6940 W Gage Rd · Hallam, NE 68368

$240,000

5 bd · 4.5 ba · 3,406 sqft · SingleFamily · 173 Days on market

Built 1950 4.00 ac lot $70/sqft · 42% below area Est $410k · 42% under

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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).

• ARV discount +15.0/15.0
• Cash flow +6.1/30.0
• Appreciation +6.0/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0

Listing remarks MLS

Positioned in a peaceful rural setting, this home sits on roughly 4-acres of grassland, which will be sold with the home. This former army barrack was moved here 10 years ago and now offers the rare chance to create massive equity through your value add of choice — fix and flip, BRRRR, Airbnb, or building your custom acreage starting with very solid bones. The expansive 5,226 square feet of this home requires a full renovation, making it an ideal blank canvas to transform potential into profit or paradise. Make it happen while sellers offer creative financing during your renovation period. The grassland surrounding the house will be divided off into roughly 4 acres prior to the sale of this property.

Key facts

• 4 acres of grassland
• Full renovation
• 4 acre lot

Tags

• 4 ACRES OF GRASSLAND
• FULL RENOVATION

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-446 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (36.0% below list).
• Recommended offer: $154k (36.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#330 in NE) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Crete Public Schools (town): math 46% / reading 44% proficiency, ranked #82 of 111 in NE (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crete Elementary School (450 students, 64% FRL); Crete Middle School (math 48% / reading 45%, grade D+, #59 of 128 statewide, top 46%, 477 students, 0% FRL); Crete High School (math 37% / reading 32%, grade F, #208 of 261 statewide, top 86%, 690 students, 51% FRL).
• Market conditions: 36 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($2k loan paydown + $5k appreciation (1.9% local appreciation)).
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,542 (36.0% 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. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.64% ✗
• Cap rate: 4.06%
• Cash-on-cash: -7.96%
• DSCR: 0.65
• GRM: 13.0

CMA / ARV

• ARV (median comp): $410,302
• List price: $240,000
• Delta: -41.51%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.81×
• Total profit: $-13,013
• Equity at exit: $93,482

10-year hold

• IRR: 1.2%
• Equity multiple: 1.17×
• Total profit: $11,176
• Equity at exit: $133,714

Cash invested: $67,200 (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 68368

• Home prices YoY: 0.9%
• Active inventory: 36
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,535 medium
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-446

Break-even live

Break-even rent $2,099

Max offer price $175,520

Occupancy floor —

Sensitivity live

Price	-10% $-280	-5% $-363	+0% $-446	+5% $-529	+10% $-611
Rent	-10% $-567	-5% $-506	+0% $-446	+5% $-385	+10% $-324
Rate	-1.0pp $-325	-0.5pp $-385	base $-446	+0.5pp $-508	+1.0pp $-571

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2025-12-06
   listed $240,000 New 715-char remark

   Show marketing remark (715 chars)

   Positioned in a peaceful rural setting, this home sits on roughly 4-acres of grassland, which will be sold with the home. This former army barrack was moved here 10 years ago and now offers the rare chance to create massive equity through your value add of choice — fix and flip, BRRRR, Airbnb, or building your custom acreage starting with very solid bones. The expansive 5,226 square feet of this home requires a full renovation, making it an ideal blank canvas to transform potential into profit or paradise. Make it happen while sellers offer creative financing during your renovation period. The grassland surrounding the house will be divided off into roughly 4 acres prior to the sale of this property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,425
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − Depreciation: −$6,982
• Taxable loss: −$9,749
• Est. tax savings @ 24.0%: +$2,340
• After-tax cash flow: $-3,008/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: Crete Public Schools
• NCES district ID: 3100095
• Math proficiency: 46% ▼ -5.00%
• Reading proficiency: 44% ▼ -3.00%
• Median HH income: $50,355
• Composite: 38.69/100
• National rank: #4142
• State rank: #82 of 111 in NE

Livability — Hallam

• Score: 65/100
• State rank: #330
• US rank: #12420

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

• Population (ZIP): 407

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 5% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

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: ▲ 1.91%
• Current HPI: 204.2104
• 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

• 2025-12-06 Listed $240,000 GPRMLS