104 N 2nd St · Herman, NE 68029

$136,500

3 bd · 1.0 ba · 1,110 sqft · SingleFamily public records · 11 Days on market

Built 1920 10,019 sqft lot

---

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).

• Cash flow +13.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• DSCR +4.2/10.0
• Schools +4.0/10.0
• 1% rule +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Newly updated 3 bed, 1 bath home. New bathroom, kitchen, paint, flooring, drywall, plumbing - all, electrical- all, windows-most. Agent has equity in home. Turned all to electric. No propane needed.

Key facts

• Expansive yard
• Updated flooring
• Mudroom

Tags

• DETACHED GARAGE
• MATURE TREES
• EXPANSIVE YARD
• STAINLESS STEEL APPLIANCES
• UPDATED FLOORING
• MUDROOM

Property features AI

Exterior

• Parking: Detached covered garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-one-half story; Residential property, not new
• Construction: Vinyl siding exterior; Composition roof; Other type foundation; Built in 1920
• Exterior features: Porch; Deck; Storm cellar; Shed(s) on the property; Lot size approximately 0.23 acres (up to 1/4 acre)

Interior

• Bedrooms: Primary bedroom on the main floor; Additional bedrooms on the second floor
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric heating with baseboard and wall furnace options; Window air conditioning units
• Interior features: No basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $136k.

Deal economics

• At list price, monthly cash flow is $-53 ($-634/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (15.6% below list).
• Recommended offer: $115k (15.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#435 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety F.
• Tekamah-Herman Community Schools (rural): math 47% / reading 47% proficiency, ranked #72 of 111 in NE (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elementary School At Tekamah (math 52% / reading 52%, grade C-, #200 of 502 statewide, top 46%, 297 students, 35% FRL); High School At Tekamah (math 42% / reading 42%, grade F, #176 of 261 statewide, top 68%, 230 students, 31% FRL).
• Market conditions: 4 active listings in the ZIP; 80 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($944 loan paydown + $2k appreciation (1.6% local appreciation)).
• Washington County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y 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 $99k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,183 (15.6% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.09×
• Total profit: $3,490
• Equity at exit: $51,145

10-year hold

• IRR: 6.0%
• Equity multiple: 1.78×
• Total profit: $29,862
• Equity at exit: $71,633

Cash invested: $38,220 (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 68029

• Home prices YoY: 0.6%
• Active inventory: 4
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,152 medium
• Mortgage (P&I): −$716
• Tax from tax record: −$124 /mo · $1,483/yr
• Insurance: −$57
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $-53

Break-even live

Break-even rent $1,219

Max offer price $127,167

Occupancy floor 100%

Sensitivity live

Price	-10% $24	-5% $-14	+0% $-53	+5% $-91	+10% $-130
Rent	-10% $-144	-5% $-98	+0% $-53	+5% $-7	+10% $38
Rate	-1.0pp $16	-0.5pp $-18	base $-53	+0.5pp $-88	+1.0pp $-124

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: $34,125
• Closing costs: $4,095
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-22
   days on market $136,500 Active 11 DOM
2. 2026-06-21
   days on market $136,500 Active 10 DOM
3. 2026-06-21
   days on market $136,500 Active 9 DOM
4. 2026-06-18
   days on market $136,500 Active 7 DOM
5. 2026-06-17
   days on market $136,500 Active 6 DOM
6. 2026-06-16
   statusdays on market $136,500 Active 5 DOM
7. 2026-06-15
   days on market $136,500 New 4 DOM
8. 2026-06-13
   days on market $136,500 New 2 DOM
9. 2026-06-12
   remarks 691-char remark
10. 2026-06-12
    listed $136,500 New 1 DOM

ⓘ 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: $1,483 · $124/mo
• Projected year-2 tax: $2,361 · $197/mo
• Expected delta: +$878/yr (+$73/mo · 59.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $13,822
• − Mortgage interest: −$7,646
• − Property taxes: −$1,483
• − Insurance: −$1,480
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$3,971
• Taxable loss: −$2,970
• Est. tax savings @ 24.0%: +$713
• After-tax cash flow: $79/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: Tekamah-Herman Community Schools
• NCES district ID: 3100071
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 47% ▼ -1.00%
• Median HH income: $48,922
• Composite: 40.2/100
• National rank: #3784
• State rank: #72 of 111 in NE

Livability — Herman

• Score: 62/100
• State rank: #435
• US rank: #16661

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment A- Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herman, NE
• Population (ZIP): 814

Population outlook (Washington County) Hauer SSP2

• Today (2025): 20,361 people
• By 2030: 20,293 · -0.3%
• By 2040: 19,861 · -2.5%
• By 2050: 19,080 · -6.3%
• By 2075: 17,987 · -11.7%
• By 2100: 16,240 · -20.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Lithuanian 11% Romanian 2% Portuguese 1%
• Foreign-born: 0% · Canada
• Languages at home: 100% English-only · Spanish 0%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.2%
• 2008→2024 swing: -16.1pp toward R · 2008: -26.3pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+40.3 2016: R+45.0 2012: R+37.1 2008: R+26.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.63%
• Current HPI: 300.423
• Rent YoY: —
• Metro: —
• 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

+242.1% since first listed

15 events — show timeline

• 2026-06-11 Listed $136,500 GPRMLS
• 2020-06-22 Sold (Public Records) $99,000 Public Records
• 2020-06-17 Sold (MLS) $99,000 GPRMLS
• 2020-04-29 Pending — GPRMLS
• 2020-03-28 Price Changed $99,000 GPRMLS
• 2020-03-13 Price Changed $108,000 GPRMLS
• 2020-02-06 Price Changed $115,000 GPRMLS
• 2020-01-17 Price Changed $119,800 GPRMLS
• 2019-12-10 Listed $125,000 GPRMLS
• 2018-09-26 Sold (MLS) $24,000 GPRMLS
• 2018-07-30 Pending — GPRMLS
• 2018-07-10 Price Changed $25,000 GPRMLS
• 2018-06-01 Listed $30,000 GPRMLS
• 2007-01-12 Listing Removed — GPRMLS
• 2006-07-12 Listed $39,900 GPRMLS

Property tax history

+5.9%/yr

Latest (2025): $1,483 · +1.8% YoY. Source: county tax records.