302 Main St

Creighton, NE 68729

$119,230C-

3 bd · 1.0 ba · 1,628 sqft · Built 1900 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,194/mo
• Mortgage (P&I): −$625
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $207/mo
• Annual: $2,490/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.46%
• DSCR: 1.33
• 1% rule: 1.00%
• Cash to close: $33,384

Investor read

• This is a 3-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($824 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 78/100 on livability (#57 in NE, #2,730 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Creighton Community Public Schools (rural): math 55% / reading 50% proficiency, ranked #130 of 245 in NE (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Creighton Elementary School (math 37% / reading 42%, grade F, #346 of 502 statewide, top 74%, 175 students, 28% FRL); Creighton Community High Sch (math 52% / reading 57%, grade C-, #80 of 261 statewide, top 37%, 115 students, 36% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 36 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• Knox County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $96k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — 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 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.