2802 Wayne St · Bellevue, NE 68005

$189,000

3 bd · 2.0 ba · 1,820 sqft · SingleFamily public records · 42 Days on market

Built 1960 10,237 sqft lot Est $237k · 20% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +11.7/30.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• Rent growth +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a deal! Well cared for ranch style home with great potential in old town Bellevue. With little TLC this home can be a true beauty! Features include, new roof in 2013, maintenance free siding, updated windows, and finished lower level with kitchen. This can be a great starter home or will make nice addition an investor's portfolio.

Key facts

• New furnace
• New air conditioner
• New roof

Tags

• PRIVACY FENCED BACK YARD
• MAINTENANCE FREE SIDING
• FINISHED LOWER BASEMENT AREA
• NEW FURNACE
• NEW AIR CONDITIONER
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-54 ($-647/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (16.1% below list).
• Recommended offer: $159k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.3% in Bellevue — 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 88/100 on livability (#1 in NE, #206 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute D+.
• Bellevue Public Schools (suburban): math 47% / reading 49% proficiency, ranked #67 of 111 in NE (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Betz Elementary School (math 32% / reading 27%, grade F, #427 of 502 statewide, top 87%, 285 students, 72% FRL); Bellevue Mission Middle School (math 38% / reading 41%, grade F, #86 of 128 statewide, top 73%, 391 students, 51% FRL); Bellevue East Sr High School (math 36% / reading 41%, grade F, #199 of 261 statewide, top 77%, 1,423 students, 46% FRL) — zoned schools average 56% FRL vs 25% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 48% district-wide (-12 pts) — the specific schools serving this property underperform the Bellevue Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.3%/yr); 84 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,612 units permitted in Sarpy County in 2024 (364 in 5+ unit buildings).

Forward outlook

• 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.
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $90k; list at $189k implies a 110% gain — meaningful room to come down on a strong offer.

Recommended offer $158,514 (16.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.84% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $236,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2604 Jackson St	0.18mi	3/1.0	1,882 (+3%)	4mo	$244,000	$130	78
2533 Franklin St	0.28mi	4/2.0 (+1)	1,785 (-2%)	14mo	$225,000	$126	67
2521 Jackson St	0.23mi	3/1.5	1,680 (-8%)	10mo	$200,000	$119	66
3202 Reed Dr	0.45mi	3/1.0	1,848 (+2%)	8mo	$240,000	$130	66
2409 Calhoun St	0.44mi	3/1.0	1,790 (-2%)	10mo	$215,000	$120	64
101 E 28 Ave	0.24mi	4/3.0 (+1)	1,745 (-4%)	11mo	$219,500	$126	64
2202 Madison St	0.57mi	3/2.0	1,724 (-5%)	4mo	$236,700	$137	61
2603 Van Buren St	0.22mi	3/1.5	1,641 (-10%)	14mo	$219,900	$134	60
808 W 33rd Ave	0.38mi	4/2.0 (+1)	1,919 (+5%)	13mo	$200,000	$104	57
2002 Van Buren St	0.73mi	3/3.0	1,764 (-3%)	7mo	$275,000	$156	51
2201 Warren St	0.73mi	3/2.5	1,774 (-2%)	12mo	$266,000	$150	50
2009 Calhoun St	0.74mi	3/2.0	1,720 (-6%)	14mo	$265,000	$154	44

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 · 5.3% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.43×
• Total profit: $-30,281
• Equity at exit: $28,181

10-year hold

• IRR: -3.8%
• Equity multiple: 0.73×
• Total profit: $-14,549
• Equity at exit: $16,341

Cash invested: $52,920 (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 68005

• Rents YoY: 5.3%
• Active inventory: 84
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,585 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-54

Break-even live

Break-even rent $1,653

Max offer price $181,204

Occupancy floor 98%

Sensitivity live

Price	-10% $77	-5% $11	+0% $-54	+5% $-119	+10% $-184
Rent	-10% $-179	-5% $-116	+0% $-54	+5% $9	+10% $71
Rate	-1.0pp $41	-0.5pp $-6	base $-54	+0.5pp $-103	+1.0pp $-153

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2304 Jackson St Bellevue, NE	3.0	2.0	1636	$1,650	$1.01	44d	1	0.44mi
1320 Englewood Dr Bellevue, NE	3.0	2.0	1316	$2,300	$1.75	44d	1	1.49mi

Listing history 10 events

1. 2026-02-10
   status Pending
2. 2025-12-29
   listed $189,000 New
3. 2014-02-12
   soldstatus $90,000
4. 2014-02-07
   soldstatus $90,000 337-char remark

   Show marketing remark (337 chars)

   What a deal! Well cared for ranch style home with great potential in old town Bellevue. With little TLC this home can be a true beauty! Features include, new roof in 2013, maintenance free siding, updated windows, and finished lower level with kitchen. This can be a great starter home or will make nice addition an investor's portfolio.

