910 W 6th ST Lot 23 St

Papillion, NE 68046

$55,000D

2 bd · 1.0 ba · 912 sqft · Built 1999 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$72
• HOA: −$685
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-42/mo
• Annual: $-500/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.25%
• DSCR: 0.86
• 1% rule: 2.31%
• Cash to close: $15,400

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $-42 ($-500/yr) — negative.
• To cash-flow at today's rent, offer at most $48k (13.4% below list).
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 21 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (13.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#4 in NE, #482 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F.
• Papillion La Vista Community Schools (suburban): math 54% / reading 58% proficiency, ranked #23 of 111 in NE (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Tara Heights Elementary School (math 54% / reading 60%, grade C+, #136 of 502 statewide, top 31%, 437 students, 33% FRL); La Vista Middle School (math 48% / reading 56%, grade C+, #43 of 128 statewide, top 36%, 716 students, 33% FRL); Papillion La Vista South Hs (math 59% / reading 61%, grade C+, #48 of 261 statewide, top 18%, 1,965 students, 20% FRL).
• Watch-outs: HOA is 54% of rent.
• Market conditions: Rents rising (+1.5%/yr); 630 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $55k implies a 104% gain — meaningful room to come down on a strong offer.
• Cap rate 5.4% vs local median 2.6% in Papillion — 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 13% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.