213 E Cedar St St

Hill City, KS 67642

$60,000B+

3 bd · 1.0 ba · 1,114 sqft · Built 1931 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $959/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $343/mo
• Annual: $4,115/yr
• Cap rate: 13.15%
• Cash-on-cash: 24.50%
• DSCR: 2.09
• 1% rule: 1.60%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($959 rent vs $60k).
• It's been on market 29 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($415 loan paydown + $4k appreciation (6.8% local appreciation)).
• Location reads 70/100 on livability (#172 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• Graham County (rural): math 18% / reading 27% proficiency, ranked #251 of 280 in KS (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP.
• Graham County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $22k; list at $60k implies a 179% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.