423 E 27th St · Kearney, NE 68847

$149,900

2 bd · 2.0 ba · 1,116 sqft · SingleFamily public records · 170 Days on market

Built 1910 7,280 sqft lot Est $275k · 46% under

---

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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.6/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment property with great rental history. Tenants are on month to month lease. Tenant pays electricity, Landlord pays other utilities.

Key facts

• 7,280 sq ft lot
• Built 1910
• Listed 169 days

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$275,225) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.5% in Kearney — 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 83/100 on livability (#11 in NE, #858 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Kearney Public Schools (town): math 55% / reading 54% proficiency, ranked #43 of 111 in NE (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 110 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 125 units permitted in Buffalo County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buffalo County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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.
• Current owner paid $100k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.99%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (median comp): $275,225
• List price: $149,900
• Delta: -45.54%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
721 E 26th St	0.24mi	3/1.0 (+1)	1,184 (+6%)	8mo	$183,500	$155	63
2112 Ave C Ave	0.41mi	3/1.0 (+1)	1,106 (-1%)	10mo	$209,000	$189	62
2908 I Ave	0.34mi	2/1.0	1,126 (+1%)	22mo	$210,000	$187	60
14 E 28th St	0.31mi	2/1.0	1,252 (+12%)	8mo	$130,000	$104	55
3311 F Ave	0.47mi	2/2.0	1,200 (+8%)	23mo	$237,000	$198	46
1721 F Ave	0.71mi	2/2.0	988 (-12%)	7mo	$210,000	$213	41
1722 F Ave	0.70mi	3/2.0 (+1)	1,193 (+7%)	14mo	$207,500	$174	39
1711 E Ave	0.72mi	3/1.0 (+1)	1,232 (+10%)	8mo	$180,000	$146	33
802 E 23rd St	0.35mi	3/1.0 (+1)	1,272 (+14%)	22mo	$133,000	$105	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,390
• Equity at exit: $22,351

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $36,373
• Equity at exit: $12,961

Cash invested: $41,972 (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 68847

• Active inventory: 110
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,740 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$107 /mo · $1,286/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $419

Break-even live

Break-even rent $1,210

Max offer price $149,900

Occupancy floor 71%

Sensitivity live

Price	-10% $504	-5% $462	+0% $419	+5% $377	+10% $334
Rent	-10% $282	-5% $351	+0% $419	+5% $488	+10% $557
Rate	-1.0pp $495	-0.5pp $457	base $419	+0.5pp $380	+1.0pp $341

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2119 State ST Apt 201 Kearney, NE	2.0	2.0	1191	$1,899	$1.59	44d	1	0.40mi
1319 E 45th St Kearney, NE	1.0–2.0	1.0–2.0	825	$1,105	$1.34	44d	1	1.25mi

Listing history 22 events

1. 2026-06-19
   days on market $149,900 Active 170 DOM
2. 2026-06-18
   days on market $149,900 Active 169 DOM
3. 2026-06-17
   days on market $149,900 Active 168 DOM
4. 2026-06-16
   days on market $149,900 Active 167 DOM
5. 2026-06-15
   days on market $149,900 Active 166 DOM
6. 2026-06-14
   days on market $149,900 Active 164 DOM
7. 2026-06-12
   days on market $149,900 Active 163 DOM
8. 2026-06-09
   days on market $149,900 Active 160 DOM
9. 2026-06-08
   days on market $149,900 Active 159 DOM
10. 2026-06-07
    days on market $149,900 Active 158 DOM
11. 2026-06-07
    days on market $149,900 Active 157 DOM
12. 2026-06-04
    days on market $149,900 Active 154 DOM
13. 2026-06-02
    days on market $149,900 Active 153 DOM
14. 2026-06-01
    days on market $149,900 Active 152 DOM
15. 2026-05-31
    days on market $149,900 Active 151 DOM
16. 2026-05-31
    days on market $149,900 Active 150 DOM
17. 2025-12-31
    listed $149,900 Active 149-char remark

    Show marketing remark (149 chars)

    Excellent investment property with great rental history. Tenants are on month to month lease. Tenant pays electricity, Landlord pays other utilities.

