603 S Colfax St

West Point, NE 68788

$115,000D+

2 bd · 1.0 ba · 1,080 sqft · Built 1935 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $924/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $19/mo
• Annual: $223/yr
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• 1% rule: 0.80%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $19 ($223/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 $92k (19.7% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $92k (19.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#73 in NE, #3,129 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• West Point Public Schools (town): math 53% / reading 54% proficiency, ranked #51 of 111 in NE (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Point Elementary School (math 57% / reading 77%, grade B+, #64 of 502 statewide, top 14%, 294 students, 57% FRL); West Point - Beemer Middle School (math 52% / reading 47%, grade C, #51 of 128 statewide, top 43%, 187 students, 61% FRL); West Point-Beemer High School (math 47% / reading 42%, grade F, #146 of 261 statewide, top 67%, 247 students, 52% FRL) — zoned schools average 57% FRL vs 41% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 13 units permitted in Cuming County in 2024 (0 in 5+ unit buildings).
• Cuming County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

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.
• 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.
• 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.