649 S 19th Ave · Omaha, NE 68102

$620,000

14 bd · 7.0 ba · — sqft · MultiFamily · 17 Days on market

Built 1918 3,277 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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great Investment opportunity 7-plex in downtown Omaha. Current cap rate of 6%. Each unit is 2 Bed/1 bath and most units have been updated. All metered separate. Washer and dryer room for tenants.

Key facts

• Updated units
• Historic charm
• Three story property

Tags

• 7 UNIT APARTMENT BUILDING
• MARKET WEST NEIGHBORHOOD
• THREE STORY PROPERTY
• UPDATED UNITS
• STRONG RENTAL APPEAL
• HISTORIC CHARM

Property features AI

Finance

• Financial info: Property is residential income with seven rental units (leased/tenant-occupied)

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Seven electric meters; Seven gas meters
• Home design: Residential income property (multi-family); Three or more levels; Lot included in price
• Construction: Built in 1918; Block foundation
• Exterior features: Porch; Enclosed porch; Patio; Deck; Wood fencing; Corner lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Seven units (multi-unit property)
• Bathrooms: Seven bathrooms total
• Heating & cooling: Natural gas heating with forced air; Additional other fuel heating; Central air; Window air conditioning units; Seven furnaces; Six air conditioning units
• Interior features: Laundry facilities available; Range; Refrigerator
• Laundry & utility: Shared laundry facilities

What this means for you Summary

Snapshot

• This is a 7 × 2-bed/1.0-bath units multifamily listed at $620k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $360/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $620k).
• Recommended offer: $611k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% 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: Liberty Elementary School (math 10% / reading 15%, grade F, #487 of 502 statewide, top 97%, 626 students, 0% FRL); Norris Middle School (math 11% / reading 16%, grade F, #126 of 128 statewide, top 98%, 1,187 students, 0% FRL); Central High School (math 29% / reading 40%, grade F, #208 of 261 statewide, top 86%, 2,738 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 (+1.2%/yr); 34 active listings in the ZIP; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $8,614/mo this rent would consume 161% of the median local household income ($64k/yr) (locally 880% 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 $4k of equity ($4k loan paydown + $-588 appreciation (-0.1% local appreciation)).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.1% appreciation + 1.2% rent growth), your $174k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $610,700 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.42%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.09% appreciation · 1.23% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.72×
• Total profit: $124,682
• Equity at exit: $177,093

10-year hold

• IRR: 18.7%
• Equity multiple: 2.93×
• Total profit: $334,334
• Equity at exit: $210,545

Cash invested: $173,600 (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 68102

• Home prices YoY: -0.1%
• Rents YoY: 1.2%
• Active inventory: 34
• Price-to-rent: 42.0×

Monthly cashflow live

• Estimated rent: $8,614 high
• Mortgage (P&I): −$3,251
• Tax est. 1.5%: −$775 /mo · $9,300/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,809
• Net cashflow: $2,520

Break-even live

Break-even rent $5,424

Max offer price $620,000

Occupancy floor 66%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	2	1	$8,617
Total (7 units)			$8,614

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: $155,000
• Closing costs: $18,600
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $620,000 Active 17 DOM
2. 2026-06-17
   days on market $620,000 Active 16 DOM
3. 2026-06-16
   days on market $620,000 Active 15 DOM
4. 2026-06-15
   days on market $620,000 Active 14 DOM
5. 2026-06-13
   pricedays on market $620,000 Active 12 DOM
6. 2026-06-10
   days on market $650,000 Active 9 DOM
7. 2026-06-09
   days on market $650,000 Active 8 DOM
8. 2026-06-08
   days on market $650,000 Active 7 DOM
9. 2026-06-07
   statusdays on market $650,000 Active 6 DOM
10. 2026-06-03
    days on market $650,000 New 2 DOM
11. 2026-06-02
    remarks 444-char remark
12. 2026-06-02
    listed $650,000 New 1 DOM

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

Taxation est. · year 1

• Rental income: $103,368
• − Mortgage interest: −$34,730
• − Property taxes: −$9,300
• − Insurance: −$3,100
• − Repairs & maintenance: −$8,269
• − Management: −$8,269
• − Depreciation: −$18,036
• Taxable income: $21,663
• Est. tax owed @ 24.0%: −$5,199
• After-tax cash flow: $25,045/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): 9,767
• Household income: $64,111
• Rent vs Own: 84.2% rent · 15.8% own
• Severe rent burden: 880.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 15% Hispanic / Latino 9% Two or more races 8% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -0.09%
• Current HPI: 148.3676
• Rent YoY: ▲ 1.23%
• 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

+196.8% since first listed

20 events — show timeline

• 2026-06-01 Listed $650,000 GPRMLS
• 2026-04-21 Listing Removed — GPRMLS
• 2026-03-17 Price Changed $630,000 GPRMLS
• 2026-01-05 Price Changed $660,000 GPRMLS
• 2025-11-12 Price Changed $665,000 GPRMLS
• 2025-10-23 Price Changed $675,000 GPRMLS
• 2025-09-26 Price Changed $695,000 GPRMLS
• 2025-08-18 Price Changed $717,000 GPRMLS
• 2025-07-21 Listed $735,000 GPRMLS
• 2022-05-31 Sold (MLS) $575,000 GPRMLS
• 2022-05-02 Pending — GPRMLS
• 2022-04-14 Price Changed $636,000 GPRMLS
• 2022-03-24 Relisted — GPRMLS
• 2022-03-21 Pending — GPRMLS
• 2022-02-11 Listed $686,000 GPRMLS
• 2021-10-08 Listing Removed — GPRMLS
• 2021-07-09 Listed $756,000 GPRMLS
• 2008-02-15 Sold (MLS) $210,000 GPRMLS
• 2007-11-19 Listing Removed — GPRMLS
• 2007-10-19 Listed $219,000 GPRMLS