109 Main St

Hordville, NE 68846

$230,000F

4 bd · 4.0 ba · 792 sqft · Built 1978 · Other · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,072/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$173
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $-532/mo
• Annual: $-6,390/yr
• Cap rate: 3.51%
• Cash-on-cash: -9.92%
• DSCR: 0.56
• 1% rule: 0.47%
• Cash to close: $64,400

Investor read

• This is a 4-bed/4.0-bath other listed at $230k.
• At list price, monthly cash flow is $-532 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (40.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (53.4% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $107k (53.4% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (9.7% local appreciation)).
• Location reads 66/100 on livability (#325 in NE) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• High Plains Community Schools (rural): math 40% / reading 50% proficiency, ranked #180 of 245 in NE (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: High Plains Community Elementary School (math 27% / reading 47%, grade F, #373 of 502 statewide, top 77%, 121 students, 31% FRL); High Plains Community Jr/Sr High School (math 44% / reading 44%, grade F, #146 of 261 statewide, top 67%, 102 students, 35% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 2 active listings in the ZIP; 47 units permitted in Hamilton County in 2024 (8 in 5+ unit buildings).
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $200k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.