121 E Cheyenne St · Exeter, NE 68351

$239,000

4 bd · 4.0 ba · 1,260 sqft · MultiFamily · 660 Days on market

Built 2025 Excellent condition 6,160 sqft lot $190/sqft · 9% below area Est $262k · 9% under ↓ 6% since listing

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Why this score? — see what drove the C- 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 +13.3/30.0
• ARV discount +11.4/15.0
• Appreciation +7.3/10.0
• Condition / age +5.0/5.0
• Schools +4.1/10.0
• DSCR +4.0/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0

Multi-family units

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

Listing remarks MLS

NEW CONSTRUCTION! This new-construction, zero-entry duplex will be sold as single units. Exterior features include: NO STEPS, stone on garage and entry spaces, concrete driveway, covered front porch, covered back patio, engineered wood siding, vinyl windows, and composite shingles. Interior Features: 2 bedrooms, 2 baths, including primary bedroom suite. Coat closet, linen closet, pantry closet. Luxury vinyl plank floors throughout the main living space and bathrooms, carpet in bedrooms, quiet-close, stained cabinets with beautiful Quartz counters in kitchen and bathrooms. All doors are 36" openings. Stained trim throughout. The over-sized single garage has an extra big store room for all the off-season things and a mechanical room. Each unit will own its own portion of the land and so you can customize the yard however you want! Don't see something you want? Just let us know, the owners are open to upgrades/negotiating.

Key facts

• Vinyl windows
• Composite shingles
• Zero-entry feature

Tags

• ZERO-ENTRY FEATURE
• ENGINEERED WOOD SIDING
• VINYL WINDOWS
• COMPOSITE SHINGLES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $239k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1 ($-7/yr) — negative. Per door: $0/mo.
• To cash-flow at today's rent, offer at most $239k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (12.6% below list).
• Recommended offer: $209k (12.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#174 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Exeter-Milligan Public Schools (rural): math 45% / reading 45% proficiency, ranked #176 of 245 in NE (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Exeter-Milligan Elem-Exeter (79 students, 13% FRL); Exeter-Milligan Middle School (36 students, 8% FRL); Exeter-Milligan High School (math 64% / reading 54%, grade C+, #49 of 261 statewide, top 26%, 50 students, 16% FRL).
• Zoned-school proficiency averages 60% at this address vs 45% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Exeter-Milligan Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 2 active listings in the ZIP; 10 units permitted in Fillmore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (4.7% local appreciation)).
• Fillmore County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 660 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.

Recommended offer $209,000 (12.6% 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 660 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $261,561
• List price: $239,000
• Delta: -8.63%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

4.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.75×
• Total profit: $50,456
• Equity at exit: $130,519

10-year hold

• IRR: 13.2%
• Equity multiple: 3.32×
• Total profit: $154,942
• Equity at exit: $221,291

Cash invested: $66,920 (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 68351

• Home prices YoY: 2.2%
• Active inventory: 2
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $2,090 medium
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-1

Break-even live

Break-even rent $2,091

Max offer price $238,917

Occupancy floor 95%

Sensitivity live

Price	-10% $165	-5% $82	+0% $-1	+5% $-83	+10% $-166
Rent	-10% $-166	-5% $-83	+0% $-1	+5% $82	+10% $165
Rate	-1.0pp $120	-0.5pp $60	base $-1	+0.5pp $-63	+1.0pp $-126

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,090
Total (2 units)			$2,090

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $239,000 Active 660 DOM
2. 2026-06-21
   days on market $239,000 Active 659 DOM
3. 2026-06-21
   days on market $239,000 Active 658 DOM
4. 2026-06-18
   days on market $239,000 Active 656 DOM
5. 2026-06-17
   days on market $239,000 Active 655 DOM
6. 2026-06-16
   days on market $239,000 Active 654 DOM
7. 2026-06-15
   days on market $239,000 Active 653 DOM
8. 2026-06-13
   days on market $239,000 Active 651 DOM
9. 2026-06-12
   days on market $239,000 Active 650 DOM
10. 2026-06-09
    days on market $239,000 Active 647 DOM
11. 2026-06-08
    days on market $239,000 Active 646 DOM
12. 2026-06-07
    days on market $239,000 Active 645 DOM
13. 2026-06-07
    days on market $239,000 Active 644 DOM
14. 2026-06-04
    days on market $239,000 Active 641 DOM
15. 2026-06-02
    days on market $239,000 Active 640 DOM
16. 2026-06-01
    days on market $239,000 Active 639 DOM
17. 2026-05-31
    days on market $239,000 Active 638 DOM
18. 2026-04-13
    price $239,000 940-char remark

    Show marketing remark (940 chars)

