651 Main Ave

Duncan, NE 68634

$115,000C

3 bd · 1.0 ba · 991 sqft · Built 1920 · SingleFamily · Pending · 360 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,022/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $125/mo
• Annual: $1,495/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.64%
• DSCR: 1.21
• 1% rule: 0.89%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (11.1% below list).
• It's been on market 360 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($795 loan paydown + $8k appreciation (7.0% local appreciation)).
• Location reads 63/100 on livability (#409 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools F.
• Columbus Public Schools (town): math 39% / reading 43% proficiency, ranked #93 of 111 in NE (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 98 units permitted in Platte County in 2024 (17 in 5+ unit buildings).
• Platte County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $22k; list at $115k implies a 423% gain — meaningful room to come down on a strong offer.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 F-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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.