Hidden Gem, Historic, Income Potential
1930 Pittsburg House Near Pitt State, Leased Through 2027 — $100,000
6
out of 10
HousesUnder150K Score
Property Merit 50% · Condition 25% · Price/Sq Ft 15% · Market 10%
| Category | Wt. | Score | Detail |
|---|---|---|---|
| Property Merit | 50% | 7 | 1930 build, 3BR/2BA, 1276 sqft, university walkability, active rental income |
| Condition | 25% | 6 | Central HVAC noted; no system dates, no renovation history — unknown baseline |
| Price / Sq Ft | 15% | 8 | Listing $78/sqft vs zip median $114/sqft — ~32% below; thin 6-comp data, directional |
| Price vs. Market | 5% | 8 | $100K vs $170,926 median — ~41% below; median likely reflects broader mix |
| Market Conditions | 5% | 6 | 30.8% price drops and 96.4% sale-to-list signal mild buyer advantage; DOM 28 days |
The lease is already signed. Someone is living there right now, paying $975 a month, and that arrangement runs through May 2027. So if you buy this house, you walk into income on day one without doing anything. That's a reasonably unusual starting position for a $100,000 purchase.
The house is a 1930 build on S Elm St in Pittsburg, Kansas. Three bedrooms, two baths, 1,276 square feet. Central HVAC. No renovation history in the listing, so the condition baseline is genuinely unknown, which matters when you're buying something 94 years old without being able to walk through it on your terms right now. The age alone tells you there will be something to deal with eventually, if not sooner. You'd want to know when the roof was last touched, when the HVAC was installed, what the electrical situation looks like.
What the location gives you is stability of demand. Pittsburg State University is within walking distance, and university-adjacent rentals tend to stay occupied in a way that other rentals don't. Students need housing. Faculty needs housing. That dynamic doesn't shift much. The agent notes the going rate for a comparable rental in this area is closer to $1,200 a month, which would mean the current lease is underpriced by about $225. Whether you can get that when the lease turns over in 2027 depends on condition, market, and what you've put into the place by then, but the ceiling is plausible.
At $100,000, this is priced at $78 per square foot against a zip code median closer to $114. The overall Pittsburg median sale price runs around $170,000, so you're well below what the broader market is doing. Some of that gap reflects the age and unknowns, and some of it is just where this sits. The price makes the math workable in a way that a lot of rental properties don't.
The condition uncertainty is the real thing to weigh. Go in knowing what you don't know, get an inspection as soon as you can, and price that risk honestly against what the income and the location are worth to you.
