308 9th Steet St · Norfolk, NE 68701

$154,900

2 bd · 2.0 ba · 854 sqft · SingleFamily public records · 18 Days on market

Built 1910 Est $188k · 18% under

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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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Whether you're looking to expand your investment portfolio or purchase your first rental property, or you are a first-time home buyer, this 2-bedroom home offers plenty of potential. Features include main-floor laundry for your convenience, newer flooring, updated kitchen with oven, dishwasher and refrigerator and a large fenced yard ideal for pets or outdoor activities Also, the detached garage offers alley access. The generous lot and practical layout provide excellent opportunities for future improvements and long-term value.

Key facts

• Alley access
• Generous lot
• Large fenced yard

Tags

• MAIN-FLOOR LAUNDRY
• UPDATED KITCHEN
• LARGE FENCED YARD
• DETACHED GARAGE
• ALLEY ACCESS
• GENEROUS LOT

Property features AI

Exterior

• Parking: 1-car garage with garage door opener
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family residential; Frame construction with wood siding
• Construction: Frame construction; Wood siding; Composition roof; Full basement
• Exterior features: Chain link fence; Composition roof

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Garbage disposal
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 main-level bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Window coverings; Full basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $56 ($676/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 $127k (18.3% below list).
• Recommended offer: $127k (18.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Zoned schools: Grant Elementary School (math 27% / reading 47%, grade F, #373 of 502 statewide, top 77%, 228 students, 82% FRL); Norfolk Jr High School (math 38% / reading 40%, grade F, #95 of 128 statewide, top 76%, 641 students, 52% FRL); Norfolk Senior High School (math 44% / reading 38%, grade F, #180 of 261 statewide, top 69%, 1,346 students, 46% FRL) — zoned schools average 60% FRL vs 39% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,572 (18.3% below list)

Questions for the listing agent

1. Built in 1910 — 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 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?
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: 0.82% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $187,880
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 Elm Ave	0.26mi	2/1.0	892 (+4%)	2mo	$123,000	$138	75
914 Maple Ave	0.31mi	2/1.0	936 (+10%)	8mo	$214,000	$229	59
700 Nebraska Ave	0.11mi	3/1.0 (+1)	795 (-7%)	19mo	$161,300	$203	58
1304 Prospect Ave	0.41mi	2/1.0	768 (-10%)	3mo	$177,000	$230	58
304 11th St	0.44mi	2/1.0	876 (+3%)	19mo	$193,000	$220	56
504 3rd St	0.71mi	2/2.0	860 (+1%)	12mo	$181,000	$210	55
1206 Hayes Ave	0.59mi	2/1.0	846 (-1%)	16mo	$105,000	$124	54
1002 7th St	0.46mi	2/1.0	768 (-10%)	9mo	$156,000	$203	50
303 13th Pl	0.50mi	3/1.0 (+1)	768 (-10%)	6mo	$189,900	$247	46
1216 Taylor Ave	0.67mi	2/1.0	936 (+10%)	14mo	$220,000	$235	37

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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-21,175
• Equity at exit: $23,096

10-year hold

• IRR: -4.3%
• Equity multiple: 0.71×
• Total profit: $-12,423
• Equity at exit: $13,393

Cash invested: $43,372 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,266 high
• Mortgage (P&I): −$812
• Tax from tax record: −$67 /mo · $801/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $56

Break-even live

Break-even rent $1,194

Max offer price $154,900

Occupancy floor 91%

Sensitivity live

Price	-10% $144	-5% $100	+0% $56	+5% $12	+10% $-31
Rent	-10% $-44	-5% $6	+0% $56	+5% $106	+10% $156
Rate	-1.0pp $134	-0.5pp $96	base $56	+0.5pp $16	+1.0pp $-25

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Lakewood Dr Norfolk, NE	2.0–3.0	1.0–1.5	937	$1,120	$1.19	25d	2	0.86mi
107 Gold Strike Dr Norfolk, NE	2.0	1.0	675	$1,095	$1.62	45d	1	0.89mi
110 Gold Strike Dr Norfolk, NE	2.0	1.0	615	$1,095	$1.78	45d	1	0.89mi
901 Syracuse Ave Norfolk, NE	2.0	1.0	1000	$1,095	$1.09	45d	1	0.95mi
1805 Parker Cir Norfolk, NE	2.0	1.0	700	$1,095	$1.56	45d	1	1.12mi
1303 Galeta Ave Norfolk, NE	2.0	1.0	900	$1,270	$1.41	21d	1	1.17mi
721 Legacy Dr Unit 13 Norfolk, NE	1.0	1.0	642	$1,225	$1.91	45d	1	1.28mi
715 Legacy Dr Unit 16 Norfolk, NE	2.0	2.0	989	$1,545	$1.56	45d	1	1.30mi
703 Legacy Dr Norfolk, NE	1.0	1.0	644	$1,172	$1.82	45d	2	1.35mi
1007 Sunrise Dr Unit 5 Norfolk, NE	1.0	1.0	692	$1,275	$1.84	23d	1	1.38mi
1015 Sunrise Dr Unit 15 Norfolk, NE	2.0	2.0	960	$1,449	$1.51	16d	1	1.41mi
1015 Sunrise Dr Norfolk, NE	1.0–2.0	1.0–2.0	815	$1,495	$1.83	45d	2	1.41mi
1015 Sunrise Dr Unit 20 Norfolk, NE	2.0	2.0	989	$1,495	$1.51	45d	1	1.41mi
1101 Sunrise Dr Norfolk, NE	1.0–2.0	1.0–2.0	784	$1,699	$2.17	25d	30	1.44mi

Listing history 14 events

1. 2026-06-19
   days on market $154,900 Active 18 DOM
2. 2026-06-18
   days on market $154,900 Active 17 DOM
3. 2026-06-17
   days on market $154,900 Active 16 DOM
4. 2026-06-16
   days on market $154,900 Active 15 DOM
5. 2026-06-15
   days on market $154,900 Active 14 DOM
6. 2026-06-14
   days on market $154,900 Active 12 DOM
7. 2026-06-12
   days on market $154,900 Active 11 DOM
8. 2026-06-09
   days on market $154,900 Active 8 DOM
9. 2026-06-08
   days on market $154,900 Active 7 DOM
10. 2026-06-07
    days on market $154,900 Active 6 DOM
11. 2026-06-05
    days on market $154,900 Active 3 DOM
12. 2026-06-03
    days on market $154,900 Active 2 DOM
13. 2026-06-01
    remarks 534-char remark
14. 2026-06-01
    listed $154,900 Active 1 DOM

ⓘ 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: $801 · $67/mo
• Projected year-2 tax: $2,680 · $223/mo
• Expected delta: +$1,879/yr (+$157/mo · 234.7%)

ⓘ 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 ≥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: $15,189
• − Mortgage interest: −$8,677
• − Property taxes: −$801
• − Insurance: −$774
• − Repairs & maintenance: −$1,215
• − Management: −$1,215
• − Depreciation: −$4,506
• Taxable loss: −$2,000
• Est. tax savings @ 24.0%: +$480
• After-tax cash flow: $1,156/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

1 event — show timeline

• 2026-06-01 Listed $154,900 NNEMLS

Property tax history

-0.5%/yr

Latest (2025): $801 · +4.9% YoY. Source: county tax records.