219 Short St

Leigh, NE 68643

$1,400C-

5 bd · 1.0 ba · 1,478 sqft · Built 1900 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,273/mo
• Mortgage (P&I): −$7
• Tax + insurance: −$2
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $996/mo
• Annual: $11,952/yr
• Cap rate: 860.00%
• Cash-on-cash: 3048.94%
• DSCR: 136.66
• 1% rule: 90.93%
• Cash to close: $392

Investor read

• This is a 5-bed/1.0-bath single-family listed at $1k.
• At list price, monthly cash flow is $996 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1k).
• It's been on market 16 days — a 2% lower offer ($1k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1k (1.5% below list) — sets the bar for market timing.
• In year one you build about $72 of equity ($10 loan paydown + $62 appreciation (4.4% local appreciation)).
• Location reads 75/100 on livability (#105 in NE, #4,264 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Leigh Community Schools (rural): math 50% / reading 70% proficiency, ranked #54 of 245 in NE (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Leigh Elementary School (math 57% / reading 47%, grade C-, #200 of 502 statewide, top 46%, 177 students, 26% FRL); Leigh High School (math 84% / reading 74%, grade A-, #2 of 261 statewide, top 0%, 99 students, 26% FRL) — zoned schools at 26% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 40 units permitted in Colfax County in 2024 (0 in 5+ unit buildings).
• Colfax County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 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 (4.4% appreciation + 3.0% rent growth), your $392 cash investment doubles in ~1 year — after that, you're playing with house money.

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.