1007 S 1st St · Norfolk, NE 68701

$187,000

2 bd · 3.0 ba · 1,892 sqft · SingleFamily public records · 30 Days on market

Built 1950 Est $229k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.5/30.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Well cared for. Located close to Lincoln School. Front property parking access. Rear property parking access. Enclosed back porch with 2 sliding doors, and sliding screens Shade trees. Newer windows. Large detached garage/shop. Alley access.

Key facts

• Alley access
• Enclosed back porch
• Newer windows

Tags

• FRONT PROPERTY PARKING ACCESS
• REAR PROPERTY PARKING ACCESS
• ENCLOSED BACK PORCH
• NEWER WINDOWS
• LARGE DETACHED GARAGE
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $187k.

Deal economics

• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (29.3% below list).
• Recommended offer: $132k (29.3% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.2% in Norfolk — 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 78/100 on livability (#54 in NE, #2,611 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Norfolk Public Schools (town): math 44% / reading 46% proficiency, ranked #84 of 111 in NE (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 270 units permitted in Madison County in 2024 (196 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $95k; list at $187k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,289 (29.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.71% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.75%
• DSCR: 0.83
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $228,932
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 2nd St	0.44mi	3/2.0 (+1)	1,836 (-3%)	2mo	$200,000	$109	64
506 1st St	0.46mi	3/2.0 (+1)	1,990 (+5%)	2mo	$204,500	$103	60
921 1st St	0.07mi	3/2.0 (+1)	1,672 (-12%)	12mo	$196,000	$117	59
1100 5th St	0.38mi	3/2.0 (+1)	1,814 (-4%)	11mo	$215,000	$119	57
401 Emerald Dr	0.62mi	3/2.0 (+1)	1,942 (+3%)	2mo	$267,567	$138	56
803 5th St	0.42mi	3/2.0 (+1)	1,828 (-3%)	13mo	$222,000	$121	55
704 9th St	0.71mi	3/3.0 (+1)	1,908 (+1%)	8mo	$235,000	$123	53
514 Shannon Dr	0.61mi	3/3.0 (+1)	2,064 (+9%)	0mo	$263,000	$127	51
311 W Indiana Ave	0.27mi	2/1.0	1,657 (-12%)	11mo	$182,000	$110	50
509 Shannon Dr	0.57mi	3/2.0 (+1)	2,070 (+9%)	2mo	$275,000	$133	47
306 Park Ave	0.56mi	3/2.0 (+1)	2,106 (+11%)	10mo	$307,000	$146	38
123 Park Ave	0.57mi	3/1.0 (+1)	1,632 (-14%)	2mo	$185,000	$113	36

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.23×
• Total profit: $-40,351
• Equity at exit: $27,882

10-year hold

• IRR: -15.8%
• Equity multiple: 0.10×
• Total profit: $-46,988
• Equity at exit: $16,168

Cash invested: $52,360 (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 68701

• Rents YoY: 3.3%
• Active inventory: 230
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,323 medium
• Mortgage (P&I): −$981
• Tax from tax record: −$150 /mo · $1,804/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $-164

Break-even live

Break-even rent $1,530

Max offer price $158,066

Occupancy floor —

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $187,000 Active 30 DOM
2. 2026-06-18
   days on market $187,000 Active 29 DOM
3. 2026-06-17
   days on market $187,000 Active 28 DOM
4. 2026-06-16
   days on market $187,000 Active 27 DOM
5. 2026-06-15
   days on market $187,000 Active 26 DOM
6. 2026-06-14
   days on market $187,000 Active 24 DOM
7. 2026-06-12
   days on market $187,000 Active 23 DOM
8. 2026-06-09
   days on market $187,000 Active 20 DOM
9. 2026-06-08
   days on market $187,000 Active 19 DOM
10. 2026-06-07
    days on market $187,000 Active 18 DOM
11. 2026-06-05
    days on market $187,000 Active 15 DOM
12. 2026-06-03
    days on market $187,000 Active 14 DOM
13. 2026-06-02
    days on market $187,000 Active 13 DOM
14. 2026-06-01
    days on market $187,000 Active 12 DOM
15. 2026-05-31
    days on market $187,000 Active 11 DOM
16. 2026-05-30
    days on market $187,000 Active 10 DOM
17. 2026-05-20
    listed $187,000 Active
18. 2019-10-15
    soldstatus $95,000

ⓘ 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: $1,804 · $150/mo
• Projected year-2 tax: $3,235 · $270/mo
• Expected delta: +$1,431/yr (+$119/mo · 79.4%)

ⓘ 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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,875
• − Mortgage interest: −$10,475
• − Property taxes: −$1,804
• − Insurance: −$935
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − Depreciation: −$5,440
• Taxable loss: −$5,319
• Est. tax savings @ 24.0%: +$1,277
• After-tax cash flow: $-689/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: Norfolk Public Schools
• NCES district ID: 3174430
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $46,579
• Composite: 38.31/100
• National rank: #4227
• State rank: #84 of 111 in NE

Livability — Norfolk

• Score: 78/100
• State rank: #54
• US rank: #2611

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, NE
• County: Madison County · 31,417 people
• City population: 31,417
• Metro: Norfolk, NE
• Population (ZIP): 31,417
• Household income: $62,633
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 861.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 35,536 people
• By 2030: 35,518 · -0.1%
• By 2040: 35,170 · -1.0%
• By 2050: 34,606 · -2.6%
• By 2075: 34,522 · -2.9%
• By 2100: 34,307 · -3.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 11% Cuban 1%
• Common ancestry: Portuguese 2% Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+56.0) · D 21.4% · R 77.4% · Other 1.2%
• 2008→2024 swing: -16.8pp toward R · 2008: -39.2pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+56.3 2012: R+48.1 2008: R+39.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.61%
• Current HPI: 260.5574
• Rent YoY: ▲ 3.31%
• Metro: Norfolk, NE
• 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

+96.8% since first listed

2 events — show timeline

• 2026-05-20 Listed $187,000 FSBO.com
• 2019-10-15 Sold (Public Records) $95,000 Public Records

Property tax history

-3.3%/yr

Latest (2025): $1,804 · +0.5% YoY. Source: county tax records.