18. 2020-06-12
    soldstatus $100,000 571-char remark

    Show marketing remark (571 chars)

    Attention investors! This 2 unit property is fully occupied. Electricity is separately metered and the tenants pay. Owner pays gas(water heater only), water, sewer and trash. Unit 1 tenant has been there since 2009. Each unit has a frig, stove, washer and dryer. Unit 1 has a window a/c and unit 2 has 2 window a/c and a grill. Unit 2 refrigerator was new in 2019. The "vacant" photos are unit 2 before current tenants moved in. The "occupied" photos are unit 1 kitchen. Unit 2 tenants have use of the garage. Lots of off-street parking off the alley.

19. 2020-03-12
    listed $110,000 571-char remark

    Show marketing remark (571 chars)

    Attention investors! This 2 unit property is fully occupied. Electricity is separately metered and the tenants pay. Owner pays gas(water heater only), water, sewer and trash. Unit 1 tenant has been there since 2009. Each unit has a frig, stove, washer and dryer. Unit 1 has a window a/c and unit 2 has 2 window a/c and a grill. Unit 2 refrigerator was new in 2019. The "vacant" photos are unit 2 before current tenants moved in. The "occupied" photos are unit 1 kitchen. Unit 2 tenants have use of the garage. Lots of off-street parking off the alley.

20. 2014-07-31
    soldstatus $87,000
21. 2014-07-31
    soldstatus $87,000
22. 2014-06-24
    listed $89,000

ⓘ 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: $1,286 · $107/mo
• Projected year-2 tax: $2,593 · $216/mo
• Expected delta: +$1,308/yr (+$109/mo · 101.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,886
• − Mortgage interest: −$8,397
• − Property taxes: −$1,286
• − Insurance: −$750
• − Repairs & maintenance: −$1,671
• − Management: −$1,671
• − Depreciation: −$4,361
• Taxable income: $2,751
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $4,371/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: Kearney Public Schools
• NCES district ID: 3172390
• Math proficiency: 55% ▼ -3.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $50,913
• Composite: 46.61/100
• National rank: #2415
• State rank: #43 of 111 in NE

Livability — Kearney

• Score: 83/100
• State rank: #11
• US rank: #858

Category grades

Amenities B 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: Kearney, NE
• City population: 20,536
• Population (ZIP): 17,911

Population outlook (Buffalo County) Hauer SSP2

• Today (2025): 54,980 people
• By 2030: 58,298 · +6.0%
• By 2040: 64,975 · +18.2%
• By 2050: 72,054 · +31.1%
• By 2075: 90,838 · +65.2%
• By 2100: 106,838 · +94.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 11% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 91% English-only · Spanish 5% Chinese 2% German/W. Germanic 1%

Political lean MEDSL · Buffalo

• 2024 margin: Solid R (+44.9) · D 26.9% · R 71.8% · Other 1.3%
• 2008→2024 swing: -7.5pp toward R · 2008: -37.5pp · 2024: -44.9pp
• All cycles: 2024: R+44.9 2020: R+43.4 2016: R+47.5 2012: R+42.6 2008: R+37.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.96%
• Current HPI: 205.0002
• 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

+68.4% since first listed

6 events — show timeline

• 2025-12-31 Listed $149,900 GMNMLS
• 2020-06-12 Sold (MLS) $100,000 GMNMLS
• 2020-03-12 Listed $110,000 GMNMLS
• 2014-07-31 Sold (Public Records) $87,000 Public Records
• 2014-07-31 Sold (MLS) $87,000 GMNMLS
• 2014-06-24 Listed $89,000 GMNMLS

Property tax history

+1.6%/yr

Latest (2025): $1,286 · +5.6% YoY. Source: county tax records.