2802 Wayne St

Bellevue, NE 68005

$189,000D+

3 bd · 2.0 ba · 1,820 sqft · Built 1960 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,585/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-54/mo
• Annual: $-647/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $189k.
• 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).
• It's been on market 42 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (16.1% 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 $6k of value loss. Plan a longer hold.
• 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).
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

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 42 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.