12845 Manderson Plz Lot 217

Omaha, NE 68164

$54,000D-

3 bd · 2.0 ba · 1,064 sqft · Built 1989 · Manufactured · New · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,338/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$57
• HOA: −$780
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-64/mo
• Annual: $-765/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.77
• 1% rule: 2.48%
• Cash to close: $15,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $54k. Condition is rated good.
• At list price, monthly cash flow is $-64 ($-765/yr) — negative.
• To cash-flow at today's rent, offer at most $43k (20.8% below list).
• Meets the 1% rule at list price ($1k rent vs $54k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $43k (20.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#7 in NE, #663 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Omaha Public Schools (urban): math 20% / reading 28% proficiency, ranked #110 of 111 in NE (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fullerton Magnet Center (math 37% / reading 47%, grade F, #319 of 502 statewide, top 68%, 458 students, 0% FRL); Alice Buffett Magnet Middle School (math 37% / reading 46%, grade F, #80 of 128 statewide, top 63%, 1,124 students, 0% FRL); Westview High School (743 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 42% at this address vs 24% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Omaha Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 58% of rent.
• Market conditions: Rents rising fast (+7.4%/yr); 117 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $15k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 4.9% vs local median 3.6% in Omaha — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.