1805 W 17 St

North Platte, NE 69101

$110,000B-

5 bd · 2.0 ba · 2,262 sqft · Built 1975 · Manufactured · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,507/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $474/mo
• Annual: $5,686/yr
• Cap rate: 11.46%
• Cash-on-cash: 18.46%
• DSCR: 1.82
• 1% rule: 1.37%
• Cash to close: $30,800

Investor read

• This is a 5-bed/2.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 76 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 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: Buffalo Early Learning Center (93 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.
• Market conditions: 191 active listings in the ZIP; 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.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.5% 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 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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.