121 E Cheyenne St

Exeter, NE 68351

$239,000C-

4 bd · 4.0 ba · 1,260 sqft · Built 2025 · MultiFamily · Active · 660 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,090/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$398
• HOA: −$0
• Vac / Maint / Mgmt: −$439
• Net cashflow: $-1/mo
• Annual: $-7/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $66,920

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $239k. Condition is rated excellent.
• 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).
• It's been on market 660 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (12.6% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (4.7% local appreciation)).
• 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).
• 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.

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?
• 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?
• 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?
• 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?
• 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.