2623 Spencer St · Omaha, NE 68111

$120,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 94 Days on market

Built 1895 7,505 sqft lot $150/sqft · 15% above area Est $104k · 15% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.8/30.0
• Appreciation +10.0/10.0
• DSCR +7.7/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.6/15.0

Listing remarks MLS

Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

Key facts

• Updated ranch
• New flooring
• New water heater

Tags

• UPDATED RANCH
• MAIN LEVEL LAUNDRY
• NEW ROOF
• NEW WATER HEATER
• NEW FLOORING
• FRESH INTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.6% in Omaha — 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.

Location & tenants

• Location reads 84/100 on livability (#7 in NE, #663 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Omaha Public Schools (urban): math 20% / reading 28% proficiency, ranked #110 of 111 in NE (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 139 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 35% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.2% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $24k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $120k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.22%
• DSCR: 1.37
• GRM: 8.1

CMA / ARV

• ARV (median comp): $104,003
• List price: $120,000
• Delta: 15.38%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2878 Wirt St	0.23mi	2/0.5	790 (-1%)	8mo	$167,000	$211	79
2847 Wirt St	0.14mi	1/1.0 (-1)	824 (+3%)	11mo	$100,000	$121	74
2808 N 30 St	0.37mi	2/1.0	818 (+2%)	16mo	$158,000	$193	66
3918 N 26 Ave	0.49mi	2/1.0	840 (+5%)	4mo	$53,680	$64	66
2587 Pinkney St	0.19mi	2/1.0	884 (+10%)	12mo	$137,320	$155	63
2623 Burdette St	0.59mi	2/1.0	851 (+6%)	6mo	$120,000	$141	57
2566 Sprague St	0.59mi	2/1.0	826 (+3%)	13mo	$60,000	$73	56
3208 North 26th St	0.09mi	3/1.0 (+1)	912 (+14%)	15mo	$95,000	$104	55
2434 N 33rd Ave	0.75mi	2/1.0	848 (+6%)	5mo	$127,500	$150	51
3322 Corby St	0.63mi	2/1.0	892 (+12%)	2mo	$175,000	$196	49
4014 N 25 St	0.58mi	2/1.0	880 (+10%)	22mo	$97,000	$110	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.22% rent growth · sell at horizon

5-year hold

• IRR: 30.3%
• Equity multiple: 3.39×
• Total profit: $80,260
• Equity at exit: $108,106

10-year hold

• IRR: 26.3%
• Equity multiple: 7.71×
• Total profit: $225,331
• Equity at exit: $233,134

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Nebraska: 83 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempted; moderate court pace.

Methodology + full state rankings →

ZIP-level market 68111

• Home prices YoY: 4.0%
• Rents YoY: 3.2%
• Active inventory: 139
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,242 high
• Mortgage (P&I): −$629
• Tax from tax record: −$71 /mo · $856/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $230

