4526 Baldwin Ave

Lincoln, NE 68504

$129,900B-

9 bd · 5.0 ba · 4,307 sqft · Built 1920 · Other · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,819/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$341
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $415/mo
• Annual: $4,977/yr
• Cap rate: 10.12%
• Cash-on-cash: 13.68%
• DSCR: 1.61
• 1% rule: 1.40%
• Cash to close: $36,372

Investor read

• This is a 9-bed/5.0-bath other listed at $130k.
• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#5 in NE, #545 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+.
• Lincoln Public Schools (urban): math 50% / reading 53% proficiency, ranked #59 of 111 in NE (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Huntington Elementary School (math 22% / reading 32%, grade F, #438 of 502 statewide, top 88%, 372 students, 0% FRL); Dawes Middle School (math 32% / reading 38%, grade F, #103 of 128 statewide, top 80%, 405 students, 48% FRL); Lincoln Northeast High School (math 34% / reading 36%, grade F, #207 of 261 statewide, top 79%, 1,812 students, 62% FRL) — zoned schools at 37% FRL track the district average.
• Zoned-school proficiency averages 32% at this address vs 52% district-wide (-19 pts) — the specific schools serving this property underperform the Lincoln Public Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 60 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 10.1% vs local median 3.0% in Lincoln — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 39% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.