1805 W Madison Ave · Norfolk, NE 68701

$128,000

4 bd · 3.0 ba · 2,016 sqft · SingleFamily public records · 9 Days on market

Built 1957 9,060 sqft lot $63/sqft · 39% below area Est $234k · 45% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

There's so much more to this home than what you can see in the pictures, so you must make an appointment to see it in person! Nice size ranch style home with 3 bedrooms and full bath on the main level. Large family room, bedroom and full bath in the basement. The basement walks out onto a nice patio with a huge fenced in yard. Great for kids, pets or entertaining. Walking distance to schools. Updates have been done on the inside and the outside! Don't let this one pass you by!

Key facts

• Walk-out access
• Large family room
• Finished basement

Tags

• FINISHED BASEMENT
• LARGE FAMILY ROOM
• WALK-OUT ACCESS
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Not new / not a model; 1,120 sq ft above grade and 1,120 sq ft below grade (finished)
• Construction: Built in 1957; Block foundation
• Exterior features: Patio; City lot; Lot approximately 0.21 acres (151 x 60)

Interior

• Bedrooms: Primary bedroom on main floor; Additional bedrooms on main floor; One bedroom in the basement
• Bathrooms: 2 total bathrooms (1 full, 1 three-quarter); 1 main-level bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Has fireplace (1 fireplace); Walk-out basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Cap rate 10.6% vs local median 3.2% in Norfolk — 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.

Location & tenants

• Location reads 78/100 on livability (#54 in NE, #2,611 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Norfolk Public Schools (town): math 44% / reading 46% proficiency, ranked #84 of 111 in NE (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 270 units permitted in Madison County in 2024 (196 in 5+ unit buildings).
• This rent runs 33% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,000

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.36%
• DSCR: 1.68
• GRM: 6.2

CMA / ARV

• ARV (median comp): $234,325
• List price: $128,000
• Delta: -45.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1709 Norfolk Ave	0.10mi	3/3.0 (-1)	2,104 (+4%)	0mo	$222,000	$106	83
2005 Sunset Ave	0.11mi	4/2.0	1,920 (-5%)	6mo	$265,900	$138	78
100 22nd Dr	0.32mi	4/2.0	2,020 (+0%)	9mo	$195,000	$97	73
1103 Koenigstein Ave	0.67mi	4/3.0	1,988 (-1%)	3mo	$232,000	$117	64
1225 Phillip Ave	0.48mi	4/3.0	2,102 (+4%)	13mo	$176,000	$84	60
604 15th St	0.41mi	4/2.0	2,128 (+6%)	11mo	$257,000	$121	59
1323 Taylor Ave	0.44mi	4/2.0	2,080 (+3%)	15mo	$230,000	$111	58
1322 Verges Ave	0.54mi	4/2.0	2,064 (+2%)	12mo	$279,000	$135	57
2409 Westside Ave	0.52mi	3/2.0 (-1)	1,824 (-10%)	4mo	$194,000	$106	48
1218 Koenigstein Ave	0.52mi	3/2.0 (-1)	2,215 (+10%)	12mo	$280,000	$126	40
1805 Imperial Rd	0.74mi	3/3.0 (-1)	1,867 (-7%)	13mo	$238,000	$127	37
208 11th St	0.72mi	4/2.0	2,220 (+10%)	10mo	$270,000	$122	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $9,053
• Equity at exit: $19,085

10-year hold

• IRR: 16.1%
• Equity multiple: 2.34×
• Total profit: $47,857
• Equity at exit: $11,067

Cash invested: $35,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Nebraska: 83 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; moderate court pace.

