1102-1108 N L St

Fremont, NE 68025-9999

$395,000C+

16 bd · 16.0 ba · 1,944 sqft · Built 1940 · MultiFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,580/mo
• Mortgage (P&I): −$2,071
• Tax + insurance: −$658
• HOA: −$0
• Vac / Maint / Mgmt: −$962
• Net cashflow: $888/mo
• Annual: $10,661/yr
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $110,600

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $395k. Condition is rated fair.
• At list price, monthly cash flow is $888 ($11k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $395k).
• It's been on market 15 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $389k (1.5% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• Location reads 76/100 on livability (#92 in NE, #3,751 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Fremont Public Schools (town): math 34% / reading 36% proficiency, ranked #103 of 111 in NE (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Linden Elementary School (math 47% / reading 37%, grade F, #319 of 502 statewide, top 68%, 355 students, 79% FRL); Fremont Middle School (math 38% / reading 40%, grade F, #95 of 128 statewide, top 76%, 744 students, 66% FRL); Fremont Senior High School (math 42% / reading 48%, grade D-, #145 of 261 statewide, top 55%, 1,633 students, 55% FRL) — zoned schools average 67% FRL vs 46% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 82 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).
• 7 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $230k; list at $395k implies a 72% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $111k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.0% vs local median 3.3% in Fremont — 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — 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)

• Major: exterior siding — Significant wear and tear
• Major: paint — Peeling and discoloration
• Major: flooring — Worn and uneven
• Major: interior walls — Peeling paint and discoloration
• Major: kitchen and bathrooms — Obscured by clutter