2317 9th St

Columbus, NE 68601

$209,000D

2 bd · 2.0 ba · 1,329 sqft · Built 1900 · SingleFamily · Pending · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,823/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$383
• Net cashflow: $107/mo
• Annual: $1,280/yr
• Cap rate: 6.91%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• 1% rule: 0.87%
• Cash to close: $58,520

Investor read

• This is a 2-bed/2.0-bath single-family listed at $209k.
• At list price, monthly cash flow is $107 ($1k/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 $182k (12.8% below list).
• It's been on market 112 days — a 9% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (12.8% below list) — sets the bar for 1% rule.
• 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.
• Location reads 80/100 on livability (#20 in NE, #1,633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Columbus Public Schools (town): math 39% / reading 43% proficiency, ranked #93 of 111 in NE (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 301 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 98 units permitted in Platte County in 2024 (17 in 5+ unit buildings).
• Platte County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.9% vs local median 3.3% in Columbus — 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.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.