702 Norris St · Wausa, NE 68786

$64,950

4 bd · 2.0 ba · 2,360 sqft · SingleFamily · 435 Days on market

Built 1900 Fair condition $28/sqft · 48% below area Est $125k · 48% under ↓ 13% since listing

---

Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.0/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Spacious two-story home on almost three quarters of an acre, located on the east edge of Wausa! The large, primary bedroom is on the main floor and three more bedrooms are upstairs. Also, there is a second bathroom upstairs but has not been used for several years. Main floor laundry, located off the kitchen! Great potential to build a nice building on the east side of the home! Don’t miss out on this opportunity!

Key facts

• Built 1900
• Listed 435 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#152 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F.
• Wausa Public Schools (rural): math 55% / reading 45% proficiency, ranked #145 of 245 in NE (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($450 loan paydown + $1k appreciation (2.0% local appreciation)).
• Knox County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 435 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,156 (12.0% below list)

Questions for the listing agent

1. It's been on market 435 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.97% ✓
• Cap rate: 16.69%
• Cash-on-cash: 37.14%
• DSCR: 2.65
• GRM: 4.2

CMA / ARV

• ARV (median comp): $125,342
• List price: $64,950
• Delta: -48.18%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 E Clark St	0.18mi	4/1.5	2,124 (-10%)	1mo	$82,000	$39	72

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

Projected returns pro-forma

2.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.2%
• Equity multiple: 3.22×
• Total profit: $40,389
• Equity at exit: $25,693

10-year hold

• IRR: 42.1%
• Equity multiple: 6.38×
• Total profit: $97,856
• Equity at exit: $37,057

Cash invested: $18,186 (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 68786

• Home prices YoY: 1.7%
• Active inventory: 3
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $563

Break-even live

Break-even rent $568

Max offer price $64,950

Occupancy floor 51%

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: $16,238
• Closing costs: $1,948
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $64,950 Active 435 DOM
2. 2026-06-17
   days on market $64,950 Active 434 DOM
3. 2026-06-16
   days on market $64,950 Active 433 DOM
4. 2026-06-15
   days on market $64,950 Active 432 DOM
5. 2026-06-13
   days on market $64,950 Active 430 DOM
6. 2026-06-12
   days on market $64,950 Active 429 DOM
7. 2026-06-09
   days on market $64,950 Active 426 DOM
8. 2026-06-08
   days on market $64,950 Active 425 DOM
9. 2026-06-07
   days on market $64,950 Active 424 DOM
10. 2026-06-05
    days on market $64,950 Active 422 DOM
11. 2026-06-04
    days on market $64,950 Active 420 DOM
12. 2026-06-02
    days on market $64,950 Active 419 DOM
13. 2026-06-01
    days on market $64,950 Active 418 DOM
14. 2026-05-31
    days on market $64,950 Active 417 DOM
15. 2025-10-07
    status Active 425-char remark

    Show marketing remark (425 chars)

    Spacious two-story home on almost three quarters of an acre, located on the east edge of Wausa! The large, primary bedroom is on the main floor and three more bedrooms are upstairs. Also, there is a second bathroom upstairs but has not been used for several years. Main floor laundry, located off the kitchen! Great potential to build a nice building on the east side of the home! Don’t miss out on this opportunity!

16. 2025-10-05
    historical 425-char remark

    Show marketing remark (425 chars)

    Spacious two-story home on almost three quarters of an acre, located on the east edge of Wausa! The large, primary bedroom is on the main floor and three more bedrooms are upstairs. Also, there is a second bathroom upstairs but has not been used for several years. Main floor laundry, located off the kitchen! Great potential to build a nice building on the east side of the home! Don’t miss out on this opportunity!

17. 2025-07-29
    price $64,950 425-char remark

    Show marketing remark (425 chars)

    Spacious two-story home on almost three quarters of an acre, located on the east edge of Wausa! The large, primary bedroom is on the main floor and three more bedrooms are upstairs. Also, there is a second bathroom upstairs but has not been used for several years. Main floor laundry, located off the kitchen! Great potential to build a nice building on the east side of the home! Don’t miss out on this opportunity!

18. 2025-04-07
    listed $75,000 Active 425-char remark

    Show marketing remark (425 chars)

    Spacious two-story home on almost three quarters of an acre, located on the east edge of Wausa! The large, primary bedroom is on the main floor and three more bedrooms are upstairs. Also, there is a second bathroom upstairs but has not been used for several years. Main floor laundry, located off the kitchen! Great potential to build a nice building on the east side of the home! Don’t miss out on this opportunity!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $15,367
• − Mortgage interest: −$3,638
• − Property taxes: −$974
• − Insurance: −$325
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$1,889
• Taxable income: $6,082
• Est. tax owed @ 24.0%: −$1,460
• After-tax cash flow: $5,294/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-story home requires moderate renovations to improve its condition and increase its value. Exterior and interior repairs are needed, along with updates to the kitchen and landscaping.

Repairs flagged

• Major exterior siding — Significant damage
• Major exterior paint — Peeling paint
• Major interior paint — Worn wood paneling
• Major kitchen countertops — Worn and outdated
• Major kitchen appliances — Outdated and worn

Value-add opportunities

• Both exterior paint — Enhances curb appeal and resale value
• Both interior paint — Enhances interior appeal and resale value
• Both new flooring — Improves living space and rental value
• Both new kitchen appliances — Modernizes kitchen and improves resale value
• Both landscaping — Enhances curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant damage	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
interior paint · Worn wood paneling	Major	$15,000–50,000
kitchen countertops · Worn and outdated	Major	$15,000–50,000
kitchen appliances · Outdated and worn	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior paint — Enhances curb appeal and resale value ↑
• Both interior paint — Enhances interior appeal and resale value ↑
• Both new flooring — Improves living space and rental value ↑
• Both new kitchen appliances — Modernizes kitchen and improves resale value ↑
• Both landscaping — Enhances curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wausa Public Schools
• NCES district ID: 3178450
• Math proficiency: 55% ▼ -5.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $50,617
• Composite: 44.88/100
• National rank: #5905
• State rank: #145 of 245 in NE

Livability — Wausa

• Score: 73/100
• State rank: #152
• US rank: #5494

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wausa, NE
• Population (ZIP): 1,009

Population outlook (Knox County) Hauer SSP2

• Today (2025): 8,195 people
• By 2030: 8,013 · -2.2%
• By 2040: 7,717 · -5.8%
• By 2050: 7,531 · -8.1%
• By 2075: 7,685 · -6.2%
• By 2100: 7,620 · -7.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Native American 2% Two or more races 1%
• Common ancestry: Iranian 3% Portuguese 3% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+63.3) · D 17.7% · R 81.0% · Other 1.3%
• 2008→2024 swing: -27.2pp toward R · 2008: -36.1pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+59.8 2016: R+60.7 2012: R+45.4 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.02%
• Current HPI: 123.5574
• Rent YoY: —
• Metro: —
• 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

-13.4% since first listed

4 events — show timeline

• 2025-10-07 Relisted — NNEMLS
• 2025-10-05 Delisted — NNEMLS
• 2025-07-29 Price Changed $64,950 NNEMLS
• 2025-04-07 Listed $75,000 NNEMLS