513 3rd St · Norfolk, NE 68701

$209,900

2 bd · 2.0 ba · 1,050 sqft · SingleFamily public records · 39 Days on market

Built 1919 $200/sqft · 66% above area Est $184k · 14% over

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Why this score? — see what drove the F 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).

• Cash flow +9.7/30.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.3/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready 3 bed, 2 bath bungalow with updated mechanicals and appliances - A must see before it's gone! This super charming home features two bedrooms and a full bath on the main level. The basement offers a spacious family room, combination laundry and bathroom, and a large bedroom with egress. Gorgeous kitchen- new appliances, lighting, flooring, cabinets, backsplash and countertops. Humongous backyard with one car garage and off street parking. Main sewer line out to the street has been replaced. All that's left to do is unpack!

Key facts

• Fresh flooring
• Huge yard
• Updated paint

Tags

• NEW WINDOWS
• FRESH FLOORING
• UPDATED PAINT
• HUGE YARD

Property features AI

Exterior

• Parking: One-car garage with automatic opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family residence; Residential property
• Construction: Frame construction with vinyl siding; Composition roof; Full basement
• Exterior features: Deck; Patio; Chain-link fencing; Shed(s)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal
• Bedrooms: Two main-level bedrooms
• Bathrooms: One main-level bathroom
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Water softener; Washer; Dryer; Full basement; Smoke detector(s)
• Laundry & utility: Washer and dryer in basement; Water softener

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (28.5% below list).
• Recommended offer: $150k (28.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.2% in Norfolk — 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.

Location & tenants

• Location reads 78/100 on livability (#54 in NE, #2,611 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Norfolk Public Schools (town): math 44% / reading 46% proficiency, ranked #84 of 111 in NE (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Norfolk Middle School (math 47% / reading 45%, grade D+, #60 of 128 statewide, top 48%, 600 students, 56% FRL); Norfolk Senior High School (math 44% / reading 38%, grade F, #180 of 261 statewide, top 69%, 1,346 students, 46% FRL).
• Market conditions: Rents rising (+3.3%/yr); 230 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 270 units permitted in Madison County in 2024 (196 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $148k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,058 (28.5% 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 39 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.71% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.79%
• DSCR: 0.88
• GRM: 11.7

CMA / ARV

• ARV (median comp): $183,669
• List price: $209,900
• Delta: 14.28%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 Pasewalk Ave	0.11mi	2/2.0	1,080 (+3%)	9mo	$200,000	$185	83
801 4th St	0.20mi	2/1.0	962 (-8%)	1mo	$140,000	$146	72
410 Michigan	0.40mi	2/1.0	1,036 (-1%)	8mo	$203,000	$196	69
1205 4th St	0.58mi	2/1.0	1,084 (+3%)	1mo	$169,000	$156	63
201 Pasewalk Ave	0.24mi	2/1.0	948 (-10%)	10mo	$147,500	$156	61
802 2nd St	0.19mi	2/1.0	936 (-11%)	12mo	$132,000	$141	59
602 10th St	0.56mi	2/1.0	992 (-6%)	6mo	$137,500	$139	56
404 12th St	0.69mi	2/2.0	1,005 (-4%)	6mo	$192,500	$192	55
602 7th St	0.37mi	2/1.0	1,144 (+9%)	11mo	$190,000	$166	54
406 Grove	0.28mi	2/1.0	936 (-11%)	17mo	$148,000	$158	51
1113 Pierce St	0.57mi	3/2.0 (+1)	1,100 (+5%)	15mo	$180,000	$164	48
1009 5th St	0.47mi	3/1.0 (+1)	970 (-8%)	14mo	$178,000	$184	45

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

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.28×
• Total profit: $-42,293
• Equity at exit: $31,297

10-year hold

• IRR: -13.4%
• Equity multiple: 0.21×
• Total profit: $-46,311
• Equity at exit: $18,148

Cash invested: $58,772 (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 68701

• Rents YoY: 3.3%
• Active inventory: 230
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$134 /mo · $1,605/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-136

Break-even live

Break-even rent $1,673

Max offer price $185,789

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1208 Koenigstein Ave Norfolk, NE	3.0	1.5	1140	$2,200	$1.93	44d	1	0.88mi
1015 Sunrise Dr Unit 20 Norfolk, NE	2.0	2.0	989	$1,495	$1.51	44d	1	1.24mi
1015 Sunrise Dr Unit 15 Norfolk, NE	2.0	2.0	960	$1,449	$1.51	14d	1	1.24mi
1015 Sunrise Dr Norfolk, NE	1.0–2.0	1.0–2.0	815	$1,495	$1.83	44d	2	1.24mi
715 Legacy Dr Unit 16 Norfolk, NE	2.0	2.0	989	$1,545	$1.56	44d	1	1.24mi
1805 Parker Cir Norfolk, NE	2.0	1.0	700	$1,095	$1.56	44d	1	1.28mi
1101 Sunrise Dr Norfolk, NE	1.0–2.0	1.0–2.0	784	$1,699	$2.17	23d	30	1.29mi
1009 Sunrise Dr Unit 16 Norfolk, NE	2.0	2.0	989	$1,545	$1.56	44d	1	1.48mi

