1912 32nd St

Columbus, NE 68601

$185,000D-

3 bd · 2.0 ba · 1,390 sqft · Built 1974 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,522/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$325
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-401/mo
• Annual: $-4,817/yr
• Cap rate: 3.69%
• Cash-on-cash: -9.30%
• DSCR: 0.59
• 1% rule: 0.82%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-401 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (17.8% below list).
• It's been on market 36 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (31.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#20 in NE, #1,633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Columbus Public Schools (town): math 39% / reading 43% proficiency, ranked #93 of 111 in NE (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Park Elementary (math 37% / reading 52%, grade F, #289 of 502 statewide, top 63%, 331 students, 54% FRL); Columbus Middle School (math 39% / reading 42%, grade F, #82 of 128 statewide, top 65%, 1,174 students, 55% FRL); Columbus High School (math 38% / reading 39%, grade F, #199 of 261 statewide, top 77%, 1,273 students, 46% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: 377 active listings in the ZIP; 98 units permitted in Platte County in 2024 (17 in 5+ unit buildings).
• Platte County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 12y ago 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 $140k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 36 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.