109 Ryan St

Garland, NE 68360

$199,000C-

3 bd · 2.0 ba · 1,368 sqft · Built 1900 · SingleFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,580/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-25/mo
• Annual: $-296/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• 1% rule: 0.79%
• Cash to close: $55,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-25 ($-296/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (20.6% below list).
• It's been on market 75 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (20.6% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($1k loan paydown + $-55 appreciation (-0.0% local appreciation)).
• Location reads 64/100 on livability (#371 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• Seward Public Schools (town): math 73% / reading 63% proficiency, ranked #5 of 111 in NE (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 94 units permitted in Seward County in 2024 (48 in 5+ unit buildings).
• 9 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $22k; list at $199k implies a 826% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.