217 W 12th St

Grand Island, NE 68803

$180,000F

2 bd · 2.0 ba · 906 sqft · Built 1917 · SingleFamily · Pending · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,054/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $-323/mo
• Annual: $-3,874/yr
• Cap rate: 4.14%
• Cash-on-cash: -7.69%
• DSCR: 0.66
• 1% rule: 0.59%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-323 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (31.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (41.4% below list).
• It's been on market 178 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (41.4% below list) — sets the bar for 1% rule.
• 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.
• Location reads 79/100 on livability (#43 in NE, #2,252 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F.
• Grand Island Public Schools (urban): math 36% / reading 36% proficiency, ranked #102 of 111 in NE (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Howard Elementary School (math 22% / reading 27%, grade F, #445 of 502 statewide, top 91%, 471 students, 0% FRL); Walnut Middle School (math 30% / reading 27%, grade F, #116 of 128 statewide, top 91%, 853 students, 78% FRL); Grand Island Senior High School (math 22% / reading 20%, grade F, #249 of 261 statewide, top 95%, 2,650 students, 65% FRL).
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 213 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 246 units permitted in Hall County in 2024 (98 in 5+ unit buildings).
• Hall County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $80k; list at $180k implies a 125% gain — meaningful room to come down on a strong offer.
• This rent is only 17% of the median local income ($73k/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?
• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-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.