3101 Washington St #15 · Bellevue, NE 68005

$40,000

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 231 Days on market

Built 1995 $48/sqft · 35% above area Est $30k · 35% over ↓ 11% since listing

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Why this score? — see what drove the C+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 2-bedroom, 1-bath home offering 840 sq. ft. of comfortable living space in a convenient Bellevue location near Offutt Air Force Base. Recent updates provide peace of mind, including a replacement of roof, gutters, and gutter guards (2021), new storm door (2025), and new water heater (2025). Inside, the bathroom has been refreshed with a new tub, toilet, and flooring (2024/2025). Additional improvements include a new furnace (2022) for efficient heating. Enjoy extra storage with two sheds—perfect for hobbies or seasonal items. Reach out today for details!

Key facts

• New gutters
• New water heater
• New tub

Tags

• NEW ROOF
• NEW GUTTERS
• NEW STORM DOOR
• NEW WATER HEATER
• NEW TUB
• NEW TOILET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($980 rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 3.3% in Bellevue — 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 88/100 on livability (#1 in NE, #206 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute D+.
• Bellevue Public Schools (suburban): math 47% / reading 49% proficiency, ranked #67 of 111 in NE (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 84 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,612 units permitted in Sarpy County in 2024 (364 in 5+ unit buildings).
• This rent is only 18% of the median local income ($67k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.45% ✓
• Cap rate: 21.67%
• Cash-on-cash: 54.90%
• DSCR: 3.44
• GRM: 3.4

CMA / ARV

• ARV (median comp): $29,665
• List price: $40,000
• Delta: 34.84%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2902 Hancock St #35	0.20mi	3/2.0 (+1)	891 (+6%)	10mo	$38,300	$43	64

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 · 5.3% rent growth · sell at horizon

5-year hold

• IRR: 55.7%
• Equity multiple: 3.54×
• Total profit: $28,482
• Equity at exit: $5,964

10-year hold

• IRR: 61.6%
• Equity multiple: 7.86×
• Total profit: $76,834
• Equity at exit: $3,458

Cash invested: $11,200 (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 68005

• Rents YoY: 5.3%
• Active inventory: 84
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $980 high
• Mortgage (P&I): −$210
• Tax from tax record: −$36 /mo · $427/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $512

Break-even live

Break-even rent $332

Max offer price $40,000

Occupancy floor 43%

Sensitivity live

Price	-10% $535	-5% $524	+0% $512	+5% $501	+10% $490
Rent	-10% $435	-5% $474	+0% $512	+5% $551	+10% $590
Rate	-1.0pp $533	-0.5pp $523	base $512	+0.5pp $502	+1.0pp $492

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3008 S Washington St Unit 02 Bellevue, NE	2.0	1.0	1000	$975	$0.97	15d	1	0.15mi
2912 Van Buren St Apt 4 Bellevue, NE	1.0	1.0	550	$825	$1.50	44d	1	0.27mi
2608 Wayne St Bellevue, NE	2.0	1.0	864	$900	$1.04	44d	1	0.40mi
2243 Franklin St Unit 3 Bellevue, NE	1.0	1.0	705	$775	$1.10	44d	1	0.77mi
808 W 23rd Ave Bellevue, NE	1.0	1.0	550	$735	$1.34	2d	1	0.79mi
712 W Mission Ave Unit 4 Bellevue, NE	1.0	1.0	536	$750	$1.40	24d	1	0.85mi
2304 Lincoln Rd Unit M1 Bellevue, NE	1.0	1.0	700	$750	$1.07	15d	1	0.92mi
2304 Lincoln Rd Unit A6 Bellevue, NE	2.0	1.0	800	$900	$1.12	15d	1	0.92mi
105 Lawre Cir Unit 1 Bellevue, NE	2.0	1.0	720	$1,100	$1.53	4d	1	1.16mi
105 Lawre Cir Unit 3 Bellevue, NE	2.0	1.0	720	$1,050	$1.46	44d	1	1.16mi
1712 S Wayne St Unit 8 Bellevue, NE	1.0	1.0	750	$825	$1.10	12d	1	1.19mi
401 E 16th Ave Bellevue, NE	1.0–2.0	1.0	875	$1,100	$1.26	2d	4	1.33mi
1821 Hillcrest Dr Apt 403 Bellevue, NE	1.0	1.0	850	$1,545	$1.82	44d	1	1.42mi
1821 Hillcrest Dr Apt 303 Bellevue, NE	1.0	1.0	850	$1,545	$1.82	4d	1	1.42mi
1508 Lee Dr Unit 158 Bellevue, NE	2.0	1.0	875	$1,245	$1.42	4d	1	1.45mi
1508 Lee Dr Unit 157 Bellevue, NE	1.0	1.0	730	$800	$1.10	44d	1	1.45mi
1506 Lee Dr Unit 5 Bellevue, NE	1.0	1.0	745	$905	$1.21	44d	1	1.49mi

