206 S 2nd St · Cedar Bluffs, NE 68015

$149,900

2 bd · 1.0 ba · 1,068 sqft · SingleFamily public records · 15 Days on market

Built 1908 7,500 sqft lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• Cash flow +9.0/30.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks

Charming and updated 2-bedroom home full of character in the welcoming community of Cedar Bluffs! You'll love the blend of classic charm and modern updates, featuring beautiful French doors, a butler's pantry, and two updated bathrooms. The spacious enclosed front porch offers a cozy spot to relax year-round, while the covered back deck overlooks the fenced backyard—perfect for entertaining, pets, or gardening. Whether you're looking for your first home, downsizing, or seeking small-town living, this well-maintained property is ready to welcome you home. Agent holds equity and seller holds a NE real estate license.

Key facts

• French doors
• Covered back deck
• Butler's pantry

Tags

• FRENCH DOORS
• BUTLER'S PANTRY
• ENCLOSED FRONT PORCH
• COVERED BACK DECK
• FENCED BACKYARD

Property features AI

Exterior

• Parking: Detached covered parking; One garage space (detached)
• Utilities: Electricity available; Public water; Public sewer
• Home design: Single-family residence; Residential property; Not new / not a model; Living area above grade: 1068 square feet; Lot up to 1/4 acre
• Construction: Aluminum siding; Composition roof; Block foundation; Built in 1908
• Exterior features: Covered porch; Covered deck; Chain link fencing; City lot

Interior

• Kitchen: Kitchen located on the main floor
• Bedrooms: Master bedroom on the main floor; Additional bedroom(s) on the main floor
• Flooring: Carpet; Laminate
• Bathrooms: Two bathrooms total, one full bathroom on the main floor
• Heating & cooling: Natural gas and electric forced-air heating; Central air conditioning
• Interior features: Unfinished basement; No fireplaces
• Laundry & utility: Utilities available: electricity, public water, public sewer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (28.9% below list).
• Recommended offer: $107k (28.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#386 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety F.
• Cedar Bluffs Public Schools (rural): math 42% / reading 46% proficiency, ranked #85 of 111 in NE (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cedar Bluffs Elementary School (math 52% / reading 52%, grade C-, #200 of 502 statewide, top 46%, 298 students, 45% FRL); Cedar Bluffs Secondary School (math 27% / reading 42%, grade F, #208 of 261 statewide, top 86%, 171 students, 44% FRL).
• Market conditions: 7 active listings in the ZIP; 138 units permitted in Saunders County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Saunders County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,576 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.71% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $69,420
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 W Elm St	0.18mi	2/1.0	1,225 (+15%)	3mo	$79,500	$65	64
317 W Elm St	0.27mi	3/1.0 (+1)	1,056 (-1%)	20mo	$55,000	$52	63
302 West Main St	0.19mi	2/1.0	920 (-14%)	19mo	$80,000	$87	53

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.76×
• Total profit: $74,073
• Equity at exit: $135,042

10-year hold

• IRR: 19.7%
• Equity multiple: 6.34×
• Total profit: $223,998
• Equity at exit: $291,223

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 68015

• Home prices YoY: 5.2%
• Active inventory: 7
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,066 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$112 /mo · $1,341/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-118

Break-even live

Break-even rent $1,216

Max offer price $128,997

Occupancy floor —

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: —

Listing history 10 events

1. 2026-06-16
   days on market $149,900 Active 15 DOM
2. 2026-06-15
   days on market $149,900 Active 14 DOM
3. 2026-06-14
   days on market $149,900 Active 12 DOM
4. 2026-06-12
   days on market $149,900 Active 11 DOM
5. 2026-06-09
   days on market $149,900 Active 8 DOM
6. 2026-06-08
   days on market $149,900 Active 7 DOM
7. 2026-06-07
   statusdays on market $149,900 Active 6 DOM
8. 2026-06-05
   days on market $149,900 New 3 DOM
9. 2026-06-01
   remarks 622-char remark
10. 2026-06-01
    listed $149,900 New 1 DOM

ⓘ 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: $1,341 · $112/mo
• Projected year-2 tax: $2,593 · $216/mo
• Expected delta: +$1,253/yr (+$104/mo · 93.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $12,789
• − Mortgage interest: −$8,397
• − Property taxes: −$1,341
• − Insurance: −$750
• − Repairs & maintenance: −$1,023
• − Management: −$1,023
• − Depreciation: −$4,361
• Taxable loss: −$4,105
• Est. tax savings @ 24.0%: +$985
• After-tax cash flow: $-435/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: Cedar Bluffs Public Schools
• NCES district ID: 3104870
• Math proficiency: 42% ▼ -8.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $52,878
• Composite: 38.07/100
• National rank: #4282
• State rank: #85 of 111 in NE

Livability — Cedar Bluffs

• Score: 64/100
• State rank: #386
• US rank: #14372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Bluffs, NE
• Population (ZIP): 1,232

Population outlook (Saunders County) Hauer SSP2

• Today (2025): 21,261 people
• By 2030: 21,249 · -0.1%
• By 2040: 20,927 · -1.6%
• By 2050: 20,041 · -5.7%
• By 2075: 18,386 · -13.5%
• By 2100: 15,066 · -29.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Two or more races 2%
• Common ancestry: Romanian 3% Lithuanian 2% Scottish 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Other Asian/Pacific 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Saunders

• 2024 margin: Solid R (+46.4) · D 26.2% · R 72.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -23.7pp · 2024: -46.4pp
• All cycles: 2024: R+46.4 2020: R+45.2 2016: R+47.0 2012: R+33.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.77%
• Current HPI: 297.8995
• 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

1 event — show timeline

• 2026-06-01 Listed $149,900 GPRMLS

Property tax history

+8.0%/yr

Latest (2025): $1,341 · +12.9% YoY. Source: county tax records.