1551 N 32nd St · Lincoln, NE 68503

$142,000

1 bd · 1.0 ba · 1,034 sqft · SingleFamily public records · 5 Days on market

Built 1900 7,841 sqft lot Est $176k · 19% under ↓ 59% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 1551 N 32rd. Conveniently located near East Campus, this thoughtfully updated home features three bedrooms, one and a half baths, and stunning hardwood floors. The spacious kitchen has ample storage space and beautiful oak cabinets. a spacious. Enjoy alley access with ample parking, a fenced backyard and a garage.

Key facts

• Alley access
• Oak cabinets
• Spacious kitchen

Tags

• UPDATED HOME
• HARDWOOD FLOORS
• SPACIOUS KITCHEN
• OAK CABINETS
• ALLEY ACCESS
• FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $142k.

Deal economics

• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (23.7% below list).
• Recommended offer: $108k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.0% in Lincoln — 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 85/100 on livability (#5 in NE, #545 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+.
• Lincoln Public Schools (urban): math 50% / reading 53% proficiency, ranked #59 of 111 in NE (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clinton Elementary School (math 32% / reading 32%, grade F, #405 of 502 statewide, top 84%, 407 students, 0% FRL); Culler Middle School (math 30% / reading 33%, grade F, #109 of 128 statewide, top 85%, 703 students, 74% FRL); Lincoln Northeast High School (math 34% / reading 36%, grade F, #207 of 261 statewide, top 79%, 1,812 students, 62% FRL).
• Zoned-school proficiency averages 33% at this address vs 52% district-wide (-19 pts) — the specific schools serving this property underperform the Lincoln Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.4%/yr); 56 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $982 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,311 (23.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is D 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. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.21%
• DSCR: 0.81
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $175,780
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1801 N 31st St	0.14mi	2/2.0 (+1)	1,130 (+9%)	0mo	$137,500	$122	69
3028 Vine St	0.57mi	2/1.0 (+1)	1,012 (-2%)	4mo	$152,000	$150	62
2043 N 30 St	0.31mi	2/1.0 (+1)	1,014 (-2%)	21mo	$129,900	$128	60
3220 Hitchcock St	0.26mi	2/2.0 (+1)	1,120 (+8%)	12mo	$238,500	$213	55
1544 N 25th St	0.43mi	2/1.0 (+1)	1,140 (+10%)	3mo	$150,000	$132	55
3237 U St	0.65mi	2/1.0 (+1)	999 (-3%)	10mo	$200,000	$200	51
825 N 30th St	0.56mi	2/1.0 (+1)	920 (-11%)	0mo	$187,000	$203	50
3275 Leighton Ave	0.43mi	2/1.0 (+1)	950 (-8%)	20mo	$219,000	$231	44
3055 W St	0.53mi	2/1.5 (+1)	884 (-14%)	7mo	$150,000	$170	39
1600 N 23rd St	0.56mi	2/1.5 (+1)	1,128 (+9%)	21mo	$171,400	$152	35
2273 Dudley St	0.65mi	2/1.0 (+1)	904 (-13%)	12mo	$170,000	$188	33
3071 U St	0.64mi	2/2.0 (+1)	1,188 (+15%)	4mo	$149,500	$126	33

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

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.18×
• Total profit: $-32,525
• Equity at exit: $21,173

10-year hold

• IRR: -21.0%
• Equity multiple: -0.06×
• Total profit: $-42,333
• Equity at exit: $12,278

Cash invested: $39,760 (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 68503

• Rents YoY: 2.4%
• Active inventory: 56
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,083 high
• Mortgage (P&I): −$745
• Tax from tax record: −$191 /mo · $2,295/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $-139

