507 Illinois Ave

Harrisburg, NE 69345

$99,000B-

3 bd · 2.0 ba · 1,440 sqft · Built 2011 · Manufactured · Pending · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,155/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $273/mo
• Annual: $3,280/yr
• Cap rate: 9.61%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• 1% rule: 1.17%
• Cash to close: $27,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 147 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($684 loan paydown + $784 appreciation (0.8% local appreciation)).
• Location reads 60/100 on livability (#467 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: schools C-, health & safety C-, amenities F.
• Banner County Public Schools (rural): math 40% / reading 50% proficiency, ranked #187 of 245 in NE (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP.
• Banner County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $16k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.