Break-even live

Break-even rent $950

Max offer price $120,000

Occupancy floor 76%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2816 N 19th Ave Omaha, NE	3.0	1.0	860	$1,700	$1.98	44d	1	0.54mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	21d	1	0.58mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	3d	1	0.85mi
3674 Bedford Ave Omaha, NE	3.0	1.0	864	$1,275	$1.48	24d	1	0.90mi
1816 Florence Blvd Apt 102 Omaha, NE	2.0	1.0	900	$900	$1.00	14d	1	0.97mi
2305 John a Creighton Blvd Omaha, NE	2.0	1.0	672	$1,200	$1.79	21d	1	0.98mi
3212 N 39th St Omaha, NE	1.0	1.0	1025	$785	$0.77	24d	1	1.05mi
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	3d	1	1.09mi
1407 N 31st St Omaha, NE	2.0	1.0	1040	$1,395	$1.34	3d	1	1.14mi
1120 N 20th St Unit 102 Omaha, NE	3.0	2.0	1094	$580	$0.53	14d	1	1.23mi
3356 N 41st St Omaha, NE	2.0	1.0	720	$1,295	$1.80	24d	1	1.25mi
1111 N 27th St Omaha, NE	1.0–2.0	1.0	941	$1,200	$1.28	44d	11	1.27mi
2563 Nicholas Ct Unit 2563NC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	24d	1	1.29mi
2563 Nicholas Ct Unit 2563NF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	44d	1	1.29mi
2563 Nicholas Ct Unit 2563NE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	3d	1	1.29mi
2613 Nicholas Ct Unit 2613NC Omaha, NE	2.0	1.0	1042	$1,250	$1.20	3d	1	1.30mi
2613 Nicholas Ct Unit 2613NA Omaha, NE	1.0	1.0	840	$925	$1.10	3d	1	1.30mi
2625 Nicholas Ct Unit 2625NA Omaha, NE	2.0	1.0	1042	$1,250	$1.20	24d	1	1.30mi
2569 Nicholas Ct Unit 2569NC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	19d	1	1.30mi
2619 Nicholas Ct Unit 2619ND Omaha, NE	2.0	1.0	1042	$1,250	$1.20	19d	1	1.30mi
2575 Nicholas Ct Unit 2575NB Omaha, NE	1.0	1.0	840	$925	$1.10	19d	1	1.30mi
2563 Irving Ct Unit 2563IRF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	44d	1	1.32mi
2575 Irving Ct Unit 2575IRB Omaha, NE	2.0	1.0	1042	$1,250	$1.20	19d	1	1.33mi
2575 Irving Ct Unit 2575IRF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	19d	1	1.33mi
2555 Izard Ct Unit 2555IZB Omaha, NE	2.0	1.0	1042	$1,100	$1.06	3d	1	1.35mi
2555 Izard Ct Unit 2555IZA Omaha, NE	1.0	1.0	840	$925	$1.10	44d	1	1.35mi
2561 Izard Ct Unit 2561IZA Omaha, NE	1.0	1.0	840	$975	$1.16	24d	1	1.35mi
2561 Izard Ct Unit 2561IZD Omaha, NE	2.0	1.0	1042	$1,250	$1.20	24d	1	1.35mi
2561 Izard Ct Unit 2561IZC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	24d	1	1.35mi
2567 Izard Ct Unit 2567IZE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	44d	1	1.35mi
2623 Izard Ct Unit 2623IZE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	44d	1	1.36mi
2579 Izard Ct Unit 2579IZD Omaha, NE	2.0	1.0	1042	$1,100	$1.06	44d	1	1.36mi
2605 Izard Ct Unit 2605IZA Omaha, NE	2.0	1.0	1042	$1,250	$1.20	44d	1	1.36mi
1015 N 16th St Omaha, NE	1.0–2.0	1.0–2.0	1127	$1,685	$1.49	2d	11	1.46mi

Listing history 31 events

1. 2026-06-18
   days on market $120,000 Active 94 DOM
2. 2026-06-17
   days on market $120,000 Active 93 DOM
3. 2026-06-16
   days on market $120,000 Active 92 DOM
4. 2026-06-15
   days on market $120,000 Active 91 DOM
5. 2026-06-13
   days on market $120,000 Active 89 DOM
6. 2026-06-10
   days on market $120,000 Active 86 DOM
7. 2026-06-09
   days on market $120,000 Active 85 DOM
8. 2026-06-08
   pricedays on market $120,000 Active 84 DOM
9. 2026-06-07
   days on market $125,000 Active 83 DOM
10. 2026-06-03
    days on market $125,000 Active 79 DOM
11. 2026-06-03
    days on market $125,000 Active 78 DOM
12. 2026-06-01
    days on market $125,000 Active 77 DOM
13. 2026-06-01
    days on market $125,000 Active 76 DOM
14. 2026-05-14
    price $127,000 703-char remark

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

15. 2026-05-06
    price $130,000 703-char remark

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

16. 2026-04-14
    price $135,000 703-char remark

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

17. 2026-03-25
    price $139,000 703-char remark

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

18. 2026-03-16
    listed $143,500 New 703-char remark

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

19. 2026-03-16
    historical

    Show marketing remark (703 chars)

    Charming, updated ranch move-in ready! Welcome home to this beautifully updated 2-bedroom, 1-bath ranch offering 800 sq ft of comfortable, efficient living, with main level laundry! This home has been thoughtfully refreshed from top to bottom and is perfect for first-time buyers, downsizers, or investors. Recent Updates Include: brand new roof installed January 2026, new water heater installed 2025, new flooring throughout, fresh interior paint, updated bathroom with modern finishes, new kitchen cabinets for a clean, contemporary look. New Gutters to be installed by closing date. This gem is perfect for low-maintenance living and easy ownership. Don't miss this one, schedule your showing today!

