13401 Glenn St

Papillion, NE 68138

$240,000C-

3 bd · 1.0 ba · 1,452 sqft · Built 1966 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,209/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$347
• HOA: −$0
• Vac / Maint / Mgmt: −$464
• Net cashflow: $140/mo
• Annual: $1,684/yr
• Cap rate: 6.99%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• 1% rule: 0.92%
• Cash to close: $67,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (7.9% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $221k (7.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#4 in NE, #482 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F.
• Springfield Platteview Community Schools (rural): math 56% / reading 60% proficiency, ranked #18 of 111 in NE (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Westmont Elementary School (math 57% / reading 57%, grade C+, #136 of 502 statewide, top 31%, 271 students, 22% FRL); Platteview Central Jr High School (math 52% / reading 57%, grade B-, #32 of 128 statewide, top 28%, 181 students, 22% FRL); Platteview Senior High School (math 52% / reading 57%, grade C-, #80 of 261 statewide, top 37%, 388 students, 17% FRL).
• Market conditions: Rents rising (+3.7%/yr); 71 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 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 $175k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.0% vs local median 2.6% in Papillion — 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.
• This rent runs 31% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1966 — 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 A-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?
• 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.