A number of rental properties in Lincoln, KS, are available for sale, which could provide an entrepreneur a unique opportunity to purchase one, two, or more houses as a long-term investment and potential secondary source of income. This opportunity could be ideal for an entrepreneur who is handy with home repairs and small improvement projects because of his/her ability to make necessary improvements upon purchase and to handle ongoing maintenance in the long-term. Rental houses are in high demand in the area.
Properties For Sale by Owner*
Contact: Becky at (316) 347-7454 or [email protected]
*Most of these houses are currently rented and occupied. Please respect the tenant’s privacy and contact Becky before going on to the property.
Financial Resources for an Entrepreneur
Rental houses are in high demand in the area and important to the economic growth of the county. While most of these houses need some repairs, the Lincoln County Economic Development Foundation (LCEDF) has identified several programs that may be available to an entrepreneur(s) interested in starting a rental housing business.
- Weatherization Assistance Program – Administered by the North Central Regional Planning Commission, the WAP can provide financial assistance for improvements that reduce energy costs for low-income households while ensuring their health and safety. Improvements could include replacing furnaces, repairing windows and doors, adding insulation, installing roof vents, etc.
- Neighborhood Revitalization Program – Provides a property tax rebate to property owners who make improvements to their properties within the city limits of Lincoln or Sylvan Grove. Improvements must be valued at a minimum of $20,000 in Lincoln ($15,000 in Sylvan Grove) and result in an increase in assessed valuation of at least twenty percent (20%) as determined by the Lincoln County Appraiser.
- Low-Interest Revolving Loan Fund – The LCEDF can provide low-interest loans in conjunction with a bank loan for down payment assistance or gap financing. The loan can be used for property acquisition, purchasing a business, construction, working capital, or purchasing of equipment or inventory. Loan terms are intended to be flexible to fit the needs of the business.
- Rental Rehabilitation Housing Program – A pilot program of the LCEDF’s intended to support the substantial rehabilitation of rental houses within Lincoln County to improve both the quantity and quality of properties within the local rental housing market. The program can offer up to $5000 in grant funding and low-interest loans to help ensure the financial viability of the project is met by balancing the cost of the improvements with the potential rental income it can produce.
- CDBG Housing Grant Program (pending) – The City of Lincoln has applied for funding from the KS Department of Commerce to help with the cost of demolishing dilapidated houses and improving owner-occupied and renter-occupied homes. Award announcements are expected in January, 2022.
For more information on these programs, feel free to contact Kelly Gourley, Director of the LCEDF, at 785-524-8954 or email [email protected].