1427-1429 Ohio St

Fremont, NE 68025

$250,000D+

4 bd · 2.0 ba · — sqft · Built 1977 · MultiFamily · Pending · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,433/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$603
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $8/mo
• Annual: $101/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• 1% rule: 0.97%
• Cash to close: $70,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $8 ($101/yr) — positive. Per door: $4/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (2.7% below list).
• It's been on market 57 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#92 in NE, #3,751 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Fremont Public Schools (town): math 34% / reading 36% proficiency, ranked #103 of 111 in NE (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Milliken Park Elementary Sch (math 8% / reading 27%, grade F, #470 of 502 statewide, top 94%, 291 students, 69% FRL); Fremont Middle School (math 38% / reading 40%, grade F, #95 of 128 statewide, top 76%, 744 students, 66% FRL); Fremont Senior High School (math 42% / reading 48%, grade D-, #145 of 261 statewide, top 55%, 1,633 students, 55% FRL) — zoned schools average 63% FRL vs 46% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $186/mo.
• Market conditions: Rents soft (-2.1%/yr); 238 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 82 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 6y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 3.3% in Fremont — 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 40% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.