922 2nd St · Norfolk, NE 68701

$160,000

4 bd · 3.0 ba · 2,449 sqft · SingleFamily public records · 361 Days on market

Built 1900 $65/sqft · 36% below area Est $199k · 19% under

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Why this score? — see what drove the C+ 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 +23.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.8/10.0
• 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

Key facts

• Built 1900
• Listed 360 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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.
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 270 units permitted in Madison County in 2024 (196 in 5+ unit buildings).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 361 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 361 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.08% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.62%
• DSCR: 1.34
• GRM: 7.7

CMA / ARV

• ARV (median comp): $198,566
• List price: $160,000
• Delta: -19.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
921 4th St	0.14mi	5/3.0 (+1)	2,388 (-2%)	22mo	$150,000	$63	66
501 Pasewalk Ave	0.49mi	3/2.0 (-1)	2,348 (-4%)	4mo	$250,000	$106	58
1010 4th	0.18mi	4/2.0	2,200 (-10%)	19mo	$215,000	$98	55
908 Ferguson Dr	0.61mi	4/3.0	2,644 (+8%)	7mo	$405,000	$153	52
813 Ferguson Dr	0.65mi	5/3.0 (+1)	2,448 (-0%)	16mo	$375,000	$153	51
503 Opal Ln	0.66mi	4/2.0	2,424 (-1%)	18mo	$275,000	$113	48
607 4th St	0.35mi	3/2.0 (-1)	2,242 (-8%)	18mo	$179,000	$80	45
506 Park Ave	0.58mi	4/2.0	2,205 (-10%)	14mo	$207,000	$94	41
712 Pasewalk Ave	0.64mi	5/3.0 (+1)	2,249 (-8%)	12mo	$288,000	$128	41
306 Park Ave	0.56mi	3/2.0 (-1)	2,106 (-14%)	10mo	$307,000	$146	33

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-7,247
• Equity at exit: $23,857

10-year hold

• IRR: 5.7%
• Equity multiple: 1.43×
• Total profit: $19,313
• Equity at exit: $13,834

Cash invested: $44,800 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$176 /mo · $2,116/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $285

Break-even live

Break-even rent $1,370

Max offer price $160,000

Occupancy floor 79%

Sensitivity live

Price	-10% $375	-5% $330	+0% $285	+5% $239	+10% $194
Rent	-10% $148	-5% $216	+0% $285	+5% $353	+10% $421
Rate	-1.0pp $365	-0.5pp $325	base $285	+0.5pp $243	+1.0pp $201

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $160,000 Active 361 DOM
2. 2026-06-18
   days on market $160,000 Active 360 DOM
3. 2026-06-17
   days on market $160,000 Active 359 DOM
4. 2026-06-16
   days on market $160,000 Active 358 DOM
5. 2026-06-15
   days on market $160,000 Active 357 DOM
6. 2026-06-14
   days on market $160,000 Active 355 DOM
7. 2026-06-12
   days on market $160,000 Active 354 DOM
8. 2026-06-09
   days on market $160,000 Active 351 DOM
9. 2026-06-08
   days on market $160,000 Active 350 DOM
10. 2026-06-07
    days on market $160,000 Active 349 DOM
11. 2026-06-05
    days on market $160,000 Active 346 DOM
12. 2026-06-03
    days on market $160,000 Active 345 DOM
13. 2026-06-02
    days on market $160,000 Active 344 DOM
14. 2026-06-01
    days on market $160,000 Active 343 DOM
15. 2026-05-31
    days on market $160,000 Active 342 DOM
16. 2026-05-30
    days on market $160,000 Active 341 DOM
17. 2025-09-26
    price $160,000
18. 2025-06-23
    listed $175,000 Active
19. 2024-08-19
    price $176,000
20. 2024-06-18
    price $187,500
21. 2022-03-25
    listed $185,000
22. 2021-06-21
    soldstatus $175,000
23. 2019-01-07
    soldstatus $137,000
24. 2019-01-04
    soldstatus $136,900
25. 2018-09-10
    listed $136,900
26. 2016-10-07
    soldstatus $97,200
27. 2016-10-07
    soldstatus $98,000
28. 2016-06-28
    listed $109,900
29. 2006-08-01
    soldstatus $34,500

ⓘ 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: $2,116 · $176/mo
• Projected year-2 tax: $2,768 · $231/mo
• Expected delta: +$652/yr (+$54/mo · 30.8%)

ⓘ 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 4/10 Moderate
• 🌡 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: $20,760
• − Mortgage interest: −$8,962
• − Property taxes: −$2,116
• − Insurance: −$800
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$4,655
• Taxable income: $905
• Est. tax owed @ 24.0%: −$217
• After-tax cash flow: $3,198/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

+363.8% since first listed

13 events — show timeline

• 2025-09-26 Price Changed $160,000 NNEMLS
• 2025-06-23 Listed $175,000 NNEMLS
• 2024-08-19 Price Changed $176,000 NNEMLS
• 2024-06-18 Price Changed $187,500 NNEMLS
• 2022-03-25 Listed $185,000 NNEMLS
• 2021-06-21 Sold (Public Records) $175,000 Public Records
• 2019-01-07 Sold (Public Records) $137,000 Public Records
• 2019-01-04 Sold (MLS) $136,900 NNEMLS
• 2018-09-10 Listed $136,900 NNEMLS
• 2016-10-07 Sold (Public Records) $98,000 Public Records
• 2016-10-07 Sold (MLS) $97,200 NNEMLS
• 2016-06-28 Listed $109,900 NNEMLS
• 2006-08-01 Sold (Public Records) $34,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,116 · +1.2% YoY. Source: county tax records.