315 W 8th St

North Platte, NE 69101

$84,900C

2 bd · 1.0 ba · 776 sqft · Built 1924 · SingleFamily · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $940/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $191/mo
• Annual: $2,291/yr
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• 1% rule: 1.11%
• Cash to close: $23,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $191 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($940 rent vs $85k).
• It's been on market 78 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#109 in NE, #4,400 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities D, commute F.
• North Platte Public Schools (town): math 47% / reading 46% proficiency, ranked #77 of 111 in NE (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln Elementary School (math 42% / reading 47%, grade F, #289 of 502 statewide, top 63%, 284 students, 0% FRL); Madison Middle School (math 57% / reading 44%, grade C, #50 of 128 statewide, top 39%, 265 students, 48% FRL); North Platte High School (math 31% / reading 31%, grade F, #231 of 261 statewide, top 88%, 1,212 students, 42% FRL) — zoned schools at 30% FRL track the district average.
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 66 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $24k; list at $85k implies a 254% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 2.5% in North Platte — 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.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1924 — 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 B-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?
• 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.