1502 N St · Franklin, NE 68939

$179,500

3 bd · 2.0 ba · 3,850 sqft · SingleFamily public records · 136 Days on market

Built 1975 $47/sqft · 34% below area Est $272k · 34% under ↓ 9% since listing

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Why this score? — see what drove the C- 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
• Appreciation +8.3/10.0
• Cash flow +8.1/30.0
• Schools +6.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.1/10.0

Listing remarks MLS

Well-maintained brick home ideally situated on a modest corner lot with an attached two-car garage. This inviting property offers a functional and flexible floor plan designed for comfortable everyday living. The main floor features two spacious bedrooms, two bathrooms, a convenient laundry room, and a well-appointed kitchen that flows seamlessly into the dining and living areas—perfect for both relaxing and entertaining. The finished basement expands the living space with a generous family room, two non-conforming bedrooms, an additional bathroom, ample storage, and a utility room, offering plenty of options for guests, a home office, or hobby space.

Key facts

• Laundry room
• Finished basement
• Brick home

Tags

• BRICK HOME
• CORNER LOT
• FUNCTIONAL FLOOR PLAN
• LAUNDRY ROOM
• WELL-APPOINTED KITCHEN
• FINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (25.8% below list).
• Recommended offer: $133k (25.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#102 in NE, #4,120 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Franklin Public Schools (rural): math 75% / reading 65% proficiency, ranked #19 of 245 in NE (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 5 active listings in the ZIP; 7 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.6% local appreciation)).
• Franklin County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,260 (25.8% 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 136 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.74% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.19%
• DSCR: 0.81
• GRM: 11.2

CMA / ARV

• ARV (median comp): $272,293
• List price: $179,500
• Delta: -34.08%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
922 P St	0.41mi	4/3.0 (+1)	4,080 (+6%)	10mo	$355,000	$87	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.93×
• Total profit: $46,908
• Equity at exit: $119,485

10-year hold

• IRR: 13.8%
• Equity multiple: 3.89×
• Total profit: $145,323
• Equity at exit: $222,660

Cash invested: $50,260 (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 68939

• Home prices YoY: 3.2%
• Active inventory: 5
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,333 medium
• Mortgage (P&I): −$941
• Tax from tax record: −$212 /mo · $2,545/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $-175

Break-even live

Break-even rent $1,555

Max offer price $148,502

Occupancy floor —

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: $44,875
• Closing costs: $5,385
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $179,500 Active 136 DOM
2. 2026-06-17
   days on market $179,500 Active 135 DOM
3. 2026-06-16
   days on market $179,500 Active 134 DOM
4. 2026-06-15
   days on market $179,500 Active 133 DOM
5. 2026-06-13
   days on market $179,500 Active 131 DOM
6. 2026-06-12
   days on market $179,500 Active 130 DOM
7. 2026-06-09
   days on market $179,500 Active 127 DOM
8. 2026-06-08
   days on market $179,500 Active 126 DOM
9. 2026-06-07
   pricedays on market $179,500 Active 125 DOM
10. 2026-06-05
    days on market $199,500 Active 123 DOM
11. 2026-06-04
    days on market $199,500 Active 121 DOM
12. 2026-06-02
    days on market $199,500 Active 120 DOM
13. 2026-06-01
    days on market $199,500 Active 119 DOM
14. 2026-05-31
    days on market $199,500 Active 118 DOM
15. 2026-04-20
    price $199,500 665-char remark

    Show marketing remark (665 chars)

    Well-maintained brick home ideally situated on a modest corner lot with an attached two-car garage. This inviting property offers a functional and flexible floor plan designed for comfortable everyday living. The main floor features two spacious bedrooms, two bathrooms, a convenient laundry room, and a well-appointed kitchen that flows seamlessly into the dining and living areas—perfect for both relaxing and entertaining. The finished basement expands the living space with a generous family room, two non-conforming bedrooms, an additional bathroom, ample storage, and a utility room, offering plenty of options for guests, a home office, or hobby space.

16. 2026-01-28
    listed $220,000 Active 665-char remark

    Show marketing remark (665 chars)

    Well-maintained brick home ideally situated on a modest corner lot with an attached two-car garage. This inviting property offers a functional and flexible floor plan designed for comfortable everyday living. The main floor features two spacious bedrooms, two bathrooms, a convenient laundry room, and a well-appointed kitchen that flows seamlessly into the dining and living areas—perfect for both relaxing and entertaining. The finished basement expands the living space with a generous family room, two non-conforming bedrooms, an additional bathroom, ample storage, and a utility room, offering plenty of options for guests, a home office, or hobby space.

ⓘ 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: $2,545 · $212/mo
• Projected year-2 tax: $3,105 · $259/mo
• Expected delta: +$560/yr (+$47/mo · 22.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,991
• − Mortgage interest: −$10,055
• − Property taxes: −$2,545
• − Insurance: −$898
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$5,222
• Taxable loss: −$5,287
• Est. tax savings @ 24.0%: +$1,269
• After-tax cash flow: $-837/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: Franklin Public Schools
• NCES district ID: 3100065
• Math proficiency: 75% ▲ 10.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $40,291
• Composite: 59.66/100
• National rank: #1848
• State rank: #19 of 245 in NE

Livability — Franklin

• Score: 75/100
• State rank: #102
• US rank: #4120

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, NE
• Population (ZIP): 1,094

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 2,858 people
• By 2030: 2,771 · -3.0%
• By 2040: 2,549 · -10.8%
• By 2050: 2,316 · -19.0%
• By 2075: 2,169 · -24.1%
• By 2100: 2,103 · -26.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 4% Native American 1%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 0%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+69.7) · D 14.8% · R 84.4%
• 2008→2024 swing: -28.6pp toward R · 2008: -41.0pp · 2024: -69.7pp
• All cycles: 2024: R+69.7 2020: R+67.2 2016: R+66.1 2012: R+47.7 2008: R+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.58%
• Current HPI: 215.0661
• 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

-9.3% since first listed

2 events — show timeline

• 2026-04-20 Price Changed $199,500 GMNMLS
• 2026-01-28 Listed $220,000 GMNMLS

Property tax history

+3.4%/yr

Latest (2025): $2,545 · +3.4% YoY. Source: county tax records.