    NEW CONSTRUCTION! This new-construction, zero-entry duplex will be sold as single units. Exterior features include: NO STEPS, stone on garage and entry spaces, concrete driveway, covered front porch, covered back patio, engineered wood siding, vinyl windows, and composite shingles. Interior Features: 2 bedrooms, 2 baths, including primary bedroom suite. Coat closet, linen closet, pantry closet. Luxury vinyl plank floors throughout the main living space and bathrooms, carpet in bedrooms, quiet-close, stained cabinets with beautiful Quartz counters in kitchen and bathrooms. All doors are 36" openings. Stained trim throughout. The over-sized single garage has an extra big store room for all the off-season things and a mechanical room. Each unit will own its own portion of the land and so you can customize the yard however you want! Don't see something you want? Just let us know, the owners are open to upgrades/negotiating.

19. 2026-01-16
    price $249,900 940-char remark

    Show marketing remark (940 chars)

    NEW CONSTRUCTION! This new-construction, zero-entry duplex will be sold as single units. Exterior features include: NO STEPS, stone on garage and entry spaces, concrete driveway, covered front porch, covered back patio, engineered wood siding, vinyl windows, and composite shingles. Interior Features: 2 bedrooms, 2 baths, including primary bedroom suite. Coat closet, linen closet, pantry closet. Luxury vinyl plank floors throughout the main living space and bathrooms, carpet in bedrooms, quiet-close, stained cabinets with beautiful Quartz counters in kitchen and bathrooms. All doors are 36" openings. Stained trim throughout. The over-sized single garage has an extra big store room for all the off-season things and a mechanical room. Each unit will own its own portion of the land and so you can customize the yard however you want! Don't see something you want? Just let us know, the owners are open to upgrades/negotiating.

20. 2024-08-13
    listed $254,900 New 940-char remark

    Show marketing remark (940 chars)

    NEW CONSTRUCTION! This new-construction, zero-entry duplex will be sold as single units. Exterior features include: NO STEPS, stone on garage and entry spaces, concrete driveway, covered front porch, covered back patio, engineered wood siding, vinyl windows, and composite shingles. Interior Features: 2 bedrooms, 2 baths, including primary bedroom suite. Coat closet, linen closet, pantry closet. Luxury vinyl plank floors throughout the main living space and bathrooms, carpet in bedrooms, quiet-close, stained cabinets with beautiful Quartz counters in kitchen and bathrooms. All doors are 36" openings. Stained trim throughout. The over-sized single garage has an extra big store room for all the off-season things and a mechanical room. Each unit will own its own portion of the land and so you can customize the yard however you want! Don't see something you want? Just let us know, the owners are open to upgrades/negotiating.

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

Taxation est. · year 1

• Rental income: $25,080
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − Depreciation: −$6,953
• Taxable loss: −$4,053
• Est. tax savings @ 24.0%: +$973
• After-tax cash flow: $966/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 · 12 photos

Excellent 100/100 None rehab

This new-construction, zero-entry duplex is in excellent condition with no visible repairs needed. It offers luxury vinyl plank flooring, stained cabinets, quartz counters, and a well-maintained exterior. Landscaping and painting can further enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value for both resale and rental.
• Both Painting — Fresh paint can make the home more appealing and increase its value.
• Both Landscaping — Landscaping around the house can enhance curb appeal and add value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting — Fresh paint can make the home more appealing and increase its value. ↑
• Both Landscaping — Landscaping around the house can enhance curb appeal and add value for both resale and rental. ↑

ⓘ 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: Exeter-Milligan Public Schools
• NCES district ID: 3100133
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $52,248
• Composite: 41.08/100
• National rank: #7443
• State rank: #176 of 245 in NE

Livability — Exeter

• Score: 72/100
• State rank: #174
• US rank: #6184

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Exeter, NE
• Population (ZIP): 747

Population outlook (Fillmore County) Hauer SSP2

• Today (2025): 5,729 people
• By 2030: 5,696 · -0.6%
• By 2040: 5,561 · -2.9%
• By 2050: 5,412 · -5.5%
• By 2075: 5,437 · -5.1%
• By 2100: 5,373 · -6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Slovak 2% Danish 2% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Fillmore

• 2024 margin: Solid R (+54.9) · D 22.0% · R 76.8% · Other 1.2%
• 2008→2024 swing: -22.6pp toward R · 2008: -32.3pp · 2024: -54.9pp
• All cycles: 2024: R+54.9 2020: R+52.9 2016: R+51.8 2012: R+41.8 2008: R+32.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.66%
• Current HPI: 214.6726
• 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

-6.2% since first listed

3 events — show timeline

• 2026-04-13 Price Changed $239,000 GPRMLS
• 2026-01-16 Price Changed $249,900 GPRMLS
• 2024-08-13 Listed $254,900 GPRMLS