4109 Spencer St · Omaha, NE 68111

$139,900

2 bd · 1.0 ba · 860 sqft · SingleFamily public records · 5 Days on market

Built 1953 4,680 sqft lot Est $129k · 8% over

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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 +13.4/30.0
• Appreciation +10.0/10.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• ARV discount +3.7/15.0
• 1% rule +3.4/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Get ready to be impressed. Ready for a fresh start with family and friends, this home is move-in ready, waiting for you to start creating unforgettable memories. Its excellent upkeep and recent renovations will make you feel right at home. Schedule your appointment before it's too late.

Key facts

• 4,680 sq ft lot
• Garage
• Built 1953

Property features AI

Exterior

• Parking: Attached garage (1 covered space, total parking for 1 vehicle)
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Single-family residence; Residential property built in 1953; Composition roof; Below-grade finished area (basement) approx. 575 sq ft; above-grade finished area approx. 860 sq ft
• Construction: Wood siding exterior; Block foundation
• Exterior features: Patio; City lot; Lot approximately 117 x 40 (about 0.1 acre)

Interior

• Kitchen: Refrigerator; Microwave; Laminate flooring in kitchen
• Bedrooms: Primary bedroom on main floor with laminate flooring (approx. 12 x 12.5); Second bedroom on main floor with laminate flooring (approx. 9 x 13.9)
• Flooring: Laminate flooring; Concrete flooring; Ceramic tile on lower-level family room
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Ceiling fan(s); Daylight basement; Concrete laundry floor
• Laundry & utility: Laundry area with concrete floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $3 ($41/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 $117k (16.3% below list).
• Recommended offer: $117k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: King Elementary School (math 8% / reading 12%, grade F, #494 of 502 statewide, top 99%, 326 students, 0% FRL); Monroe Middle School (math 8% / reading 15%, grade F, #127 of 128 statewide, top 99%, 769 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.
• Zoned-school proficiency averages 11% at this address vs 24% district-wide (-13 pts) — the specific schools serving this property underperform the Omaha Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.2%/yr); 139 active listings in the ZIP; 37 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).

Forward outlook

• In year one you build about $15k of equity ($967 loan paydown + $14k 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 15y 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,097 (16.3% below list)

Questions for the listing agent

1. Built in 1953 — 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: 0.84% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $129,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4204 Bedford Ave	0.16mi	2/1.0	874 (+2%)	2mo	$140,000	$160	89
3919 Miami St	0.31mi	2/1.0	860 (0%)	2mo	$115,000	$134	84
4051 Pratt St	0.36mi	3/1.0 (+1)	896 (+4%)	2mo	$151,000	$169	70
3959 N 40th St	0.62mi	2/1.0	870 (+1%)	0mo	$108,000	$124	69
3715 N 44th Ave	0.47mi	2/1.0	810 (-6%)	3mo	$130,000	$160	66
3708 N 36th Ave	0.52mi	2/1.0	912 (+6%)	1mo	$130,000	$143	65
3322 Corby St	0.65mi	2/1.0	892 (+4%)	2mo	$175,000	$196	62
3926 N 39th St	0.56mi	2/1.0	912 (+6%)	3mo	$78,500	$86	61
4266 Maple St	0.22mi	3/1.0 (+1)	978 (+14%)	4mo	$115,000	$118	59
2434 N 33rd Ave	0.74mi	2/1.0	848 (-1%)	5mo	$127,500	$150	59
3940 N 38 St	0.61mi	2/1.0	780 (-9%)	1mo	$123,000	$158	55
3936 N 40th St	0.57mi	2/1.0	768 (-11%)	2mo	$110,000	$143	54

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: 24.4%
• Equity multiple: 2.96×
• Total profit: $76,659
• Equity at exit: $126,033

10-year hold

• IRR: 21.7%
• Equity multiple: 6.77×
• Total profit: $226,091
• Equity at exit: $271,795

Cash invested: $39,172 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,171 high
• Mortgage (P&I): −$734
• Tax from tax record: −$130 /mo · $1,557/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $3

