233 S Fillmore St

Bruning, NE 68322

$75,000B+

3 bd · 1.0 ba · 1,464 sqft · Built 1920 · SingleFamily · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,102/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $395/mo
• Annual: $4,746/yr
• Cap rate: 12.62%
• Cash-on-cash: 22.60%
• DSCR: 2.01
• 1% rule: 1.47%
• Cash to close: $21,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 164 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• In year one you build about $612 of equity ($519 loan paydown + $93 appreciation (0.1% local appreciation)).
• Location reads 68/100 on livability (#258 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Bruning-Davenport Unified System (rural): math 70% / reading 50% proficiency, ranked #65 of 245 in NE (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bruning-Davenport Elem/Bruning (43 students, 33% FRL); Bruning-Davenport Middle Sch (math 54% / reading 54%, grade B-, #32 of 128 statewide, top 28%, 49 students, 37% FRL); Bruning-Davenport High School (51 students, 35% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 3 units permitted in Thayer County in 2024 (0 in 5+ unit buildings).
• Thayer County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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?
• 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.