4021 Nicholas St · Omaha, NE 68131

$210,000

3 bd · 1.0 ba · 1,569 sqft · Other public records · 13 Days on market

Built 1924 5,663 sqft lot

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Why this score? — see what drove the D 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 +14.4/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

Key facts

• Spacious yard
• Additional parking
• Updated kitchen

Tags

• UPDATED KITCHEN
• SPACIOUS YARD
• DETACHED GARAGE
• ADDITIONAL PARKING
• MAJOR SYSTEMS MAINTAINED
• INCLUDES ALL APPLIANCES

Property features AI

Exterior

• Parking: Detached covered garage (1 space)
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; One and one-half story; Built in 1924; Not new or a model
• Construction: Aluminum siding; Composition roof; Block foundation
• Exterior features: Porch; Partial fencing; Window coverings

Interior

• Kitchen: Range; Refrigerator; Microwave; Laminate flooring in the kitchen; Window covering in the kitchen; Dishwasher
• Bedrooms: Primary bedroom on the main floor with wall-to-wall carpeting and window coverings; Two additional main-floor bedrooms with wall-to-wall carpeting and window coverings; Family room in the basement with wall-to-wall carpeting
• Flooring: Carpeted main living areas; Laminate in the kitchen
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Partially finished basement; No fireplaces; Window coverings throughout; Ceiling fans in living and dining areas
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $210k.

Deal economics

• At list price, monthly cash flow is $44 ($523/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (13.4% below list).
• Recommended offer: $182k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Walnut Hill Elementary School (math 8% / reading 22%, grade F, #482 of 502 statewide, top 96%, 400 students, 0% FRL); Lewis & Clark Middle School (math 23% / reading 35%, grade F, #115 of 128 statewide, top 90%, 860 students, 0% FRL); Benson High School (math 9% / reading 12%, grade F, #257 of 261 statewide, top 98%, 1,570 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 (+3.8%/yr); 63 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 45% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,782 (13.4% below list)

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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.82% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.49×
• Total profit: $-29,749
• Equity at exit: $31,312

10-year hold

• IRR: -4.0%
• Equity multiple: 0.73×
• Total profit: $-16,055
• Equity at exit: $18,157

Cash invested: $58,800 (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 68131

• Home prices YoY: -26.3%
• Rents YoY: 3.8%
• Active inventory: 63
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,818 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$204 /mo · $2,445/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $44

Break-even live

Break-even rent $1,763

Max offer price $210,000

Occupancy floor 93%

Sensitivity live

Price	-10% $162	-5% $103	+0% $44	+5% $-16	+10% $-75
Rent	-10% $-100	-5% $-28	+0% $44	+5% $115	+10% $187
Rate	-1.0pp $149	-0.5pp $97	base $44	+0.5pp $-11	+1.0pp $-66

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
828 N 41st Ave Omaha, NE	2.0	1.0	1264	$1,700	$1.34	15d	1	0.19mi
4201 Cuming St Omaha, NE	2.0	1.0	1272	$1,350	$1.06	3d	1	0.20mi
3430 Seward St Omaha, NE	3.0	1.0	1371	$1,695	$1.24	15d	1	0.58mi
303 N 38th St Omaha, NE	4.0	1.5	1472	$1,995	$1.36	24d	1	0.62mi
140 N 41st St Omaha, NE	3.0	2.5	1640	$2,495	$1.52	44d	1	0.65mi
120 N 40th St Omaha, NE	3.0	1.0	1264	$1,745	$1.38	24d	1	0.66mi
4806 Webster St Omaha, NE	3.0	2.5	1589	$2,295	$1.44	3d	1	0.69mi
3314 Franklin St Omaha, NE	4.0	2.0	1635	$1,600	$0.98	44d	1	0.69mi
120 N 39th St Omaha, NE	2.0	1.0–2.0	808	$2,375	$2.94	3d	46	0.71mi
110 N 38th St Unit 110 Omaha, NE	3.0	2.0	1600	$1,750	$1.09	24d	1	0.73mi
4824 Webster St Unit 4824/4824 Omaha, NE	4.0	1.0	1317	$1,050	$0.80	44d	1	0.74mi
201 N 46th St Omaha, NE	2.0	1.0–2.0	825	$1,895	$2.30	3d	40	0.80mi
106 S 36th St Omaha, NE	3.0	3.0	1750	$2,275	$1.30	3d	1	0.82mi
1112 N 50th Ave Omaha, NE	2.0	1.0	1200	$1,450	$1.21	15d	1	0.83mi
3919 Farnam St Unit 3915 Farnam Omaha, NE	4.0	2.0	1700	$2,350	$1.38	44d	1	0.85mi
3804 Farnam St Omaha, NE	2.0	1.0–2.0	973	$1,622	$1.67	15d	2	0.87mi
4817 Chicago St Unit 11 Omaha, NE	2.0	1.0	1250	$1,195	$0.96	44d	1	0.89mi
4918 California St Omaha, NE	3.0	1.0	1369	$1,695	$1.24	24d	1	0.90mi
4647 Dodge St Omaha, NE	2.0	1.0–2.0	775	$2,850	$3.68	24d	32	0.92mi
5004 Webster St Omaha, NE	4.0	3.0	2156	$2,500	$1.16	44d	1	0.92mi
411 S 38th Ave Omaha, NE	3.0	3.0	1872	$1,995	$1.07	44d	1	0.93mi
4903 Chicago St Omaha, NE	1.0–2.0	1.0–2.0	1100	$1,250	$1.14	22d	1	0.93mi
4623 Douglas St Omaha, NE	3.0	2.0	1510	$1,750	$1.16	22d	1	0.94mi
5016 California St #12 Omaha, NE	2.0	2.0	1084	$1,600	$1.48	24d	1	1.01mi
2929 California St Omaha, NE	1.0–4.0	1.0–3.0	1280	$2,615	$2.04	3d	118	1.02mi
3201 Dodge Ct #5407 Omaha, NE	2.0	2.0	1142	$1,850	$1.62	24d	1	1.03mi
233 S 33rd St Omaha, NE	1.0–2.0	1.0–2.0	997	$2,473	$2.48	12d	25	1.06mi
535 S 37th St Omaha, NE	1.0–2.0	1.0–2.0	1025	$1,475	$1.44	12d	3	1.07mi
4276 Binney St Omaha, NE	4.0	1.0	1358	$1,495	$1.10	44d	1	1.09mi
617 S 37th St Omaha, NE	1.0–2.0	1.0	845	$1,285	$1.52	11d	8	1.17mi
3601 Jones St Omaha, NE	2.0	1.0–2.0	861	$2,214	$2.57	3d	24	1.20mi
3814 Leavenworth St Omaha, NE	2.0	1.0–2.0	818	$1,920	$2.35	24d	19	1.22mi
5011 Miami St Omaha, NE	3.0	3.0	2180	$2,200	$1.01	44d	1	1.26mi
4874 Maple St Omaha, NE	3.0	1.0	1098	$1,545	$1.41	44d	1	1.27mi
3001 Harney St Omaha, NE	3.0	3.0	1764	$2,395	$1.36	44d	1	1.30mi
3002 N 48th Ave Omaha, NE	4.0	2.0	1205	$1,550	$1.29	24d	1	1.30mi
4015 Marcy St Omaha, NE	3.0	1.0	1238	$1,695	$1.37	15d	1	1.31mi
4228 Mayberry St Omaha, NE	4.0	1.0	1664	$1,700	$1.02	15d	1	1.31mi
2914 N 49th Ave Omaha, NE	3.0	1.0	1375	$1,615	$1.17	24d	1	1.34mi
4207 Barker Ave Omaha, NE	3.0	1.0	1200	$1,595	$1.33	44d	1	1.38mi

