5 N Pierce St

PROPERTY DETAILS
- Property type: SFR
- Bedrooms / bathrooms: 3 / 1
- Square feet: 1190
- Year built: 1972
- Lot size: 0.48 acres
- Location: Nickerson, KS (Reno County)
- Rehab level: Medium

INVESTMENT HIGHLIGHTS
- Single-family home in Nickerson, KS (Reno County) presents a Fix & Flip opportunity on a 0.48 acre lot.
- 1190 square foot layout with 3 bedrooms and 1 bathroom offers a workable footprint for renovation and resale.
- Built in 1972, the home sits within an established part of Reno County.
- Medium rehab level corresponds to an estimated repair cost of $35,422, giving investors a defined renovation budget.
- Comparable sale at 206 S Peabody St, Nickerson, KS 67561 (sold 2026-03-19, 1832 sqft, 4/2) provides a nearby market reference point.
- 0.48 acre lot size may appeal to buyers seeking additional land beyond the existing structure.

REPAIRS
- Rehab level: Medium
- Estimated repair cost: $35,422

PROPERTY DESCRIPTION
This single-family residence is located in Nickerson, KS (Reno County) and was built in 1972. The home offers 1190 square feet of living space with 3 bedrooms and 1 bathroom, situated on a 0.48 acre lot.

Buyer angles
BRRRR is the strongest fit. The flip works but needs ARV above $105,000 to pay for the risk. STR is the weakest angle in this market.
BRRRR — best fit
At $70,000 all-in, a 75% LTV refinance cycles the buyer's capital out at an ARV of roughly $95,000, and returns capital plus a cushion above $100,000.
ARV
75% LTV refi
Cash left in deal
$95,000
$71,250
$0 — full cycle-out
$110,000
$82,500
$0, plus ~$12,500 pulled out
$125,000
$93,750
$0, plus ~$23,750 pulled out
The catch is cash flow, not equity. On an $82,500 loan at ~7.5% over 30 years, debt service runs roughly $577/month; add Reno County taxes and insurance and PITI lands near $790. Rural Kansas rents in this band are modest, so monthly margin after vacancy, maintenance, and capex reserves will be thin. This is an equity-capture play with a tenant covering the note, not a cash-flow engine. Rent comps for Nickerson have not been pulled and must be verified before underwriting.
Flip
Works above a $105,000 ARV. See the scenario table above: $27,500 at a $110,000 resale, $41,300 at $125,000. The risk is exit speed, not margin — Nickerson is a small town with thin buyer depth, so budget a longer days-on-market than the five-month hold modeled above, and stress the holding line accordingly.
As-is cash hold
Take it at $35,000 and skip the rehab. A buyer willing to rent the property in current condition, or do only the habitability work, enters at a basis most markets cannot offer. This angle depends entirely on whether the property is rentable as it stands — the medium-rehab designation suggests it is not without some work, but the gap may be smaller than the full $35,000 scope.
STR — weak
Nickerson has no standalone visitor draw. The nearest demand sits in Hutchinson, about 15 minutes away, and it is seasonal and event-driven — the Kansas State Fair and the Cosmosphere are the main pulls. Occupancy outside those windows would be unreliable.
A mid-term rental is the better version of this idea: Hutchinson Regional Medical Center draws traveling medical staff, and the area carries agricultural and industrial contract work. Thirty-to-ninety-day furnished stays would likely outperform both nightly STR and standard long-term rent here. No MTR comp data has been gathered to support that.
Market context
Nickerson is a small town in Reno County, roughly 15 minutes northwest of Hutchinson and about an hour northwest of Wichita. It is a low-population rural community — the kind of market where entry basis is cheap and exit liquidity is the constraint.
What that means for this deal:
• Entry is the advantage. A $35,000 contract price with a $35,000 scope is a basis that does not exist in metro markets.
• Exit is the constraint. Buyer pool is shallow. A retail flip may sit longer than a comparable house in Hutchinson proper.
• Rental demand is steadier than resale demand. Small-town Kansas rentals turn over less; tenants stay. That favors the hold angles over the flip.
• Hutchinson is the economic anchor. Employment, healthcare, and retail all route through Hutchinson, which supports rental demand in the surrounding towns.
Population figures, school ratings, days-on-market, and recent sale comps have not been pulled for this pack. Those belong in the final version before it goes to a buyer list.

• Fix and Flip
• Buy and Hold / Rental
• BRRRR

Vacant - Showings by appointment only through Peregrine REI, typically 24 hours notice. Sold as-is, where-is. Inspect before offering and verify all figures independently.