611 E 5th St

Cozad, NE 69130

$84,900C-

3 bd · 2.0 ba · 1,292 sqft · Built 1985 · Manufactured · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $815/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$171
• Net cashflow: $146/mo
• Annual: $1,753/yr
• Cap rate: 8.36%
• Cash-on-cash: 7.37%
• DSCR: 1.33
• 1% rule: 0.96%
• Cash to close: $23,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $146 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $82k (4.0% below list).
• It's been on market 148 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#22 in NE, #1,638 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Cozad Community Schools (town): math 43% / reading 42% proficiency, ranked #90 of 111 in NE (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cozad Elementary School (math 42% / reading 42%, grade F, #319 of 502 statewide, top 68%, 428 students, 50% FRL); Cozad Middle School (math 47% / reading 42%, grade D, #65 of 128 statewide, top 53%, 197 students, 55% FRL); Cozad High School (math 37% / reading 42%, grade F, #184 of 261 statewide, top 76%, 260 students, 47% FRL).
• Market conditions: 38 active listings in the ZIP; 61 units permitted in Dawson County in 2024 (36 in 5+ unit buildings).
• Dawson County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.4% vs local median 3.0% in Cozad — 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 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.