20. 2026-01-29
    price $145,000
21. 2026-01-16
    listed $150,000 New
22. 2025-06-20
    soldstatus $72,000
23. 2025-06-17
    soldstatus $72,000 Sold
24. 2025-05-16
    listed $75,000 New
25. 2016-05-11
    historical
26. 2016-03-08
    price $23,000
27. 2016-01-29
    listed $27,000 Active - New
28. 2013-04-01
    soldstatus $13,000
29. 2012-12-31
    historical
30. 2012-12-18
    listed $13,499
31. 2004-09-17
    soldstatus $32,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NE · Resets to sale price

• Current annual tax: $856 · $71/mo
• Projected year-2 tax: $2,076 · $173/mo
• Expected delta: +$1,220/yr (+$102/mo · 142.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,898
• − Mortgage interest: −$6,722
• − Property taxes: −$856
• − Insurance: −$600
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$3,491
• Taxable income: $846
• Est. tax owed @ 24.0%: −$203
• After-tax cash flow: $2,559/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Omaha Public Schools
• NCES district ID: 3174820
• Math proficiency: 20% ▼ -10.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $46,039
• Composite: 20.83/100
• National rank: #8502
• State rank: #110 of 111 in NE

Livability — Omaha

• Score: 84/100
• State rank: #7
• US rank: #663

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment B- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Omaha, NE
• County: Douglas County · 538,646 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 24,210
• Household income: $42,185
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1913.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 625,245 people
• By 2030: 661,613 · +5.8%
• By 2040: 732,395 · +17.1%
• By 2050: 801,988 · +28.3%
• By 2075: 968,637 · +54.9%
• By 2100: 1,101,871 · +76.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 52% Hispanic / Latino 21% White 17% Two or more races 15% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Ukrainian 3% Lithuanian 0%
• Foreign-born: 14% · Canada, Philippines
• Languages at home: 75% English-only · Spanish 16% Other Asian/Pacific 3% French/Haitian/Cajun 1%

Political lean MEDSL · Douglas

• 2024 margin: D (+10.2) · D 54.4% · R 44.2% · Other 1.4%
• 2008→2024 swing: +5.5pp toward D · 2008: 4.6pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.3 2016: D+1.4 2012: R+4.3 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.82%
• Current HPI: 358.7174
• Rent YoY: ▲ 3.22%
• Metro: Omaha-Council Bluffs, NE-IA
• State GDP YoY: ▲ 0.68%
• F500 in state: 2

Industry mix (Fortune 500 HQ in NE)

Industry	F500 HQs	Revenue
▸Conglomerate	1	$371B

Price history

+296.9% since first listed

18 events — show timeline

• 2026-05-14 Price Changed $127,000 GPRMLS
• 2026-05-06 Price Changed $130,000 GPRMLS
• 2026-04-14 Price Changed $135,000 GPRMLS
• 2026-03-25 Price Changed $139,000 GPRMLS
• 2026-03-16 Listing Removed — GPRMLS
• 2026-03-16 Listed $143,500 GPRMLS
• 2026-01-29 Price Changed $145,000 GPRMLS
• 2026-01-16 Listed $150,000 GPRMLS
• 2025-06-20 Sold (Public Records) $72,000 Public Records
• 2025-06-17 Sold (MLS) $72,000 GPRMLS
• 2025-05-16 Listed $75,000 GPRMLS
• 2016-05-11 Listing Removed — GPRMLS
• 2016-03-08 Price Changed $23,000 GPRMLS
• 2016-01-29 Listed $27,000 GPRMLS
• 2013-04-01 Sold (MLS) $13,000 GPRMLS
• 2012-12-31 Listing Removed — GPRMLS
• 2012-12-18 Listed $13,499 GPRMLS
• 2004-09-17 Sold (Public Records) $32,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $856 · +0.1% YoY. Source: county tax records.