2117 W 13th St

Grand Island, NE 68803

$268,500D

6 bd · 3.0 ba · 2,128 sqft · Built 1916 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,052/mo
• Mortgage (P&I): −$1,408
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $-166/mo
• Annual: $-1,990/yr
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• 1% rule: 0.76%
• Cash to close: $75,180

Investor read

• This is a 6-bed/3.0-bath single-family listed at $268k.
• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (23.6% below list).
• It's been on market 26 days — a 2% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (23.6% below list) — sets the bar for 1% rule.
• 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 79/100 on livability (#43 in NE, #2,252 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F.
• Grand Island Public Schools (urban): math 36% / reading 36% proficiency, ranked #102 of 111 in NE (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary School (math 22% / reading 22%, grade F, #459 of 502 statewide, top 93%, 360 students, 0% FRL); Walnut Middle School (math 30% / reading 27%, grade F, #116 of 128 statewide, top 91%, 853 students, 78% FRL); Grand Island Senior High School (math 22% / reading 20%, grade F, #249 of 261 statewide, top 95%, 2,650 students, 65% FRL).
• Zoned-school proficiency averages 24% at this address vs 36% district-wide (-12 pts) — the specific schools serving this property underperform the Grand Island Public Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 213 active listings in the ZIP; 246 units permitted in Hall County in 2024 (98 in 5+ unit buildings).
• Hall County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Cap rate 5.6% vs local median 3.6% in Grand Island — 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 34% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.