502 N Locust St · Frankfort, KS 66427

$130,000

2 bd · 2.0 ba · 1,596 sqft · SingleFamily public records · 15 Days on market

Built 1900 6,600 sqft lot

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Why this score? — see what drove the D+ 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 +12.5/30.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• Schools +4.0/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Spacious yard
• Pantry
• Updated kitchen

Tags

• CORNER LOT
• SPACIOUS YARD
• ORIGINAL HARDWOOD FLOORS
• UPDATED KITCHEN
• PANTRY
• OVERSIZED LAUNDRY ROOM

Property features AI

Finance

• Other: Residential property

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Concrete road access
• Construction: Vinyl siding; Slab foundation; Built with above-grade finished area of 1,596
• Exterior features: No notable exterior features listed; No fencing

Interior

• Kitchen: Oven; Range
• Bedrooms: 1 main-level bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Natural gas heating; Window unit cooling
• Interior features: Pantry; Basement with sump pump

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-18 ($-218/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (20.7% below list).
• Recommended offer: $103k (20.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#34 in KS, #2,774 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Vermillion (rural): math 47% / reading 46% proficiency, ranked #15 of 169 in KS (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 7 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($899 loan paydown + $2k appreciation (1.6% local appreciation)).
• Marshall County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,101 (20.7% below list)

Questions for the listing agent

1. 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?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.14×
• Total profit: $4,987
• Equity at exit: $48,357

10-year hold

• IRR: 6.7%
• Equity multiple: 1.88×
• Total profit: $31,881
• Equity at exit: $67,458

Cash invested: $36,400 (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 66427

• Home prices YoY: 0.8%
• Active inventory: 3
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,031 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$97 /mo · $1,161/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $-18

Break-even live

Break-even rent $1,054

Max offer price $126,791

Occupancy floor 97%

Sensitivity live

Price	-10% $55	-5% $19	+0% $-18	+5% $-55	+10% $-92
Rent	-10% $-100	-5% $-59	+0% $-18	+5% $23	+10% $63
Rate	-1.0pp $47	-0.5pp $15	base $-18	+0.5pp $-52	+1.0pp $-86

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $130,000 Active 15 DOM
2. 2026-06-18
   days on market $130,000 Active 13 DOM
3. 2026-06-17
   days on market $130,000 Active 12 DOM
4. 2026-06-16
   days on market $130,000 Active 11 DOM
5. 2026-06-15
   days on market $130,000 Active 10 DOM
6. 2026-06-13
   days on market $130,000 Active 8 DOM
7. 2026-06-12
   days on market $130,000 Active 7 DOM
8. 2026-06-09
   days on market $130,000 Active 4 DOM
9. 2026-06-08
   days on market $130,000 Active 3 DOM
10. 2026-06-07
    listed $130,000 Active 2 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: $1,161 · $97/mo
• Projected year-2 tax: $1,833 · $153/mo
• Expected delta: +$672/yr (+$56/mo · 57.9%)

ⓘ 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
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,372
• − Mortgage interest: −$7,282
• − Property taxes: −$1,161
• − Insurance: −$650
• − Repairs & maintenance: −$990
• − Management: −$990
• − Depreciation: −$3,782
• Taxable loss: −$2,482
• Est. tax savings @ 24.0%: +$596
• After-tax cash flow: $378/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: Vermillion
• NCES district ID: 2004560
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $46,301
• Composite: 39.54/100
• National rank: #3939
• State rank: #15 of 169 in KS

Livability — Frankfort

• Score: 78/100
• State rank: #34
• US rank: #2774

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KS
• Population (ZIP): 1,241

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 9,451 people
• By 2030: 9,182 · -2.8%
• By 2040: 8,688 · -8.1%
• By 2050: 8,201 · -13.2%
• By 2075: 7,529 · -20.3%
• By 2100: 6,567 · -30.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Black 1%
• Common ancestry: Slovak 4% Italian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+49.1) · D 24.3% · R 73.3% · Other 2.4%
• 2008→2024 swing: -21.8pp toward R · 2008: -27.3pp · 2024: -49.1pp
• All cycles: 2024: R+49.1 2020: R+48.2 2016: R+47.8 2012: R+35.7 2008: R+27.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.58%
• Current HPI: 197.9828
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-05 Listed $130,000 FHAOR as distributed by MLS GRID

Property tax history

+9.4%/yr

Latest (2025): $1,161 · -2.0% YoY. Source: county tax records.