9425 Panama Rd · Hickman, NE 68372

$205,000

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 22 Days on market

Built 1946 10,454 sqft lot Est $181k · 13% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.8/30.0
• DSCR +6.6/10.0
• Schools +5.1/10.0
• 1% rule +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

Key facts

• Hardwood floors
• 0.24 acre lot
• Garage

Tags

• NORRIS SCHOOL DISTRICT
• OPEN CONCEPT FLOOR PLAN
• CUSTOM-MADE MAPLE CABINETS
• HARDWOOD FLOORS
• PLUMBED FOR A SECOND BATHROOM

Property features AI

Finance

• Other: Approximately 1,096 total building area with about 896 above-grade finished and 200 below-grade finished

Exterior

• Parking: Attached 1-car garage; One covered parking space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Built in 1946; One-level main living with a finished below-grade area
• Construction: Block foundation
• Exterior features: Deck; City lot up to 1/4 acre

Interior

• Kitchen: Oven; Refrigerator; Dishwasher
• Bedrooms: Master bedroom on the main floor; Second bedroom on the main floor
• Bathrooms: One full bathroom on the main floor
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Daylight basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/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 $198k (3.6% below list).
• Recommended offer: $198k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.8% in Hickman — 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.

Location & tenants

• Location reads 74/100 on livability (#113 in NE, #4,503 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Norris School District 160 (rural): math 53% / reading 61% proficiency, ranked #20 of 111 in NE (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Norris Elementary School (554 students, 12% FRL); Norris Middle School (math 41% / reading 62%, grade C, #48 of 128 statewide, top 38%, 595 students, 12% FRL); Norris High School (math 62% / reading 57%, grade C+, #49 of 261 statewide, top 26%, 757 students, 12% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).

Forward outlook

• 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.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 31y 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 $164k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,559 (3.6% below list)

Questions for the listing agent

1. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $180,992
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22200 S 96th St	0.14mi	2/2.0	965 (+8%)	21mo	$195,000	$202	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-15,343
• Equity at exit: $30,566

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $9,506
• Equity at exit: $17,725

Cash invested: $57,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Nebraska: 83 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; moderate court pace.

Methodology + full state rankings →

ZIP-level market 68372

• Home prices YoY: -23.3%
• Active inventory: 105
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,976 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$119 /mo · $1,425/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $282

Break-even live

Break-even rent $1,619

Max offer price $205,000

Occupancy floor 81%

Sensitivity live

Price	-10% $398	-5% $340	+0% $282	+5% $224	+10% $165
Rent	-10% $125	-5% $203	+0% $282	+5% $360	+10% $438
Rate	-1.0pp $385	-0.5pp $334	base $282	+0.5pp $228	+1.0pp $174

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $205,000 Active 22 DOM
2. 2026-06-17
   days on market $205,000 Active 21 DOM
3. 2026-06-16
   days on market $205,000 Active 20 DOM
4. 2026-06-15
   days on market $205,000 Active 19 DOM
5. 2026-06-14
   pricedays on market $205,000 Active 17 DOM
6. 2026-06-10
   days on market $215,000 Active 14 DOM
7. 2026-06-09
   days on market $215,000 Active 13 DOM
8. 2026-06-08
   days on market $215,000 Active 12 DOM
9. 2026-06-07
   days on market $215,000 Active 11 DOM
10. 2026-06-05
    days on market $215,000 Active 8 DOM
11. 2026-06-03
    days on market $215,000 Active 7 DOM
12. 2026-06-02
    days on market $215,000 Active 6 DOM
13. 2026-06-01
    statusdays on market $215,000 Active 5 DOM
14. 2026-05-31
    days on market $215,000 New 4 DOM
15. 2026-05-30
    days on market $215,000 New 3 DOM
16. 2026-05-26
    listed $215,000 New
17. 2021-10-20
    soldstatus $164,000
18. 2021-10-19
    soldstatus $164,000 Sold 549-char remark

