803 15th St · Norfolk, NE 68701

$35,000

3 bd · 2.0 ba · 952 sqft · Manufactured public records · 80 Days on market

Built 1985 $37/sqft · at area comps Est $35k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.6/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 3 Bed / 2 Bath Home Elkhorn Mobile Home Park! Looking for comfort, convenience, and affordability? This charming 3-bedroom, 2-bath home located in the heart of Norfolk Mobile Home Park is the perfect opportunity! Enjoy a bright and welcoming layout with spacious living areas, ideal for relaxing or entertaining. The home features an equipped kitchen with appliances, durable vinyl flooring, and gas heating for year-round comfort. Washer and dryer hookups add everyday convenience, along with on-site parking. Location: 800s 15th St, Norfolk, NE 68701 Close to shopping, dining, and entertainment—everything you need just minutes away! Price: $38,000 (Cash) Lot Rent: $475/month includes trash Important: Home must remain in the park for at least 5 years. New buyer need to be approved by mobile home park manager.

Key facts

• Built 1985
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 36.2% vs local median 3.2% in Norfolk — 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 78/100 on livability (#54 in NE, #2,611 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Norfolk Public Schools (town): math 44% / reading 46% proficiency, ranked #84 of 111 in NE (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 270 units permitted in Madison County in 2024 (196 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 3.92% ✓
• Cap rate: 36.18%
• Cash-on-cash: 106.74%
• DSCR: 5.75
• GRM: 2.1

CMA / ARV

• ARV (median comp): $35,081
• List price: $35,000
• Delta: -0.23%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
920 15th St	0.15mi	2/1.0 (-1)	960 (+1%)	16mo	$50,000	$52	69
918 14th Pl	0.14mi	2/1.0 (-1)	1,008 (+6%)	10mo	$4,500	$4	66
904 14th Pl	0.06mi	2/1.0 (-1)	896 (-6%)	18mo	$22,000	$25	64
1310 Bluff Ave	0.13mi	3/2.0	1,056 (+11%)	19mo	$48,000	$45	60
906 15th St	0.06mi	2/1.0 (-1)	1,088 (+14%)	11mo	$40,000	$37	55
2004 Parker Cir	0.33mi	3/1.0	840 (-12%)	8mo	$50,000	$60	55

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.13×
• Total profit: $50,277
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 12.94×
• Total profit: $117,046
• Equity at exit: $3,026

Cash invested: $9,800 (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 68701

• Rents YoY: 3.3%
• Active inventory: 230
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,371 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$13 /mo · $157/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $872

Break-even live

Break-even rent $267

Max offer price $35,000

Occupancy floor 31%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1805 Parker Cir Norfolk, NE	2.0	1.0	700	$1,095	$1.56	43d	1	0.24mi

Listing history 17 events

1. 2026-06-19
   days on market $35,000 Active 80 DOM
2. 2026-06-18
   days on market $35,000 Active 79 DOM
3. 2026-06-17
   days on market $35,000 Active 78 DOM
4. 2026-06-16
   days on market $35,000 Active 77 DOM
5. 2026-06-15
   days on market $35,000 Active 76 DOM
6. 2026-06-14
   days on market $35,000 Active 74 DOM
7. 2026-06-12
   days on market $35,000 Active 73 DOM
8. 2026-06-09
   days on market $35,000 Active 70 DOM
9. 2026-06-08
   days on market $35,000 Active 69 DOM
10. 2026-06-07
    days on market $35,000 Active 68 DOM
11. 2026-06-05
    days on market $35,000 Active 65 DOM
12. 2026-06-03
    days on market $35,000 Active 64 DOM
13. 2026-06-02
    days on market $35,000 Active 63 DOM
14. 2026-06-01
    days on market $35,000 Active 62 DOM
15. 2026-05-31
    days on market $35,000 Active 61 DOM
16. 2026-05-30
    days on market $35,000 Active 60 DOM
17. 2026-03-30
    listed $38,000 Active 833-char remark

    Show marketing remark (833 chars)

    Affordable 3 Bed / 2 Bath Home Elkhorn Mobile Home Park! Looking for comfort, convenience, and affordability? This charming 3-bedroom, 2-bath home located in the heart of Norfolk Mobile Home Park is the perfect opportunity! Enjoy a bright and welcoming layout with spacious living areas, ideal for relaxing or entertaining. The home features an equipped kitchen with appliances, durable vinyl flooring, and gas heating for year-round comfort. Washer and dryer hookups add everyday convenience, along with on-site parking. Location: 800s 15th St, Norfolk, NE 68701 Close to shopping, dining, and entertainment—everything you need just minutes away! Price: $38,000 (Cash) Lot Rent: $475/month includes trash Important: Home must remain in the park for at least 5 years. New buyer need to be approved by mobile home park manager.

ⓘ 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: $157 · $13/mo
• Projected year-2 tax: $606 · $50/mo
• Expected delta: +$449/yr (+$37/mo · 286.4%)

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

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,449
• − Mortgage interest: −$1,961
• − Property taxes: −$157
• − Insurance: −$175
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$1,018
• Taxable income: $10,506
• Est. tax owed @ 24.0%: −$2,522
• After-tax cash flow: $7,939/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: Norfolk Public Schools
• NCES district ID: 3174430
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $46,579
• Composite: 38.31/100
• National rank: #4227
• State rank: #84 of 111 in NE

Livability — Norfolk

• Score: 78/100
• State rank: #54
• US rank: #2611

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, NE
• County: Madison County · 31,417 people
• City population: 31,417
• Metro: Norfolk, NE
• Population (ZIP): 31,417
• Household income: $62,633
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 861.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 35,536 people
• By 2030: 35,518 · -0.1%
• By 2040: 35,170 · -1.0%
• By 2050: 34,606 · -2.6%
• By 2075: 34,522 · -2.9%
• By 2100: 34,307 · -3.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 11% Cuban 1%
• Common ancestry: Portuguese 2% Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+56.0) · D 21.4% · R 77.4% · Other 1.2%
• 2008→2024 swing: -16.8pp toward R · 2008: -39.2pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+56.3 2012: R+48.1 2008: R+39.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.61%
• Current HPI: 260.5574
• Rent YoY: ▲ 3.31%
• Metro: Norfolk, NE
• 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

• 2026-03-30 Listed $38,000 NNEMLS

Property tax history

-7.4%/yr

Latest (2025): $157 · -4.3% YoY. Source: county tax records.