317 W Hamilton St

Morrill, NE 69358

$75,000C+

2 bd · 1.0 ba · 576 sqft · Built 1935 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $756/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$159
• Net cashflow: $126/mo
• Annual: $1,507/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.17%
• DSCR: 1.32
• 1% rule: 1.01%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($756 rent vs $75k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($519 loan paydown + $3k appreciation (3.8% local appreciation)).
• Location reads 70/100 on livability (#226 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Morrill Public Schools (rural): math 34% / reading 45% proficiency, ranked #216 of 245 in NE (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 33 units permitted in Scotts Bluff County in 2024 (0 in 5+ unit buildings).
• Scotts Bluff County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 3y 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.
• Current owner paid $59k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.