5. 2014-01-03
   historical 337-char remark

   Show marketing remark (337 chars)

   What a deal! Well cared for ranch style home with great potential in old town Bellevue. With little TLC this home can be a true beauty! Features include, new roof in 2013, maintenance free siding, updated windows, and finished lower level with kitchen. This can be a great starter home or will make nice addition an investor's portfolio.

6. 2013-12-30
   listed $93,000 337-char remark

   Show marketing remark (337 chars)

   What a deal! Well cared for ranch style home with great potential in old town Bellevue. With little TLC this home can be a true beauty! Features include, new roof in 2013, maintenance free siding, updated windows, and finished lower level with kitchen. This can be a great starter home or will make nice addition an investor's portfolio.

7. 2006-03-29
   soldstatus $121,000
8. 2006-03-23
   soldstatus $121,000 431-char remark

   Show marketing remark (431 chars)

   3 bedroom walk-out ranch w/ huge privacy fenced backyard. Non-conforming 4th bedroom in basement. Full kitchen in upstairs and lower level. Could be used as 2 full units or mother-in-law quarters. New windows in the 90's, freshly painted, updated kitchen & bath. New roof in mid 90's, well maintained. Built-ins in living room & kitchen. Upstairs fridge to be changed to single style unit. No maintenance deck 14'4 x 15'10.

9. 2006-02-20
   historical 431-char remark

   Show marketing remark (431 chars)

   3 bedroom walk-out ranch w/ huge privacy fenced backyard. Non-conforming 4th bedroom in basement. Full kitchen in upstairs and lower level. Could be used as 2 full units or mother-in-law quarters. New windows in the 90's, freshly painted, updated kitchen & bath. New roof in mid 90's, well maintained. Built-ins in living room & kitchen. Upstairs fridge to be changed to single style unit. No maintenance deck 14'4 x 15'10.

10. 2005-11-10
    listed $126,000 431-char remark

    Show marketing remark (431 chars)

    3 bedroom walk-out ranch w/ huge privacy fenced backyard. Non-conforming 4th bedroom in basement. Full kitchen in upstairs and lower level. Could be used as 2 full units or mother-in-law quarters. New windows in the 90's, freshly painted, updated kitchen & bath. New roof in mid 90's, well maintained. Built-ins in living room & kitchen. Upstairs fridge to be changed to single style unit. No maintenance deck 14'4 x 15'10.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,022
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$5,498
• Taxable loss: −$3,887
• Est. tax savings @ 24.0%: +$933
• After-tax cash flow: $286/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: Bellevue Public Schools
• NCES district ID: 3103810
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $62,859
• Composite: 42.36/100
• National rank: #3248
• State rank: #67 of 111 in NE

Livability — Bellevue

• Score: 88/100
• State rank: #1
• US rank: #206

Category grades

Amenities A+ Commute D+ Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, NE
• County: Sarpy County · 161,202 people
• City population: 55,788
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 21,984
• Household income: $66,551
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 725.0

Population outlook (Sarpy County) Hauer SSP2

• Today (2025): 211,769 people
• By 2030: 229,365 · +8.3%
• By 2040: 264,122 · +24.7%
• By 2050: 298,087 · +40.8%
• By 2075: 381,667 · +80.2%
• By 2100: 448,180 · +111.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 15% Two or more races 10% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 8% · Canada, United Kingdom, South Korea
• Languages at home: 88% English-only · Spanish 7% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Sarpy

• 2024 margin: R (+11.7) · D 43.5% · R 55.2% · Other 1.3%
• 2008→2024 swing: +4.2pp toward D · 2008: -15.9pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+11.2 2016: R+21.8 2012: R+23.6 2008: R+15.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -149.94%
• Current HPI: 247.6885
• Rent YoY: ▲ 5.30%
• Metro: Omaha-Council Bluffs, NE-IA
• 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

+50.0% since first listed

10 events — show timeline

• 2026-02-10 Pending — GPRMLS
• 2025-12-29 Listed $189,000 GPRMLS
• 2014-02-12 Sold (Public Records) $90,000 Public Records
• 2014-02-07 Sold (MLS) $90,000 GPRMLS
• 2014-01-03 Listing Removed — GPRMLS
• 2013-12-30 Listed $93,000 GPRMLS
• 2006-03-29 Sold (Public Records) $121,000 Public Records
• 2006-03-23 Sold (MLS) $121,000 GPRMLS
• 2006-02-20 Listing Removed — GPRMLS
• 2005-11-10 Listed $126,000 GPRMLS

Property tax history

-58.6%/yr

Latest (2017): $153 · -93.3% YoY. Source: county tax records.