Listing history 11 events

1. 2026-05-07
   listed $210,000 New 463-char remark
2. 2017-04-25
   soldstatus $100,000
3. 2017-04-21
   soldstatus $100,000 Sold 280-char remark

   Show marketing remark (280 chars)

   Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

4. 2017-03-20
   status Pending 280-char remark

   Show marketing remark (280 chars)

   Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

5. 2017-03-01
   price $109,000 280-char remark

   Show marketing remark (280 chars)

   Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

6. 2017-01-05
   price $115,000 280-char remark

   Show marketing remark (280 chars)

   Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

7. 2016-11-15
   listed $120,000 Active - New 280-char remark

   Show marketing remark (280 chars)

   Charming, super cute home is larger than you think! 3 bedroom, 1 bath, detached garage, French doors, formal dining, great Rec Room & small office is move in ready! Newer roof, A/C, carpet, stainless steel appliances in kitchen all in remodeled home! This is a must see home!

8. 2016-07-07
   soldstatus $38,500 Sold

   Show marketing remark (175 chars)

   Larger kitchen with formal dining, permanent siding, detached garage and upper level room with ample closet storage and interesting architectural lines. Bring your investors.

9. 2016-06-20
   status Pending

   Show marketing remark (175 chars)

   Larger kitchen with formal dining, permanent siding, detached garage and upper level room with ample closet storage and interesting architectural lines. Bring your investors.

10. 2016-05-10
    listed $43,000 Active - New

    Show marketing remark (175 chars)

    Larger kitchen with formal dining, permanent siding, detached garage and upper level room with ample closet storage and interesting architectural lines. Bring your investors.

11. 2002-07-28
    soldstatus $26,750

ⓘ 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: $2,445 · $204/mo
• Projected year-2 tax: $3,633 · $303/mo
• Expected delta: +$1,188/yr (+$99/mo · 48.6%)

ⓘ 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 ≥103°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: $21,814
• − Mortgage interest: −$11,763
• − Property taxes: −$2,445
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − Depreciation: −$6,109
• Taxable loss: −$3,043
• Est. tax savings @ 24.0%: +$730
• After-tax cash flow: $1,254/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): 14,809
• Household income: $48,925
• Rent vs Own: 75.6% rent · 24.4% own
• Severe rent burden: 1468.0

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 0.59)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Romanian 2% Slovak 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -109.21%
• Current HPI: 305.4972
• Rent YoY: ▲ 3.82%
• 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

+682.1% since first listed

13 events — show timeline

• 2026-06-08 Sold (MLS) $209,200 GPRMLS
• 2026-05-20 Pending — GPRMLS
• 2026-05-07 Listed $210,000 GPRMLS
• 2017-04-25 Sold (Public Records) $100,000 Public Records
• 2017-04-21 Sold (MLS) $100,000 GPRMLS
• 2017-03-20 Pending — GPRMLS
• 2017-03-01 Price Changed $109,000 GPRMLS
• 2017-01-05 Price Changed $115,000 GPRMLS
• 2016-11-15 Listed $120,000 GPRMLS
• 2016-07-07 Sold (MLS) $38,500 GPRMLS
• 2016-06-20 Pending — GPRMLS
• 2016-05-10 Listed $43,000 GPRMLS
• 2002-07-28 Sold (Public Records) $26,750 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,445 · +3.2% YoY. Source: county tax records.