402 S Keystone Ave · Hastings, NE 68901

$140,000

2 bd · 1.0 ba · 925 sqft · SingleFamily public records · 15 Days on market

Built 1954 $151/sqft · 18% above area Est $119k · 18% over

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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).

• Cash flow +18.7/30.0
• DSCR +5.9/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 bed, 1 bath home on a large corner lot, newer kitchen includes appliances, new luxury vinyl plank flooring, cathedral ceilings, 2 car tandem 18 x 40 garage, yard shed and underground sprinklers.

Key facts

• Updated appliances
• Double corner lot
• Perennial flowers

Tags

• DOUBLE CORNER LOT
• WELL ESTABLISHED LANDSCAPING
• PERENNIAL FLOWERS
• UPDATED APPLIANCES
• LARGE GARDEN STORAGE SHED

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family residence; Residential property; R1 zoning
• Construction: Frame construction
• Exterior features: Storm door(s); Shed(s)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal
• Bathrooms: One main-level bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Pantry; Storm windows; Window coverings
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (4.3% below list).
• Recommended offer: $134k (4.3% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.4% in Hastings — 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 79/100 on livability (#41 in NE, #2,188 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities D-, commute F.
• Hastings Public Schools (town): math 38% / reading 42% proficiency, ranked #96 of 111 in NE (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 191 active listings in the ZIP; 217 units permitted in Adams County in 2024 (132 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $133,974 (4.3% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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?
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: 0.96% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• GRM: 8.7

CMA / ARV

• ARV (median comp): $118,647
• List price: $140,000
• Delta: 18.00%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 S Garfield Ave	0.48mi	2/1.0	910 (-2%)	3mo	$95,000	$104	72
1115 W E St	0.67mi	2/1.0	840 (-9%)	11mo	$91,700	$109	45
410 S Lexington Ave	0.70mi	1/1.0 (-1)	947 (+2%)	19mo	$142,000	$150	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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-13,958
• Equity at exit: $20,874

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-940
• Equity at exit: $12,105

Cash invested: $39,200 (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 68901

• Active inventory: 191
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,340 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$129 /mo · $1,545/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $137

Break-even live

Break-even rent $1,166

Max offer price $140,000

Occupancy floor 85%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-31
   status $140,000 Pending 15 DOM
2. 2026-05-15
   listed $145,000 Active 321-char remark
3. 2022-05-03
   soldstatus $120,000
4. 2022-04-25
   soldstatus $119,500 201-char remark

   Show marketing remark (201 chars)

   Nice 2 bed, 1 bath home on a large corner lot, newer kitchen includes appliances, new luxury vinyl plank flooring, cathedral ceilings, 2 car tandem 18 x 40 garage, yard shed and underground sprinklers.

5. 2022-01-24
   listed $119,500 201-char remark

   Show marketing remark (201 chars)

   Nice 2 bed, 1 bath home on a large corner lot, newer kitchen includes appliances, new luxury vinyl plank flooring, cathedral ceilings, 2 car tandem 18 x 40 garage, yard shed and underground sprinklers.

6. 2012-08-01
   soldstatus $74,100

ⓘ 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: $1,545 · $129/mo
• Projected year-2 tax: $2,422 · $202/mo
• Expected delta: +$877/yr (+$73/mo · 56.8%)

ⓘ 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 ≥101°F today · 17 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: $16,077
• − Mortgage interest: −$7,842
• − Property taxes: −$1,545
• − Insurance: −$700
• − Repairs & maintenance: −$1,286
• − Management: −$1,286
• − Depreciation: −$4,073
• Taxable loss: −$655
• Est. tax savings @ 24.0%: +$157
• After-tax cash flow: $1,803/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: Hastings Public Schools
• NCES district ID: 3171580
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 42% ▼ -4.00%
• Median HH income: $42,942
• Composite: 33.81/100
• National rank: #5363
• State rank: #96 of 111 in NE

Livability — Hastings

• Score: 79/100
• State rank: #41
• US rank: #2188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hastings, NE
• City population: 26,208
• Population (ZIP): 26,208

Population outlook (Adams County) Hauer SSP2

• Today (2025): 31,965 people
• By 2030: 32,079 · +0.4%
• By 2040: 31,999 · +0.1%
• By 2050: 31,586 · -1.2%
• By 2075: 30,856 · -3.5%
• By 2100: 29,948 · -6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 9% Cuban 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+41.6) · D 28.5% · R 70.2% · Other 1.3%
• 2008→2024 swing: -14.6pp toward R · 2008: -27.0pp · 2024: -41.6pp
• All cycles: 2024: R+41.6 2020: R+40.1 2016: R+45.0 2012: R+34.1 2008: R+27.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -255.77%
• Current HPI: 232.0444
• 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

+81.5% since first listed

8 events — show timeline

• 2026-06-16 Sold (MLS) $134,500 GMNMLS
• 2026-05-30 Pending — GMNMLS
• 2026-05-28 Price Changed $140,000 GMNMLS
• 2026-05-15 Listed $145,000 GMNMLS
• 2022-05-03 Sold (Public Records) $120,000 Public Records
• 2022-04-25 Sold (MLS) $119,500 GMNMLS
• 2022-01-24 Listed $119,500 GMNMLS
• 2012-08-01 Sold (Public Records) $74,100 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,545 · -2.4% YoY. Source: county tax records.