204 E Concord Ave

Holyrood, KS 67450

$62,000B+

3 bd · 1.0 ba · 1,313 sqft · Built 1918 · SingleFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,052/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $403/mo
• Annual: $4,834/yr
• Cap rate: 14.09%
• Cash-on-cash: 27.84%
• DSCR: 2.24
• 1% rule: 1.70%
• Cash to close: $17,360

Investor read

• This is a 3-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 110 days — a 9% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (9.0% below list) — sets the bar for market timing.
• In year one you build about $340 of equity ($429 loan paydown + $-89 appreciation (-0.1% local appreciation)).
• Location reads 69/100 on livability (#191 in KS) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Zoned schools: Central Plains Elementary School - Holyrood (math 57% / reading 62%, grade B-, #70 of 684 statewide, top 12%, 224 students, 46% FRL).
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 2 units permitted in Ellsworth County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 15y ago; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-0.1% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• 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 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1918 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.