104 W 5th St · Hickman, NE 68372

$200,000

3 bd · 1.0 ba · 1,208 sqft · SingleFamily public records · 3 Days on market

Built 1907 0.32 ac lot Est $274k · 27% under

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.5/10.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Contract Pending Ready for a renovation and perfect for an investor or first-time buyer. This 1.5 story home sits on a big corner lot; almost 1/3 acre. Primary bedroom and laundry are on 1st fl, along with kitchen, informal dining, bathroom & living room. 2nd floor contains 3 remaining bedrooms. Newer updates include heat pump & furnace, water heater and roof. A real diamond in the rough with so much potential! This home is being sold "AS IS".

Key facts

• Renovated farmhouse
• Practical mudroom
• Double lot

Tags

• RENOVATED FARMHOUSE
• MAIN-FLOOR PRIMARY BEDROOM
• UPDATED KITCHEN
• PRACTICAL MUDROOM
• DOUBLE LOT
• ZONED R2

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Built in 1907; Two-story; Living area 1,208 square feet; Not new
• Construction: Block foundation
• Exterior features: Enclosed porch; Covered patio; Lot approximately 0.321 acre (about 140 x 100); Lot size over 1/4 up to 1/2 acre

Interior

• Bedrooms: Primary bedroom on the main floor; Additional bedrooms on the second floor
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: No fireplaces; Two levels

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.6% vs local median 3.8% in Hickman — 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 74/100 on livability (#113 in NE, #4,503 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Norris School District 160 (rural): math 53% / reading 61% proficiency, ranked #20 of 111 in NE (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Norris Elementary School (554 students, 12% FRL); Norris Middle School (math 41% / reading 62%, grade C, #48 of 128 statewide, top 38%, 595 students, 12% FRL); Norris High School (math 62% / reading 57%, grade C+, #49 of 261 statewide, top 26%, 757 students, 12% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 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 $6k of value loss. Plan a longer hold.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 28y 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 $121k; list at $200k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,000

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.92%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $274,216
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
913 Birchwood Dr	0.31mi	3/2.0	1,212 (+0%)	6mo	$295,000	$243	76
220 Orchard Pl	0.27mi	3/2.0	1,190 (-2%)	9mo	$270,000	$227	74
339 Locust St	0.14mi	3/1.0	1,300 (+8%)	10mo	$150,000	$115	72
206 Main St	0.20mi	3/1.0	1,296 (+7%)	13mo	$195,000	$150	67
210 E 2nd St	0.27mi	3/2.0	1,290 (+7%)	6mo	$207,000	$160	67
107 W 9th St	0.27mi	3/2.0	1,128 (-7%)	13mo	$290,000	$257	62
1208 Birchwood Dr	0.49mi	3/2.0	1,260 (+4%)	20mo	$330,000	$262	50
320 E 1st St	0.37mi	3/1.0	1,356 (+12%)	23mo	$225,000	$166	43

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $2,966
• Equity at exit: $29,821

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $48,011
• Equity at exit: $17,292

Cash invested: $56,000 (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 68372

• Home prices YoY: -23.3%
• Active inventory: 105
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,291 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$122 /mo · $1,462/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $556

Break-even live

Break-even rent $1,587

Max offer price $200,000

Occupancy floor 71%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-15
   status $200,000 Pending 3 DOM
2. 2026-06-15
   days on market $200,000 New 3 DOM
3. 2026-06-14
   remarks 699-char remark
4. 2026-06-14
   listed $200,000 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: $1,462 · $122/mo
• Projected year-2 tax: $3,460 · $288/mo
• Expected delta: +$1,998/yr (+$167/mo · 136.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $27,495
• − Mortgage interest: −$11,203
• − Property taxes: −$1,462
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,200
• − Management: −$2,200
• − Depreciation: −$5,818
• Taxable income: $3,613
• Est. tax owed @ 24.0%: −$867
• After-tax cash flow: $5,806/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: Norris School District 160
• NCES district ID: 3100088
• Math proficiency: 53% ▼ -4.00%
• Reading proficiency: 61% ▼ -9.00%
• Median HH income: $78,328
• Composite: 51.27/100
• National rank: #1750
• State rank: #20 of 111 in NE

Livability — Hickman

• Score: 74/100
• State rank: #113
• US rank: #4503

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hickman, NE
• Population (ZIP): 4,187

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 352,806 people
• By 2030: 377,899 · +7.1%
• By 2040: 428,582 · +21.5%
• By 2050: 483,103 · +36.9%
• By 2075: 632,390 · +79.2%
• By 2100: 759,513 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 0%

Political lean MEDSL · Lancaster

• 2024 margin: Toss-up / Even · D 51.4% · R 47.1% · Other 1.5%
• 2008→2024 swing: -0.7pp no change · 2008: 5.0pp · 2024: 4.3pp
• All cycles: 2024: D+4.3 2020: D+7.8 2016: D+0.1 2012: R+1.0 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.43%
• Current HPI: 251.8711
• 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

+187.8% since first listed

7 events — show timeline

• 2026-06-11 Listed $200,000 GPRMLS
• 2023-04-11 Sold (Public Records) $121,000 Public Records
• 2023-04-10 Sold (MLS) $121,000 GPRMLS
• 2023-03-13 Pending — GPRMLS
• 2023-03-09 Listed $120,000 GPRMLS
• 1998-04-19 Listing Removed — GPRMLS
• 1998-04-15 Listed $69,500 GPRMLS

Property tax history

-2.0%/yr

Latest (2025): $1,462 · -7.5% YoY. Source: county tax records.