278 Thorn Ave

Harrison, NE 69346

$105,500B-

2 bd · 1.0 ba · 1,568 sqft · Built 1920 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,084/mo
• Mortgage (P&I): −$553
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $228/mo
• Annual: $2,740/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• 1% rule: 1.03%
• Cash to close: $29,540

Investor read

• This is a 2-bed/1.0-bath single-family listed at $106k.
• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $106k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($729 loan paydown + $6k appreciation (6.0% local appreciation)).
• Location reads 70/100 on livability (#208 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, commute F.
• Sioux County Public Schools (rural): math 60% / reading 50% proficiency, ranked #117 of 245 in NE (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harrison Grade School (math 44% / reading 44%, grade F, #289 of 502 statewide, top 63%, 44 students, 25% FRL); Sioux County High School (math 24% / reading 24%, 26 students, 12% FRL) — zoned schools at 18% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 55% district-wide (-20 pts) — the specific schools serving this property underperform the Sioux County Public Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1 units permitted in Sioux County in 2024 (0 in 5+ unit buildings).
• Sioux County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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 $77k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — 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.
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.