12
   days on market $92,900 Active 11 DOM
2. 2026-06-09
   days on market $92,900 Active 8 DOM
3. 2026-06-08
   days on market $92,900 Active 7 DOM
4. 2026-06-07
   days on market $92,900 Active 6 DOM
5. 2026-06-05
   days on market $92,900 Active 4 DOM
6. 2026-06-04
   days on market $92,900 Active 2 DOM
7. 2026-06-02
   listed $92,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KS · Resets to sale price

• Current annual tax: $2,230 · $186/mo
• Projected year-2 tax: $2,230 · $186/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,541
• − Mortgage interest: −$5,204
• − Property taxes: −$2,230
• − Insurance: −$464
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$2,703
• Taxable income: $774
• Est. tax owed @ 24.0%: −$186
• After-tax cash flow: $1,972/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Herington
• NCES district ID: 2007110
• Math proficiency: 28% ▼ -1.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $39,012
• Composite: 25.55/100
• National rank: #7429
• State rank: #100 of 169 in KS

Livability — Herington

• Score: 70/100
• State rank: #170
• US rank: #8052

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,756

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 18,727 people
• By 2030: 18,312 · -2.2%
• By 2040: 17,433 · -6.9%
• By 2050: 16,493 · -11.9%
• By 2075: 14,441 · -22.9%
• By 2100: 11,707 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 0% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+55.0) · D 21.8% · R 76.7% · Other 1.5%
• 2008→2024 swing: -12.8pp toward R · 2008: -42.2pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+54.1 2016: R+54.0 2012: R+47.7 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.19%
• Current HPI: 146.5368
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+9.3% since first listed

2 events — show timeline

• 2026-06-01 Listed $92,900 FHAOR as distributed by MLS GRID
• 2006-05-01 Sold (Public Records) $85,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $2,230 · +1.8% YoY. Source: county tax records.