3101 Washington St #15

Bellevue, NE 68005

$40,000C+

2 bd · 1.0 ba · 840 sqft · Built 1995 · Manufactured · Active · 231 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $980/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $512/mo
• Annual: $6,149/yr
• Cap rate: 21.67%
• Cash-on-cash: 54.90%
• DSCR: 3.44
• 1% rule: 2.45%
• Cash to close: $11,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $40k.
• 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).
• It's been on market 231 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.