Break-even live

Break-even rent $1,167

Max offer price $139,900

Occupancy floor 95%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3212 N 39th St Omaha, NE	1.0	1.0	1025	$785	$0.77	24d	1	0.15mi
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	3d	1	0.20mi
3356 N 41st St Omaha, NE	2.0	1.0	720	$1,295	$1.80	24d	1	0.23mi
3674 Bedford Ave Omaha, NE	3.0	1.0	864	$1,275	$1.48	24d	1	0.32mi
3425 N 45th St Omaha, NE	2.0	1.0	872	$1,500	$1.72	14d	1	0.40mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	3d	1	0.58mi
2305 John a Creighton Blvd Omaha, NE	2.0	1.0	672	$1,200	$1.79	21d	1	0.60mi
4874 Maple St Omaha, NE	3.0	1.0	1098	$1,545	$1.41	44d	1	0.72mi
1825 NW Radial Hwy Omaha, NE	1.0	1.0	650	$775	$1.19	44d	1	0.83mi
4112 N 48th St Omaha, NE	2.0	1.0	825	$899	$1.09	10d	2	0.89mi
4112 N 48th St Unit 3 Omaha, NE	2.0	1.0	800	$850	$1.06	24d	1	0.89mi
4112 N 48th St Unit 2 Omaha, NE	2.0	1.0	800	$899	$1.12	24d	1	0.89mi
4822 Sahler St Unit 48268 Omaha, NE	1.0	1.0	600	$700	$1.17	44d	1	0.96mi
4315 Charles St Apt 17 Omaha, NE	1.0	1.0	570	$795	$1.39	3d	1	1.00mi
4102 Hamilton St Unit 014 Omaha, NE	2.0	1.0	811	$1,120	$1.38	24d	1	1.01mi
4102 Hamilton St Omaha, NE	2.0	1.0	811	$1,120	$1.38	3d	1	1.01mi
4157 Hamilton St Unit 7W Omaha, NE	1.0	1.0	600	$750	$1.25	44d	1	1.04mi
4852 Boyd St Omaha, NE	2.0	2.0	912	$1,500	$1.64	44d	1	1.04mi
4153 Hamilton St Unit 1e Omaha, NE	1.0	1.0	600	$750	$1.25	44d	1	1.05mi
4844 Taylor St Apt 4 Omaha, NE	2.0	1.0	750	$925	$1.23	24d	1	1.08mi
4844 Taylor St Apt 1 Omaha, NE	1.0	1.0	700	$795	$1.14	3d	1	1.08mi
5119 Pratt St Omaha, NE	3.0	1.0	1008	$1,900	$1.88	44d	1	1.08mi
1308 N 40th St Omaha, NE	1.0	1.0	600	$800	$1.33	14d	1	1.08mi
4918 Ames Ave Apt 13 Omaha, NE	1.0	1.0	974	$750	$0.77	44d	1	1.17mi
4918 Ames Ave Unit 17 Omaha, NE	2.0	1.5	1074	$850	$0.79	24d	1	1.17mi
3911 N 52nd St Apt 5 Omaha, NE	1.0	1.0	850	$799	$0.94	14d	1	1.20mi
1004 Glenwood Ave Unit 2 Omaha, NE	3.0	1.5	1000	$1,500	$1.50	3d	1	1.25mi
1306 N 48th Ave Unit 1313258 Omaha, NE	2.0	1.0	994	$875	$0.88	3d	1	1.26mi
1115 N 48th St Unit 11156 Omaha, NE	1.0	1.0	635	$725	$1.14	14d	1	1.27mi
1407 N 31st St Omaha, NE	2.0	1.0	1040	$1,395	$1.34	3d	1	1.31mi
4821 Nicholas St Omaha, NE	2.0	1.0	740	$1,100	$1.49	24d	1	1.33mi
4821 Nicholas St Apt 2 Omaha, NE	2.0	1.0	720	$1,100	$1.53	44d	1	1.33mi
1016 N 47th Ave Unit 1016/16 Omaha, NE	1.0	1.0	625	$745	$1.19	24d	1	1.33mi
4314 N 52nd St Omaha, NE	3.0	1.0	780	$945	$1.21	14d	1	1.35mi
915 N 48th Ave Apt 15 Omaha, NE	2.0	1.0	950	$990	$1.04	44d	1	1.41mi
807 N 45th St Unit 6 Omaha, NE	1.0	1.0	600	$795	$1.32	21d	1	1.42mi
817 N 47th St Unit 01 Omaha, NE	1.0	1.0	620	$850	$1.37	44d	1	1.47mi

Listing history 9 events

1. 2026-05-21
   listed $139,900 New
2. 2026-02-04
   historical
3. 2026-01-20
   listed $115,000 New
4. 2025-12-30
   status Pending
5. 2025-12-29
   historical
6. 2025-11-15
   price $135,000
7. 2025-11-05
   listed $150,000 New
8. 2012-05-31
   historical
9. 2011-11-21
   listed $45,000

ⓘ 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: $1,557 · $130/mo
• Projected year-2 tax: $2,420 · $202/mo
• Expected delta: +$864/yr (+$72/mo · 55.5%)

ⓘ 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: $14,052
• − Mortgage interest: −$7,837
• − Property taxes: −$1,557
• − Insurance: −$700
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$4,070
• Taxable loss: −$2,359
• Est. tax savings @ 24.0%: +$566
• After-tax cash flow: $607/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

+210.9% since first listed

9 events — show timeline

• 2026-05-21 Listed $139,900 GPRMLS
• 2026-02-04 Listing Removed — GPRMLS
• 2026-01-20 Listed $115,000 GPRMLS
• 2025-12-30 Pending — GPRMLS
• 2025-12-29 Listing Removed — GPRMLS
• 2025-11-15 Price Changed $135,000 GPRMLS
• 2025-11-05 Listed $150,000 GPRMLS
• 2012-05-31 Listing Removed — GPRMLS
• 2011-11-21 Listed $45,000 GPRMLS

Property tax history

+4.5%/yr

Latest (2025): $1,557 · +24.5% YoY. Source: county tax records.