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602 Spring St
Score
0
Gypsum, KS

602 Spring St

199K
5 bd • 2 ba • 2,186 sf

This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$199,000

Price/Sq.Ft

$91

Year Built

1920

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1920-built home offers exceptional value at $91.03/sqft, significantly below the national average of $244/sqft for single-family homes. With 2,186 sqft of living space, it's 46% larger than the median US home size of 1,500 sqft. Recent upgrades include a new HVAC system, water heater, roof, electrical, and plumbing, potentially saving the buyer $30,000+ in immediate repair costs. The 5-bedroom layout is versatile for large families or home office setups. Its corner lot location provides extra space and potential for landscaping or expansion. The home's age gives it potential historical charm, a desirable feature in the current market. Southeast Saline High School's 7/10 rating is above average, enhancing the property's appeal for families.

The Bad

The property's age (103 years) may lead to higher maintenance costs despite recent upgrades. At 2 bathrooms for 5 bedrooms, the bathroom-to-bedroom ratio is low by modern standards, potentially necessitating an addition ($15,000-$25,000). The kitchen appears dated in photos, likely requiring a $20,000-$30,000 renovation to meet current market expectations. The home's location in a small town (Gypsum, population ~405) limits job opportunities and may affect resale value. Limited local amenities could necessitate longer commutes for shopping and entertainment.

The Ugly

The flood risk is rated as MAJOR (5/10), with insurance noted as CRITICAL. This could lead to significantly higher insurance premiums and potential property damage. The heat risk is also MAJOR (5/10) with 7 extremely hot days per year, which may necessitate additional cooling costs and impact comfort. The property's age may hide underlying issues not apparent in recent upgrades, such as foundation problems or outdated insulation, potentially costing $10,000-$50,000 to address. The rural location may face challenges with internet connectivity and cell service, crucial for modern living and potentially limiting work-from-home opportunities.

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Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for large families seeking affordable space in a quiet, rural setting. With 5 bedrooms and 2,186 sqft, it accommodates multigenerational living or provides space for a home office. It suits buyers with DIY skills who can handle ongoing maintenance of an older home. The recent upgrades make it attractive for those wanting a move-in ready property with character. Investors looking for low entry costs ($91.03/sqft) in a stable market could consider it for long-term appreciation or as a rental property, potentially yielding $1,200-$1,500/month based on local rates.

Not For

This property is not suitable for buyers seeking modern, turnkey homes with minimal maintenance. The rural location and limited local amenities make it unsuitable for those who prefer urban conveniences or need diverse job opportunities nearby. It's not ideal for buyers with mobility issues due to the two-story layout and potential need for ongoing renovations. Investors looking for quick flips or high appreciation rates should be cautious, as rural markets typically have slower growth. Those highly risk-averse to natural disasters, particularly flooding, should consider the MAJOR flood risk carefully.
Demographics
Area Median Income

$0

Property History

Price History
Ownership Timeline
$0Cash Purchase
Jun 28, 2023
Tyler Augustine, Tyler Jarrod AugustineSchwartz Family Revocable Trust
Warranty Deed
Non-Arm's Length Transactions
$0Financed
Nov 14, 2022
Frank L Worman, Dedra D WormanTyler Augustine, Brianna Augustine
Warranty Deed
Non-Residential Arm's Length Transactions

Property Taxes

$0
2024 Tax Assessment
Assessed Value$20,125
Tax Rate0.00%

Sunlight Analysis

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Sunlight Analysis

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Risk Assessment

Climate Risks

floodMODERATE

FEMA Zone: Low to Moderate Risk Area

Insurance: Required

heatMODERATE

7 extreme heat days per year

98th percentile: 106°F

airMINIMAL

1 bad air quality days per year

windMINIMAL

Insurance: Recommended

fireMINIMAL

Insurance: Optional

Risk Analysis

The MAJOR flood risk (5/10) is a significant concern, potentially leading to property damage and high insurance costs. Future climate change could exacerbate this risk. The heat risk (5/10) may increase cooling costs and discomfort. Despite recent upgrades, the home's age (103 years) poses risks of hidden structural issues, outdated materials, or inefficient systems not yet addressed. The rural location may face economic challenges, potentially impacting property values. Limited local services could affect quality of life and property maintenance. The low bathroom-to-bedroom ratio may necessitate costly additions to meet modern standards. Potential zoning restrictions in a historic property could limit future renovation or expansion plans.
Insurance
Annual Cost

$716

$60 per month

Cost & Affordability

Monthly Costs

Breakdown of estimated monthly expenses for this property

Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements

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$199 monthly
$60 monthly

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Schools

Southeast Saline Elementary School

Public•Grades PK-6
5/5
Primary
4.4 mi
Get more information on GreatSchools

Southeast Saline High School

Public•Grades 7-12
7/5
Middle
4.4 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (5 bed)

$0

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Location & Comparables

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