203 6th St · Herman, NE 68029

$130,000

2 bd · 1.0 ba · 848 sqft · SingleFamily public records · 87 Days on market

Built 1910 0.38 ac lot $153/sqft · 17% below area Est $157k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.3/30.0
• Appreciation +5.8/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Listing remarks MLS

Contract Pending Enjoy small-town living just minutes from Blair and a short drive to Omaha! This move-in ready 2-bedroom, 1-bath ranch features all-new windows, fresh interior paint, and new carpet throughout. High-ticket items updated include a new furnace and new air conditioner for year-round comfort. Situated on an extra-large lot, the property offers ample outdoor space, a one-car detached garage, and an additional storage shed for added convenience. Schedule your showing today! AMA

Key facts

• Move-in ready
• New furnace
• New carpet

Tags

• MOVE-IN READY
• NEW WINDOWS
• FRESH INTERIOR PAINT
• NEW CARPET
• NEW FURNACE
• NEW AIR CONDITIONER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (29.8% below list).
• Recommended offer: $91k (29.8% 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 ($899 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.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $130k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,276 (29.8% 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 87 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 5.40%
• Cash-on-cash: -3.17%
• DSCR: 0.86
• GRM: 11.9

CMA / ARV

• ARV (median comp): $156,850
• List price: $130,000
• Delta: -17.12%
• 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
203 6th St	0.00mi	2/1.0	848 (0%)	1mo	$115,000	$136	99

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

Projected returns pro-forma

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

5-year hold

• IRR: -2.0%
• Equity multiple: 0.89×
• Total profit: $-3,859
• Equity at exit: $48,709

10-year hold

• IRR: 2.7%
• Equity multiple: 1.35×
• Total profit: $12,873
• Equity at exit: $68,222

Cash invested: $36,400 (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: 11.9×

Monthly cashflow live

• Estimated rent: $913 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$81 /mo · $977/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $-163

Break-even live

Break-even rent $1,119

Max offer price $101,254

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-126	+0% $-163	+5% $-200	+10% $-236
Rent	-10% $-235	-5% $-199	+0% $-163	+5% $-127	+10% $-91
Rate	-1.0pp $-97	-0.5pp $-130	base $-163	+0.5pp $-196	+1.0pp $-231

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-01
   days on market $130,000 Active 87 DOM
2. 2026-05-31
   days on market $130,000 Active 86 DOM
3. 2026-03-19
   price $130,000 493-char remark

   Show marketing remark (493 chars)

   Contract Pending Enjoy small-town living just minutes from Blair and a short drive to Omaha! This move-in ready 2-bedroom, 1-bath ranch features all-new windows, fresh interior paint, and new carpet throughout. High-ticket items updated include a new furnace and new air conditioner for year-round comfort. Situated on an extra-large lot, the property offers ample outdoor space, a one-car detached garage, and an additional storage shed for added convenience. Schedule your showing today! AMA

4. 2026-03-02
   listed $140,000 Active 493-char remark

   Show marketing remark (493 chars)

   Contract Pending Enjoy small-town living just minutes from Blair and a short drive to Omaha! This move-in ready 2-bedroom, 1-bath ranch features all-new windows, fresh interior paint, and new carpet throughout. High-ticket items updated include a new furnace and new air conditioner for year-round comfort. Situated on an extra-large lot, the property offers ample outdoor space, a one-car detached garage, and an additional storage shed for added convenience. Schedule your showing today! AMA

5. 2026-02-19
   price $150,000
6. 2025-12-03
   soldstatus $77,333
7. 2007-07-23
   soldstatus $25,500
8. 2007-07-12
   historical
9. 2006-10-09
   listed $29,900

ⓘ 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: $977 · $81/mo
• Projected year-2 tax: $2,249 · $187/mo
• Expected delta: +$1,272/yr (+$106/mo · 130.1%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $10,953
• − Mortgage interest: −$7,282
• − Property taxes: −$977
• − Insurance: −$1,448
• − Repairs & maintenance: −$876
• − Management: −$876
• − Depreciation: −$3,782
• Taxable loss: −$4,288
• Est. tax savings @ 24.0%: +$1,029
• After-tax cash flow: $-924/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

+334.8% since first listed

7 events — show timeline

• 2026-03-19 Price Changed $130,000 GPRMLS
• 2026-03-02 Listed $140,000 GPRMLS
• 2026-02-19 Price Changed $150,000 GPRMLS
• 2025-12-03 Sold (Public Records) $77,333 Public Records
• 2007-07-23 Sold (MLS) $25,500 GPRMLS
• 2007-07-12 Listing Removed — GPRMLS
• 2006-10-09 Listed $29,900 GPRMLS

Property tax history

+3.1%/yr

Latest (2024): $977 · +30.0% YoY. Source: county tax records.