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1015 E Rd
Palmyra, NE

1015 E Rd

1.2M
4 bd • 4 ba • 2,953 sf

This analysis was generated by artificial intelligence on 2/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

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List Price

$1,195,000

Price/Sq.Ft

$405

Year Built

2023

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Unique Custom-Built Home: The property is a custom-built home with unique features such as a 3rd-floor watchtower, wrap-around porch, and rooftop deck. This sets it apart from typical homes in the area. • Large 5-Acre Lot: The property sits on 5 acres, providing ample space for outdoor activities, gardening, or potential expansion. The median lot size in Palmyra is around 0.5 acres. • High-End Finishes: The home features high-end appliances and finishes, adding to its appeal and value. • Prepper/Homestead Potential: The property is marketed as a "Preppers Paradise / Homestead," with features like a storm cellar and the potential for self-sufficiency. This could attract a specific type of buyer. • New Construction: The home was built in 2023, so it is relatively new and should require minimal maintenance in the near future.

The Bad

• High Price per Square Foot: At $404.67 per square foot, the property is significantly more expensive than average homes in Palmyra. This could make it harder to sell in the future. • Commute to Lincoln: Palmyra is located outside of Lincoln, so residents would need to commute for work or amenities. The commute can be time-consuming, especially during rush hour. The average commute time in Nebraska is 20.3 minutes (US Average is 26.4 minutes). • Mixed School Ratings: The local schools have mixed ratings, which may be a concern for families with children. The elementary school is rated 5/10, and the high school is rated 4/10. • Well and Septic System: The property relies on well water and a septic system, which require regular maintenance and potential repairs. The median cost for septic tank pumping is $350, and well repairs can range from $300 to $1,500. • Limited Local Amenities: Palmyra is a small town with limited shopping, dining, and entertainment options. Residents may need to travel to Lincoln for these amenities.

The Ugly

• Niche Market Appeal: The unique design and "prepper" focus may limit the pool of potential buyers. The property's features may not appeal to a broad range of tastes. • High Property Taxes: Nebraska has relatively high property taxes, which can add significantly to the cost of ownership. Palmyra's property tax rate is approximately 1.6%. • Potential for High Utility Costs: The large home and acreage may result in high utility costs, especially during extreme weather. The property relies on electric heat pump, which can be expensive to operate during the winter months. • Well and Septic System Risks: Well water quality can fluctuate, and septic systems can experience issues that require costly repairs or replacement. The median cost to replace a septic system in Nebraska is around $12,000. • Storm Cellar Concerns: While the storm cellar adds value, it also indicates a risk of severe weather in the area. This could increase insurance costs and require additional safety precautions.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers seeking a unique, custom-built home with expansive views and acreage near Lincoln. The property's design and features cater to those who value privacy and a distinctive living space. • Individuals or families interested in a property suited for preparedness and self-sufficiency, given features like the storm cellar and the potential for homesteading on the 5-acre lot. • Those looking for a home with ample space for entertaining, both indoors and outdoors, with features like the wrap-around porch, rooftop deck, and basement living area. • Buyers who appreciate high-end finishes and modern amenities, such as the gourmet kitchen, luxurious master bath, and energy-efficient systems (heat pump, central air). • Individuals who can manage estimated monthly costs of $6,000+, including mortgage, taxes, and insurance. This ensures financial stability for the long-term maintenance of the property.

Not For

• Buyers seeking a low-maintenance property. The 5-acre lot will require ongoing upkeep, and well/septic systems demand specific maintenance. • Individuals prioritizing immediate access to urban amenities. Palmyra is a small town, requiring travel to Lincoln for extensive shopping, dining, and entertainment. • Families requiring top-rated schools. The local school ratings are mixed, which may not meet the needs of those with children. • Buyers with a limited budget. The high price point and potential for additional expenses (landscaping, well/septic maintenance) may strain tighter budgets. • Those preferring a traditional home style. The unique design of this property may not appeal to buyers seeking conventional layouts and aesthetics.
Demographics
Area Median Income

$76,513

Property History

Price History
Ownership Timeline

Risk Assessment

Risk Analysis

• High Price Point: The $1,195,000 list price is significantly above the median home value in Palmyra, potentially limiting the buyer pool. • Well and Septic System: Potential issues with well water quality or septic system functionality could lead to unexpected expenses. The median cost to replace a septic system in Nebraska is around $12,000. Regular maintenance and inspections are crucial. • Commute to Lincoln: The commute to Lincoln can be time-consuming and costly, especially during peak hours. Rising gas prices could further increase commuting expenses. • Limited Local Amenities: Palmyra offers limited shopping, dining, and entertainment options. Residents may need to travel to Lincoln for these amenities, adding to transportation costs and time. • School Ratings: The local schools have mixed ratings, which may be a concern for families with children. This could impact the property's resale value. • Property Taxes: Property taxes in Nebraska are relatively high. Buyers should factor in the annual property tax bill, which can be a significant expense. Palmyra's property tax rate is approximately 1.6%.

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Schools

Elementary At Bennet

•Grades PK-5
5/5
8.1 mi
Get more information on GreatSchools

Palmyra Middle School

•Grades 6-8
/5
2.1 mi
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Jr-Sr High School At Palmyra

•Grades 9-12
4/5
2.1 mi
Get more information on GreatSchools

Financials

Monthly Costs
Market Rent (4 bed)

$1,611

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