224 S Collingwood St

Pretty Prairie, KS 67570

$105,000C

5 bd · 2.0 ba · 1,135 sqft · Built 1909 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,102/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $77/mo
• Annual: $925/yr
• Cap rate: 7.17%
• Cash-on-cash: 3.15%
• DSCR: 1.14
• 1% rule: 1.05%
• Cash to close: $29,400

Investor read

• This is a 5-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $77 ($925/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($726 loan paydown + $7k appreciation (6.8% local appreciation)).
• Location reads 62/100 on livability (#382 in KS) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Pretty Prairie (rural): math 35% / reading 35% proficiency, ranked #112 of 280 in KS (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pretty Prairie Elem (math 34% / reading 34%, grade F, #388 of 684 statewide, top 61%, 132 students, 51% FRL); Pretty Prairie Middle (math 22% / reading 37%, grade F, #72 of 219 statewide, top 38%, 92 students, 45% FRL); Pretty Prairie High (math 10% / reading 50%, grade F, #59 of 327 statewide, top 18%, 83 students, 32% FRL) — zoned schools average 43% FRL vs 27% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 40 units permitted in Reno County in 2024 (0 in 5+ unit buildings).
• Reno County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $15k; list at $105k implies a 600% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1909 — 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.
• 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.
• 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.