711-721 Walnut St

North Bend, NE 68649

$225,000A-

24 bd · 12.0 ba · 2,344 sqft · Built 1999 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,053/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$802
• HOA: −$0
• Vac / Maint / Mgmt: −$1,271
• Net cashflow: $2,800/mo
• Annual: $33,605/yr
• Cap rate: 23.50%
• Cash-on-cash: 61.47%
• DSCR: 3.73
• 1% rule: 2.69%
• Cash to close: $63,000

Investor read

• This is a 6 × 4-bed/2.0-bath units multifamily listed at $225k. Condition is rated poor.
• 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).
• It's been on market 137 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• 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.
• Zoned schools: North Bend Central Elementary School (math 77% / reading 72%, grade A, #20 of 502 statewide, top 5%, 271 students, 26% FRL); North Bend Central Middle School (math 57% / reading 57%, grade B, #25 of 128 statewide, top 20%, 89 students, 26% FRL); North Bend Central High School (math 62% / reading 62%, grade B-, #39 of 261 statewide, top 18%, 226 students, 28% FRL) — zoned schools at 27% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 24 active listings in the ZIP; 82 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• 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.
• 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

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