Methodology + full state rankings →

ZIP-level market 68701

• Rents YoY: 3.3%
• Active inventory: 230
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,712 medium
• Mortgage (P&I): −$671
• Tax from tax record: −$169 /mo · $2,030/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $459

Break-even live

Break-even rent $1,131

Max offer price $128,000

Occupancy floor 68%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-13
   status Pending 675-char remark
2. 2026-05-02
   listed $128,000 New 675-char remark
3. 2018-07-06
   soldstatus $162,150 481-char remark

   Show marketing remark (481 chars)

   There's so much more to this home than what you can see in the pictures, so you must make an appointment to see it in person! Nice size ranch style home with 3 bedrooms and full bath on the main level. Large family room, bedroom and full bath in the basement. The basement walks out onto a nice patio with a huge fenced in yard. Great for kids, pets or entertaining. Walking distance to schools. Updates have been done on the inside and the outside! Don't let this one pass you by!

4. 2018-07-06
   soldstatus $163,100

   Show marketing remark (481 chars)

   There's so much more to this home than what you can see in the pictures, so you must make an appointment to see it in person! Nice size ranch style home with 3 bedrooms and full bath on the main level. Large family room, bedroom and full bath in the basement. The basement walks out onto a nice patio with a huge fenced in yard. Great for kids, pets or entertaining. Walking distance to schools. Updates have been done on the inside and the outside! Don't let this one pass you by!

5. 2018-03-28
   listed $169,950 481-char remark

   Show marketing remark (481 chars)

   There's so much more to this home than what you can see in the pictures, so you must make an appointment to see it in person! Nice size ranch style home with 3 bedrooms and full bath on the main level. Large family room, bedroom and full bath in the basement. The basement walks out onto a nice patio with a huge fenced in yard. Great for kids, pets or entertaining. Walking distance to schools. Updates have been done on the inside and the outside! Don't let this one pass you by!

6. 2014-09-05
   soldstatus $102,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NE · Resets to sale price

• Current annual tax: $2,030 · $169/mo
• Projected year-2 tax: $2,214 · $185/mo
• Expected delta: +$184/yr (+$15/mo · 9.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,547
• − Mortgage interest: −$7,170
• − Property taxes: −$2,030
• − Insurance: −$640
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − Depreciation: −$3,724
• Taxable income: $3,695
• Est. tax owed @ 24.0%: −$887
• After-tax cash flow: $4,620/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Norfolk Public Schools
• NCES district ID: 3174430
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $46,579
• Composite: 38.31/100
• National rank: #4227
• State rank: #84 of 111 in NE

Livability — Norfolk

• Score: 78/100
• State rank: #54
• US rank: #2611

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment C- Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, NE
• County: Madison County · 31,417 people
• City population: 31,417
• Metro: Norfolk, NE
• Population (ZIP): 31,417
• Household income: $62,633
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 861.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 35,536 people
• By 2030: 35,518 · -0.1%
• By 2040: 35,170 · -1.0%
• By 2050: 34,606 · -2.6%
• By 2075: 34,522 · -2.9%
• By 2100: 34,307 · -3.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 11% Cuban 1%
• Common ancestry: Portuguese 2% Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+56.0) · D 21.4% · R 77.4% · Other 1.2%
• 2008→2024 swing: -16.8pp toward R · 2008: -39.2pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+56.3 2012: R+48.1 2008: R+39.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.61%
• Current HPI: 260.5574
• Rent YoY: ▲ 3.31%
• Metro: Norfolk, NE
• State GDP YoY: ▲ 0.68%
• F500 in state: 2

Industry mix (Fortune 500 HQ in NE)

Industry	F500 HQs	Revenue
▸Conglomerate	1	$371B

Price history

+25.5% since first listed

6 events — show timeline

• 2026-05-13 Pending — GPRMLS
• 2026-05-02 Listed $128,000 GPRMLS
• 2018-07-06 Sold (Public Records) $163,100 Public Records
• 2018-07-06 Sold (MLS) $162,150 NNEMLS
• 2018-03-28 Listed $169,950 NNEMLS
• 2014-09-05 Sold (Public Records) $102,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $2,030 · +0.4% YoY. Source: county tax records.