711-721 Walnut St · North Bend, NE 68649

$225,000

24 bd · 12.0 ba · 2,344 sqft · MultiFamily · 137 Days on market

Built 1999 Poor condition 8,712 sqft lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks MLS

Spacious 2 bed, 1 bath units with off street parking. Separate meters. Good rental history.

Key facts

• 8,712 sq ft lot
• 4 parking spots
• Built 1999

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/2.0-bath units multifamily listed at $225k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#18 in NE, #1,561 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• North Bend Central Public Schools (rural): math 65% / reading 64% proficiency, ranked #8 of 111 in NE (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 82 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.69% ✓
• Cap rate: 23.50%
• Cash-on-cash: 61.47%
• DSCR: 3.73
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.5%
• Equity multiple: 5.78×
• Total profit: $301,254
• Equity at exit: $202,698

10-year hold

• IRR: 60.1%
• Equity multiple: 12.87×
• Total profit: $747,585
• Equity at exit: $437,126

Cash invested: $63,000 (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 68649

• Home prices YoY: 7.8%
• Active inventory: 24
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $6,053 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,271
• Net cashflow: $2,800

Break-even live

Break-even rent $2,508

Max offer price $225,000

Occupancy floor 49%

Sensitivity live

Price	-10% $2,956	-5% $2,878	+0% $2,800	+5% $2,723	+10% $2,645
Rent	-10% $2,322	-5% $2,561	+0% $2,800	+5% $3,039	+10% $3,279
Rate	-1.0pp $2,914	-0.5pp $2,858	base $2,800	+0.5pp $2,742	+1.0pp $2,683

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	4	2	$6,054
Total (6 units)			$6,053

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $225,000 Active 137 DOM
2. 2026-06-18
   days on market $225,000 Active 136 DOM
3. 2026-06-17
   days on market $225,000 Active 135 DOM
4. 2026-06-16
   days on market $225,000 Active 134 DOM
5. 2026-06-15
   days on market $225,000 Active 133 DOM
6. 2026-06-14
   days on market $225,000 Active 131 DOM
7. 2026-06-12
   days on market $225,000 Active 130 DOM
8. 2026-06-09
   days on market $225,000 Active 127 DOM
9. 2026-06-08
   days on market $225,000 Active 126 DOM
10. 2026-06-07
    days on market $225,000 Active 125 DOM
11. 2026-06-05
    days on market $225,000 Active 122 DOM
12. 2026-06-03
    days on market $225,000 Active 121 DOM
13. 2026-06-02
    days on market $225,000 Active 120 DOM
14. 2026-06-01
    days on market $225,000 Active 119 DOM
15. 2026-05-31
    days on market $225,000 Active 118 DOM
16. 2026-05-30
    days on market $225,000 Active 117 DOM
17. 2026-02-02
    listed $225,000 New 91-char remark

    Show marketing remark (91 chars)

    Spacious 2 bed, 1 bath units with off street parking. Separate meters. Good rental history.

18. 2014-10-22
    historical
19. 2014-06-17
    listed $89,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 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: $72,636
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$6,244
• − Repairs & maintenance: −$5,811
• − Management: −$5,811
• − Depreciation: −$6,545
• Taxable income: $32,247
• Est. tax owed @ 24.0%: −$7,739
• After-tax cash flow: $25,866/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including exterior siding, roof, and landscaping. Significant improvements are needed to increase its resale and rental value.

Repairs flagged

• Major exterior siding — Significant damage and wear
• Major roof — No visible damage, but not inspected
• Major landscaping — Overgrown yard, poor curb appeal

Value-add opportunities

• Both repair exterior siding — Improves curb appeal and property value
• Both paint exterior — Enhances curb appeal and property value
• Both landscape — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant damage and wear	Major	$15,000–50,000
roof · No visible damage, but not inspected	Major	$15,000–50,000
landscaping · Overgrown yard, poor curb appeal	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair exterior siding — Improves curb appeal and property value ↑
• Both paint exterior — Enhances curb appeal and property value ↑
• Both landscape — Improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Bend Central Public Schools
• NCES district ID: 3100115
• Math proficiency: 65% ▲ 3.00%
• Reading proficiency: 64% ▲ 2.00%
• Median HH income: $56,916
• Composite: 55.48/100
• National rank: #1246
• State rank: #8 of 111 in NE

Livability — North Bend

• Score: 81/100
• State rank: #18
• US rank: #1561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Bend, NE
• Population (ZIP): 1,831

Population outlook (Dodge County) Hauer SSP2

• Today (2025): 37,191 people
• By 2030: 37,238 · +0.1%
• By 2040: 37,256 · +0.2%
• By 2050: 37,494 · +0.8%
• By 2075: 39,165 · +5.3%
• By 2100: 40,221 · +8.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 4% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 3% Scotch-Irish 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Dodge

• 2024 margin: Solid R (+32.6) · D 33.0% · R 65.7% · Other 1.3%
• 2008→2024 swing: -20.6pp toward R · 2008: -12.0pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.1 2016: R+35.3 2012: R+22.7 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.72%
• Current HPI: 298.4561
• 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

+150.3% since first listed

3 events — show timeline

• 2026-02-02 Listed $225,000 GPRMLS
• 2014-10-22 Listing Removed — GPRMLS
• 2014-06-17 Listed $89,900 GPRMLS