Real Estate Investing in Alma, Kansas (66401)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 66401 (Alma, KS)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 26.3% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 25.1 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Alma, KS (66401)?
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Market Analysis: 66401 Alma
On balance, ZIP 66401 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $295K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $295K asset, 66401 is the wrong submarket. If the plan prices in friction, the yield can still work.
From a cash-flow lens, 66401 offers a low basis, the region around Alma has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Demographically, 66401 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
looks to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Alma:
Property Strategy for 66401
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $240,931 | $1,090 | 3.3% | +10.6% | $120,465 |
| 3BR | $313,005 | $1,440 | 3.3% | +9.8% | $104,335 |
| 4BR | $316,184 | $1,510 | 3.4% | +9.3% | $79,046 |
Market Trends
Home Value History (with trend line)
📊 How Does 66401 Compare?
| Metric | 66401 | Alma | Kansas |
|---|---|---|---|
| Home Value | $295,372 | $295,372 | $237,409 |
| 5-Year CAGR | 9.2% | 9.2% | 7.2% |
| Avg Rent | $981 | $981 | - |
| Cap Rate | 2.6% | 2.6% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 66401 (Alma, KS). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $295,372 |
| Monthly Rent | $981 |
| Price-to-Rent | 25.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.0% |
| Cap Rate | 2.6% |
| 5-Year IRR | 11.8% |
📈 Home Appreciation
| 1-Year | +8.6% ▲ |
| 3-Year CAGR | +8.7% ▲ |
| 5-Year CAGR | +9.2% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 66401
Population: 1,928
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 66401
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Is Alma, KS a good place for real estate investing?
Yes - Alma, KS a 3.0/5 investability score. With $295K home prices against $981/mo monthly rent, the market delivers a reasonable entry point for new investors.
How quickly do rentals get leased in Alma, KS?
Alma, KS carries elevated vacancy risk. Expect stable absorption at market rents of $981/mo.
How much is rent in Alma, KS?
Alma, KS rentals go for roughly $981/mo a month. That puts gross yield in solid territory relative to $295K acquisition costs.
Can owner-occupants cash flow in Alma, KS?
Alma, KS is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $295K price point reasonable to enter.
How deep is the rental pool in Alma, KS?
Expect a solid tenant pool in Alma, KS. The rental market absorbs $981/mo rents without meaningful friction.
You know 66401 now. You don’t know where it ranks.
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