102 N Perkins Ave

Kenesaw, NE 68956

$154,500D+

3 bd · 2.0 ba · 1,332 sqft · Built 1900 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,161/mo
• Mortgage (P&I): −$810
• Tax + insurance: −$290
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $-183/mo
• Annual: $-2,192/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• 1% rule: 0.75%
• Cash to close: $43,260

Investor read

• This is a 3-bed/2.0-bath single-family listed at $154k.
• At list price, monthly cash flow is $-183 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (20.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (24.8% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $116k (24.8% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.9% local appreciation)).
• Location reads 72/100 on livability (#173 in NE) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Kenesaw Public Schools (rural): math 45% / reading 55% proficiency, ranked #138 of 245 in NE (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Kenesaw Elementary School (math 42% / reading 52%, grade D-, #266 of 502 statewide, top 56%, 142 students, 31% FRL); Kenesaw Secondary School (math 64% / reading 74%, grade B, #13 of 261 statewide, top 7%, 141 students, 23% FRL).
• Watch-outs: flood insurance adds $125/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 217 units permitted in Adams County in 2024 (132 in 5+ unit buildings).
• 5 sale attempts since 9y 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.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.