212 13th St · Norfolk, NE 68701

$138,000

3 bd · 2.0 ba · 1,380 sqft · SingleFamily public records · 75 Days on market

Built 1915 Est $244k · 44% under ↓ 16% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well-maintained 3-bedroom, 1.5-bath bungalow offers a smart opportunity for both investors and first-time homeowners alike. Featuring a full unfinished basement with excellent potential for added living space or storage, this solid home is, ready to grow with your needs. Major mechanical updates include a newer A/C, furnace, and hot water heater—providing peace of mind and efficiency. Outside, you’ll find a rare 1-car detached drive-through garage with an attached carport and alley access, perfect for extra vehicles, hobbies, or convenience. Whether you’re looking for a solid investment or a comfortable place to start, this property delivers value, flexibility, and lo

Key facts

• Alley access
• Attached carport
• Garage

Tags

• FULL UNFINISHED BASEMENT
• ATTACHED CARPORT
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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: Norfolk Middle School (math 47% / reading 45%, grade D+, #60 of 128 statewide, top 48%, 600 students, 56% FRL); Norfolk Senior High School (math 44% / reading 38%, grade F, #180 of 261 statewide, top 69%, 1,346 students, 46% FRL).
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 270 units permitted in Madison County in 2024 (196 in 5+ unit buildings).
• This rent runs 34% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,719 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.30% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.51%
• DSCR: 1.73
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $244,260
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1313 Park Ave	0.13mi	3/2.0	1,209 (-12%)	6mo	$192,000	$159	68
1008 Verges Ave	0.56mi	3/1.5	1,417 (+3%)	1mo	$180,000	$127	67
406 Skyview Cir	0.49mi	2/2.0 (-1)	1,398 (+1%)	8mo	$355,000	$254	63
1809 Taylor Ave	0.47mi	2/2.0 (-1)	1,446 (+5%)	5mo	$295,000	$204	61
211 13th St	0.31mi	4/2.0 (+1)	1,536 (+11%)	3mo	$185,000	$120	59
608 9th St	0.48mi	4/2.0 (+1)	1,521 (+10%)	1mo	$132,500	$87	55
308 13th Pl	0.40mi	3/2.0	1,582 (+15%)	5mo	$280,000	$177	53
213 9th St	0.48mi	4/2.0 (+1)	1,528 (+11%)	6mo	$208,500	$136	49
2002 Sunset Ave	0.48mi	2/2.0 (-1)	1,232 (-11%)	7mo	$234,000	$190	49
728 11th St	0.53mi	2/1.0 (-1)	1,461 (+6%)	12mo	$185,000	$127	47
825 8th St	0.72mi	3/2.0	1,530 (+11%)	12mo	$290,000	$190	38
1407 Elm	0.55mi	2/1.0 (-1)	1,188 (-14%)	12mo	$214,900	$181	32

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: 7.9%
• Equity multiple: 1.31×
• Total profit: $12,047
• Equity at exit: $20,576

10-year hold

• IRR: 17.4%
• Equity multiple: 2.46×
• Total profit: $56,355
• Equity at exit: $11,932

Cash invested: $38,640 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$724
• Tax from tax record: −$105 /mo · $1,265/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $532

Break-even live

Break-even rent $1,122

Max offer price $138,000

Occupancy floor 65%

Sensitivity live

Price	-10% $610	-5% $571	+0% $532	+5% $493	+10% $454
Rent	-10% $390	-5% $461	+0% $532	+5% $603	+10% $673
Rate	-1.0pp $601	-0.5pp $567	base $532	+0.5pp $496	+1.0pp $460

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1208 Koenigstein Ave Norfolk, NE	3.0	1.5	1140	$2,200	$1.93	44d	1	0.26mi
1401 Lakewood Dr Norfolk, NE	2.0–3.0	1.0–1.5	937	$1,345	$1.43	24d	2	1.31mi
901 Syracuse Ave Norfolk, NE	2.0	1.0	1000	$1,095	$1.09	44d	1	1.35mi
1303 Galeta Ave Norfolk, NE	2.0	1.0	900	$1,270	$1.41	19d	1	1.43mi

Listing history 5 events

1. 2026-04-15
   status Pending
2. 2026-04-06
   price $138,000
3. 2026-03-28
   price $149,900
4. 2026-03-03
   price $155,000
5. 2026-01-30
   listed $165,000 Active

ⓘ 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: $1,265 · $105/mo
• Projected year-2 tax: $2,387 · $199/mo
• Expected delta: +$1,123/yr (+$94/mo · 88.8%)

ⓘ 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: $21,543
• − Mortgage interest: −$7,730
• − Property taxes: −$1,265
• − Insurance: −$690
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − Depreciation: −$4,015
• Taxable income: $4,397
• Est. tax owed @ 24.0%: −$1,055
• After-tax cash flow: $5,325/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

-16.4% since first listed

5 events — show timeline

• 2026-04-15 Pending — NNEMLS
• 2026-04-06 Price Changed $138,000 NNEMLS
• 2026-03-28 Price Changed $149,900 NNEMLS
• 2026-03-03 Price Changed $155,000 NNEMLS
• 2026-01-30 Listed $165,000 NNEMLS

Property tax history

+4.2%/yr

Latest (2025): $1,265 · +0.0% YoY. Source: county tax records.