Updated 2026 · Based on median market data for Hays, KS
Hays sits in the Midwest with a population of 50,000 growing at 0.7% annually. The median home costs $235,000 while rents average $890/mo, producing an estimated cap rate of 2.12%. Cash flow investing here requires creative strategies like BRRRR or value-add approaches.
Hays works best for experienced investors with a clear strategy — Section 8, student housing, or deep value-add rehabs. The 2.12% cap rate at median prices is tight, so success depends on buying below market, forcing appreciation through renovation, or accessing above-market rent streams through niche tenant bases.
Target properties priced 15-25% below the $235,000 median — around $188,000 or less. At this price point with $890/mo rents, your cap rate improves to roughly 3.2%. Factor in 1.38% property taxes ($3,243/yr), budget 5% of gross rent for maintenance, and underwrite to a 5.3% vacancy rate. On a 20% down conventional loan at 7%, monthly PITI will run approximately $1,620.
Every deal should be evaluated individually using our calculator tools. Median data provides a starting point; actual returns depend on the specific property, financing, and your management approach.
Run the numbers on a specific Hays property using our cap rate calculator (pre-filled with Hays data). Compare Hays against similar markets in the Midwest region. If you're considering a value-add approach, try our BRRRR calculator to model a rehab scenario.
Hays vs Kansas state average and national average across key investment metrics. Hays's cap rate is below both benchmarks — deal sourcing is critical here.