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

19. 2021-09-11
    status Pending 549-char remark

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

20. 2021-07-01
    listed $160,000 Active 549-char remark

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

21. 2021-07-01
    historical

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

22. 2021-07-01
    listed $160,000

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

23. 2021-07-01
    historical

    Show marketing remark (549 chars)

    This Cape Cod style home is move in ready with lots of Charm. Located in the Norris school district! This 2 Bedroom, 1 Bath home features an open concept floor plan, with custom made, self closing maple cabinets, Anderson windows, original hardwood floors. Single garage with an additional concrete poured pad on the side of the garage for additional parking, Perfect for a boat or camper as this home is close to Wagon Train Lake as well. If you are looking to escape the big city for small town living, then you don't want to miss out on this one!

24. 2013-03-20
    soldstatus $115,000
25. 2013-03-14
    soldstatus $115,000
26. 2013-01-25
    historical
27. 2013-01-09
    listed $118,000
28. 2005-11-23
    soldstatus $67,000
29. 1996-01-02
    historical
30. 1995-10-09
    listed $49,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NE · Resets to sale price

• Current annual tax: $1,425 · $119/mo
• Projected year-2 tax: $3,546 · $296/mo
• Expected delta: +$2,122/yr (+$177/mo · 148.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,707
• − Mortgage interest: −$11,483
• − Property taxes: −$1,425
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − Depreciation: −$5,964
• Taxable income: $17
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $3,374/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Norris School District 160
• NCES district ID: 3100088
• Math proficiency: 53% ▼ -4.00%
• Reading proficiency: 61% ▼ -9.00%
• Median HH income: $78,328
• Composite: 51.27/100
• National rank: #1750
• State rank: #20 of 111 in NE

Livability — Hickman

• Score: 74/100
• State rank: #113
• US rank: #4503

Category grades

Amenities F Commute F Cost of living A Crime A+ Employment A+ Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,187

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 352,806 people
• By 2030: 377,899 · +7.1%
• By 2040: 428,582 · +21.5%
• By 2050: 483,103 · +36.9%
• By 2075: 632,390 · +79.2%
• By 2100: 759,513 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 0%

Political lean MEDSL · Lancaster

• 2024 margin: Toss-up / Even · D 51.4% · R 47.1% · Other 1.5%
• 2008→2024 swing: -0.7pp no change · 2008: 5.0pp · 2024: 4.3pp
• All cycles: 2024: D+4.3 2020: D+7.8 2016: D+0.1 2012: R+1.0 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.43%
• Current HPI: 251.8711
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 0.68%
• F500 in state: 2

Industry mix (Fortune 500 HQ in NE)

Industry	F500 HQs	Revenue
▸Conglomerate	1	$371B

Price history

+330.9% since first listed

15 events — show timeline

• 2026-05-26 Listed $215,000 GPRMLS
• 2021-10-20 Sold (Public Records) $164,000 Public Records
• 2021-10-19 Sold (MLS) $164,000 GPRMLS
• 2021-09-11 Pending — GPRMLS
• 2021-07-01 Listing Removed — GPRMLS
• 2021-07-01 Listed $160,000 GPRMLS
• 2021-07-01 Listing Removed — GPRMLS
• 2021-07-01 Listed $160,000 GPRMLS
• 2013-03-20 Sold (Public Records) $115,000 Public Records
• 2013-03-14 Sold (MLS) $115,000 GPRMLS
• 2013-01-25 Listing Removed — GPRMLS
• 2013-01-09 Listed $118,000 GPRMLS
• 2005-11-23 Sold (Public Records) $67,000 Public Records
• 1996-01-02 Listing Removed — GPRMLS
• 1995-10-09 Listed $49,900 GPRMLS

Property tax history

+1.1%/yr

Latest (2025): $1,425 · -1.1% YoY. Source: county tax records.