1320 N Colorado Ave

Hastings, NE 68901

$219,000B

12 bd · 9.0 ba · 1,984 sqft · Built 1948 · MultiFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,253/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$365
• HOA: −$0
• Vac / Maint / Mgmt: −$893
• Net cashflow: $1,846/mo
• Annual: $22,157/yr
• Cap rate: 16.41%
• Cash-on-cash: 36.13%
• DSCR: 2.61
• 1% rule: 1.94%
• Cash to close: $61,320

Investor read

• This is a 2×1bd/1ba + 1×2bd/1ba units multifamily listed at $219k. Condition is rated good.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $615/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $219k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#41 in NE, #2,188 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities D-, commute F.
• Hastings Public Schools (town): math 38% / reading 42% proficiency, ranked #96 of 111 in NE (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Longfellow Elementary School (math 37% / reading 47%, grade F, #319 of 502 statewide, top 68%, 307 students, 45% FRL); Hastings Middle School (math 39% / reading 42%, grade F, #82 of 128 statewide, top 65%, 780 students, 52% FRL); Hastings Senior High School (math 36% / reading 45%, grade F, #181 of 261 statewide, top 69%, 1,067 students, 52% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 193 active listings in the ZIP; 217 units permitted in Adams County in 2024 (132 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.4% vs local median 4.3% in Hastings — 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

• 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?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen Countertops — The countertops appear to be in good condition, but may need updating for a more modern look.
• Minor: Bathroom Fixtures — The bathroom fixtures appear to be in good condition, but may need updating for a more modern look.
• Minor: Landscaping — The landscaping appears to be average, with some overgrown areas that could be trimmed and maintained.