14220 Kenilworth St

Waverly, NE 68426-0000

$530,000B+

84 bd · 49.0 ba · 6,920 sqft · Built 1912 · MultiFamily · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,882/mo
• Mortgage (P&I): −$2,779
• Tax + insurance: −$785
• HOA: −$0
• Vac / Maint / Mgmt: −$1,655
• Net cashflow: $2,662/mo
• Annual: $31,950/yr
• Cap rate: 12.32%
• Cash-on-cash: 21.53%
• DSCR: 1.96
• 1% rule: 1.49%
• Cash to close: $148,400

Investor read

• This is a 7 × 12-bed/7.0-bath units multifamily listed at $530k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $530k).
• It's been on market 206 days — a 12% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $466k (12.0% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($4k loan paydown + $16k appreciation (3.0% local appreciation)).
• Location reads 86/100 on livability (#2 in NE, #441 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: commute D, amenities F.
• Waverly School District 145 (rural): math 54% / reading 52% proficiency, ranked #31 of 111 in NE (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $40k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $148k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.3% vs local median 1.8% in Waverly — 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.

Questions for listing agent

• It's been on market 206 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?
• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-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)

• Minor: exterior paint — Some discoloration visible
• Moderate: roof — Metal roof with visible wear
• Minor: interior paint — Painted walls with some wear