221 Atkinson Ave

Republican City, NE 68971

$95,000C-

2 bd · 2.0 ba · 470 sqft · Built 1967 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $805/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $54/mo
• Annual: $651/yr
• Cap rate: 6.98%
• Cash-on-cash: 2.45%
• DSCR: 1.11
• 1% rule: 0.85%
• Cash to close: $26,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $54 ($651/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 $80k (15.3% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $80k (15.3% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($657 loan paydown + $6k appreciation (6.2% local appreciation)).
• Location reads 65/100 on livability (#346 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools D-.
• Alma Public Schools (rural): math 55% / reading 45% proficiency, ranked #150 of 245 in NE (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 8 units permitted in Harlan County in 2024 (0 in 5+ unit buildings).
• Current owner paid $20k; list at $95k implies a 375% gain — meaningful room to come down on a strong offer.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.