Listing history 7 events

1. 2026-06-05
   days on market $40,000 Active 231 DOM
2. 2026-06-03
   days on market $40,000 Active 230 DOM
3. 2026-06-03
   days on market $40,000 Active 229 DOM
4. 2026-06-01
   days on market $40,000 Active 228 DOM
5. 2026-05-31
   days on market $40,000 Active 227 DOM
6. 2026-02-05
   price $40,000 598-char remark

   Show marketing remark (598 chars)

   Welcome to this well-maintained 2-bedroom, 1-bath home offering 840 sq. ft. of comfortable living space in a convenient Bellevue location near Offutt Air Force Base. Recent updates provide peace of mind, including a replacement of roof, gutters, and gutter guards (2021), new storm door (2025), and new water heater (2025). Inside, the bathroom has been refreshed with a new tub, toilet, and flooring (2024/2025). Additional improvements include a new furnace (2022) for efficient heating. Enjoy extra storage with two sheds—perfect for hobbies or seasonal items. Reach out today for details!

7. 2025-10-06
   listed $45,000 New 598-char remark

   Show marketing remark (598 chars)

   Welcome to this well-maintained 2-bedroom, 1-bath home offering 840 sq. ft. of comfortable living space in a convenient Bellevue location near Offutt Air Force Base. Recent updates provide peace of mind, including a replacement of roof, gutters, and gutter guards (2021), new storm door (2025), and new water heater (2025). Inside, the bathroom has been refreshed with a new tub, toilet, and flooring (2024/2025). Additional improvements include a new furnace (2022) for efficient heating. Enjoy extra storage with two sheds—perfect for hobbies or seasonal items. Reach out today for details!

ⓘ 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: $427 · $36/mo
• Projected year-2 tax: $692 · $58/mo
• Expected delta: +$265/yr (+$22/mo · 62.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 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: $11,764
• − Mortgage interest: −$2,241
• − Property taxes: −$427
• − Insurance: −$200
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$1,164
• Taxable income: $5,850
• Est. tax owed @ 24.0%: −$1,404
• After-tax cash flow: $4,745/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: Bellevue Public Schools
• NCES district ID: 3103810
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $62,859
• Composite: 42.36/100
• National rank: #3248
• State rank: #67 of 111 in NE

Livability — Bellevue

• Score: 88/100
• State rank: #1
• US rank: #206

Category grades

Amenities A+ Commute D+ Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, NE
• County: Sarpy County · 161,202 people
• City population: 55,788
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 21,984
• Household income: $66,551
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 725.0

Population outlook (Sarpy County) Hauer SSP2

• Today (2025): 211,769 people
• By 2030: 229,365 · +8.3%
• By 2040: 264,122 · +24.7%
• By 2050: 298,087 · +40.8%
• By 2075: 381,667 · +80.2%
• By 2100: 448,180 · +111.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 15% Two or more races 10% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, United Kingdom, South Korea
• Languages at home: 88% English-only · Spanish 7% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Sarpy

• 2024 margin: R (+11.7) · D 43.5% · R 55.2% · Other 1.3%
• 2008→2024 swing: +4.2pp toward D · 2008: -15.9pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+11.2 2016: R+21.8 2012: R+23.6 2008: R+15.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -149.94%
• Current HPI: 247.6885
• Rent YoY: ▲ 5.30%
• Metro: Omaha-Council Bluffs, NE-IA
• 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

-11.1% since first listed

2 events — show timeline

• 2026-02-05 Price Changed $40,000 GPRMLS
• 2025-10-06 Listed $45,000 GPRMLS

Property tax history

-0.7%/yr

Latest (2020): $427 · -1.4% YoY. Source: county tax records.