2873 Ellison Ave · Omaha, NE 68111

$89,000

3 bd · 1.0 ba · 1,527 sqft · Other public records · 10 Days on market

Built 1924 6,534 sqft lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Opportunity awaits! This property is a blank canvas with endless potential. Recently rented, it offers a proven rental history for investors looking to expand their portfolio, while also providing homeowners the chance to customize and create their ideal living space. Bring your vision and make it your own! AMA. Square footage from assessor's site.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1924

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Sewer available; Electricity available on property; Natural gas available
• Home design: Single-family residence; One and one-half story; Built in 1924; Living area about 1,348 square feet; Not new / not a model
• Construction: Block foundation; Composition roof; Original construction circa 1924
• Exterior features: Enclosed porch; Lot is sloped and approximately 0.15 acres; Lot dimensions roughly E 50 ft & N 14 ft STR VAC 50 x 131

Interior

• Bedrooms: Master bedroom on the main floor; Second bedroom on the main floor; Third bedroom on the second floor
• Flooring: Carpet; Concrete; Wood
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Unfinished basement (below grade area present); No fireplaces; Carpet, concrete and wood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $89k.

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Cap rate 14.9% 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.
• Zoned schools: Miller Park Elementary School (math 17% / reading 17%, grade F, #471 of 502 statewide, top 95%, 390 students, 0% FRL); North High School (math 21% / reading 25%, grade F, #247 of 261 statewide, top 95%, 1,796 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.2%/yr); 139 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• At $1,609/mo this rent would consume 46% of the median local household income ($42k/yr) (locally 1913% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($615 loan paydown + $9k 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.81% ✓
• Cap rate: 14.90%
• Cash-on-cash: 30.75%
• DSCR: 2.37
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 47.8%
• Equity multiple: 4.59×
• Total profit: $89,539
• Equity at exit: $80,178

10-year hold

• IRR: 41.7%
• Equity multiple: 10.33×
• Total profit: $232,491
• Equity at exit: $172,907

Cash invested: $24,920 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,609 high
• Mortgage (P&I): −$467
• Tax from tax record: −$129 /mo · $1,547/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $639

Break-even live

Break-even rent $801

Max offer price $89,000

Occupancy floor 55%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2873 Kansas Ave Omaha, NE	3.0	2.0	1112	$1,450	$1.30	24d	1	0.33mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	44d	1	0.35mi
2436 Laurel Ave Omaha, NE	3.0	1.0	1582	$1,495	$0.95	24d	1	0.41mi
6124 N 30th St Unit STREET2 Omaha, NE	2.0	1.0	1190	$1,075	$0.90	44d	1	0.43mi
2416 Fowler Ave Omaha, NE	4.0	2.0	2169	$1,950	$0.90	14d	1	0.64mi
2723 Newport Ave Omaha, NE	2.0	1.0	1079	$1,450	$1.34	2d	1	0.70mi
3901 Curtis Ave Omaha, NE	2.0	2.5	1745	$1,850	$1.06	3d	1	0.95mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	44d	1	0.99mi
4707 N 40th Ave Omaha, NE	3.0	1.0	1337	$1,500	$1.12	21d	1	1.07mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	44d	1	1.12mi
3030 Ernst St Omaha, NE	3.0	2.0	1500	$1,500	$1.00	3d	1	1.12mi
4026 Bauman Ave Omaha, NE	4.0	1.0	1350	$1,695	$1.26	44d	1	1.21mi
3501 Weber Cir Omaha, NE	3.0	2.0	1600	$1,700	$1.06	10d	1	1.26mi
4240 Fowler Ave Omaha, NE	4.0	2.0	1956	$1,895	$0.97	24d	1	1.28mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	21d	1	1.33mi
7608 N 29th St Omaha, NE	4.0	2.0	2040	$2,200	$1.08	2d	1	1.41mi
3366 Craig Ave Omaha, NE	4.0	1.0	1250	$1,511	$1.21	19d	1	1.47mi

Listing history 8 events

1. 2026-06-18
   days on market $89,000 Active 10 DOM
2. 2026-06-17
   days on market $89,000 Active 9 DOM
3. 2026-06-16
   days on market $89,000 Active 8 DOM
4. 2026-06-15
   days on market $89,000 Active 7 DOM
5. 2026-06-13
   statusdays on market $89,000 Active 5 DOM
6. 2026-06-10
   days on market $89,000 New 2 DOM
7. 2026-06-08
   remarks 350-char remark
8. 2026-06-08
   listed $89,000 New 1 DOM

ⓘ 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: $1,547 · $129/mo
• Projected year-2 tax: $1,547 · $129/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $19,311
• − Mortgage interest: −$4,985
• − Property taxes: −$1,547
• − Insurance: −$445
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$2,589
• Taxable income: $6,655
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $6,066/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

1 event — show timeline

• 2026-06-08 Listed $89,000 GPRMLS

Property tax history

+2.1%/yr

Latest (2025): $1,547 · +20.2% YoY. Source: county tax records.