Listing history 18 events

1. 2026-06-09
   status $209,900 Pending 39 DOM
2. 2026-06-08
   days on market $209,900 Active 39 DOM
3. 2026-06-07
   days on market $209,900 Active 38 DOM
4. 2026-06-05
   days on market $209,900 Active 35 DOM
5. 2026-06-03
   days on market $209,900 Active 34 DOM
6. 2026-06-02
   days on market $209,900 Active 33 DOM
7. 2026-06-01
   days on market $209,900 Active 32 DOM
8. 2026-05-31
   days on market $209,900 Active 31 DOM
9. 2026-05-30
   days on market $209,900 Active 30 DOM
10. 2026-05-09
    price $209,900 569-char remark
11. 2026-04-29
    listed $215,000 Active 569-char remark
12. 2021-08-23
    soldstatus $148,000
13. 2021-08-20
    soldstatus $148,000 541-char remark

    Show marketing remark (541 chars)

    Move-in ready 3 bed, 2 bath bungalow with updated mechanicals and appliances - A must see before it's gone! This super charming home features two bedrooms and a full bath on the main level. The basement offers a spacious family room, combination laundry and bathroom, and a large bedroom with egress. Gorgeous kitchen- new appliances, lighting, flooring, cabinets, backsplash and countertops. Humongous backyard with one car garage and off street parking. Main sewer line out to the street has been replaced. All that's left to do is unpack!

14. 2021-07-01
    listed $145,000 541-char remark

    Show marketing remark (541 chars)

    Move-in ready 3 bed, 2 bath bungalow with updated mechanicals and appliances - A must see before it's gone! This super charming home features two bedrooms and a full bath on the main level. The basement offers a spacious family room, combination laundry and bathroom, and a large bedroom with egress. Gorgeous kitchen- new appliances, lighting, flooring, cabinets, backsplash and countertops. Humongous backyard with one car garage and off street parking. Main sewer line out to the street has been replaced. All that's left to do is unpack!

15. 2011-10-01
    soldstatus $68,500
16. 2006-05-01
    soldstatus $71,750
17. 2004-05-01
    soldstatus $67,000
18. 1999-09-01
    soldstatus $65,208

ⓘ 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: $1,605 · $134/mo
• Projected year-2 tax: $3,631 · $303/mo
• Expected delta: +$2,026/yr (+$169/mo · 126.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $18,007
• − Mortgage interest: −$11,758
• − Property taxes: −$1,605
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$6,106
• Taxable loss: −$5,392
• Est. tax savings @ 24.0%: +$1,294
• After-tax cash flow: $-344/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: Norfolk Public Schools
• NCES district ID: 3174430
• Math proficiency: 44% ▼ -7.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $46,579
• Composite: 38.31/100
• National rank: #4227
• State rank: #84 of 111 in NE

Livability — Norfolk

• Score: 78/100
• State rank: #54
• US rank: #2611

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norfolk, NE
• County: Madison County · 31,417 people
• City population: 31,417
• Metro: Norfolk, NE
• Population (ZIP): 31,417
• Household income: $62,633
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 861.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 35,536 people
• By 2030: 35,518 · -0.1%
• By 2040: 35,170 · -1.0%
• By 2050: 34,606 · -2.6%
• By 2075: 34,522 · -2.9%
• By 2100: 34,307 · -3.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 11% Cuban 1%
• Common ancestry: Portuguese 2% Romanian 1% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 9%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+56.0) · D 21.4% · R 77.4% · Other 1.2%
• 2008→2024 swing: -16.8pp toward R · 2008: -39.2pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+56.3 2012: R+48.1 2008: R+39.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.61%
• Current HPI: 260.5574
• Rent YoY: ▲ 3.31%
• Metro: Norfolk, NE
• 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

+221.9% since first listed

10 events — show timeline

• 2026-06-08 Pending — NNEMLS
• 2026-05-09 Price Changed $209,900 NNEMLS
• 2026-04-29 Listed $215,000 NNEMLS
• 2021-08-23 Sold (Public Records) $148,000 Public Records
• 2021-08-20 Sold (MLS) $148,000 NNEMLS
• 2021-07-01 Listed $145,000 NNEMLS
• 2011-10-01 Sold (Public Records) $68,500 Public Records
• 2006-05-01 Sold (Public Records) $71,750 Public Records
• 2004-05-01 Sold (Public Records) $67,000 Public Records
• 1999-09-01 Sold (Public Records) $65,208 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,605 · +0.4% YoY. Source: county tax records.