Break-even live

Break-even rent $1,260

Max offer price $117,373

Occupancy floor —

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: $35,500
• Closing costs: $4,260
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2970 Starr St Lincoln, NE	2.0	1.0	768	$1,350	$1.76	21d	1	0.17mi
3331 Holdrege St Unit 12 Lincoln, NE	2.0	1.0	996	$995	$1.00	44d	1	0.22mi
3405 Holdrege St Unit 308 Lincoln, NE	2.0	1.0	826	$995	$1.20	21d	1	0.29mi
825 N 30th St Lincoln, NE	2.0	1.0	920	$1,695	$1.84	14d	1	0.55mi
2515 W St Lincoln, NE	2.0	1.0	832	$925	$1.11	21d	1	0.63mi
2515 W St Lincoln, NE	2.0	1.0	832	$925	$1.11	44d	1	0.63mi
2434 W St Lincoln, NE	2.0	1.0	872	$1,350	$1.55	21d	1	0.64mi
2239 Dudley St Lincoln, NE	2.0	1.0	1241	$1,100	$0.89	44d	1	0.70mi
2335 W St Unit 2343-01 Lincoln, NE	2.0	1.0	750	$950	$1.27	14d	1	0.70mi
2504 Vine St Apt 26 Lincoln, NE	2.0	1.0	800	$835	$1.04	21d	1	0.70mi
4125 Holdrege St #1 Lincoln, NE	1.0	1.0	850	$1,450	$1.71	44d	1	0.77mi
2417 Vine St #1 Lincoln, NE	2.0	1.0	900	$875	$0.97	21d	1	0.78mi
2417 Vine St #6 Lincoln, NE	2.0	1.0	750	$850	$1.13	44d	1	0.78mi
3811 Baldwin Ave Lincoln, NE	1.0–3.0	1.0–2.0	1015	$1,049	$1.03	14d	14	0.79mi
3228 R St Lincoln, NE	1.0	1.0	700	$699	$1.00	44d	1	0.81mi
2800 R St Unit 2 Lincoln, NE	2.0	2.0	973	$945	$0.97	14d	1	0.84mi
521 N 25th St Unit 18 Lincoln, NE	2.0	1.0	783	$850	$1.09	44d	1	0.88mi
400 N 36th St Lincoln, NE	1.0–2.0	1.0	736	$1,025	$1.39	44d	1	0.89mi
539 N 24th St Unit 9 Lincoln, NE	2.0	1.0	821	$945	$1.15	14d	1	0.91mi
539 N 24th St Unit 16 Lincoln, NE	2.0	1.0	821	$945	$1.15	44d	1	0.92mi
1340 N 44th St Unit 1340-09 Lincoln, NE	1.0	1.0	701	$725	$1.03	44d	1	0.95mi
2960 P St Lincoln, NE	2.0	1.0	1152	$920	$0.80	14d	1	0.98mi
2325 S St Unit 7 Lincoln, NE	1.0	1.0	710	$850	$1.20	21d	1	0.98mi
2325 S St Unit 8 Lincoln, NE	1.0	1.0	710	$850	$1.20	44d	1	0.98mi
2800 P St Unit 5 Lincoln, NE	2.0	1.0	941	$995	$1.06	14d	1	1.00mi
2635 N 42nd St Apt 2 Lincoln, NE	2.0	1.0	700	$900	$1.29	44d	1	1.01mi
2635 N 42nd St Apt 3 Lincoln, NE	2.0	1.0	700	$900	$1.29	14d	1	1.01mi
2430 Q St Apt 8 Lincoln, NE	2.0	1.0	780	$1,095	$1.40	44d	1	1.03mi
2701 P St Unit 1 Lincoln, NE	2.0	1.0	864	$1,050	$1.22	21d	1	1.05mi
2334 N 44th St Unit 19 Lincoln, NE	2.0	2.0	1035	$1,075	$1.04	21d	1	1.05mi
2230 R St Unit 1 Lincoln, NE	1.0	1.5	920	$1,550	$1.68	44d	1	1.06mi
130 N 27th St Unit 2 Lincoln, NE	2.0	1.0	735	$950	$1.29	14d	1	1.07mi
2354 N 44th St Unit 22 Lincoln, NE	1.0	1.0	915	$930	$1.02	21d	1	1.08mi
2344 N 44th St Unit 20 Lincoln, NE	1.0	1.0	900	$930	$1.03	21d	1	1.08mi
2212 R St Unit 10 Lincoln, NE	2.0	1.0	708	$895	$1.26	44d	1	1.08mi
4650 Orchard St Lincoln, NE	1.0–2.0	1.0	742	$795	$1.07	44d	1	1.10mi
4630 Leighton Ave Lincoln, NE	2.0	1.0–2.0	781	$1,628	$2.08	14d	21	1.17mi
4800 Holdrege St Lincoln, NE	2.0	1.0–2.0	806	$1,350	$1.67	14d	88	1.19mi
301 N 44th St Lincoln, NE	1.0–2.0	1.0–2.0	870	$980	$1.13	14d	17	1.24mi
4904 Holdrege St Lincoln, NE	2.0	1.0	1282	$1,299	$1.01	44d	1	1.25mi

Listing history 10 events

1. 2026-04-17
   status Pending
2. 2026-04-11
   listed $142,000 New
3. 2026-03-24
   status Pending
4. 2026-03-23
   historical
5. 2026-03-18
   listed $142,000 New
6. 2026-03-06
   historical
7. 2026-03-05
   listed $142,000 New
8. 2026-03-05
   historical
9. 2026-01-20
   listed $152,000 New
10. 2019-10-31
    soldstatus $350,000

ⓘ 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: $2,295 · $191/mo
• Projected year-2 tax: $2,457 · $205/mo
• Expected delta: +$162/yr (+$13/mo · 7.0%)

ⓘ 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 ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,997
• − Mortgage interest: −$7,954
• − Property taxes: −$2,295
• − Insurance: −$710
• − Repairs & maintenance: −$1,040
• − Management: −$1,040
• − Depreciation: −$4,131
• Taxable loss: −$4,172
• Est. tax savings @ 24.0%: +$1,001
• After-tax cash flow: $-672/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: Lincoln Public Schools
• NCES district ID: 3172840
• Math proficiency: 50% ▼ -6.00%
• Reading proficiency: 53% ▼ -3.00%
• Median HH income: $50,273
• Composite: 44.05/100
• National rank: #2880
• State rank: #59 of 111 in NE

Livability — Lincoln

• Score: 85/100
• State rank: #5
• US rank: #545

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, NE
• County: Lancaster County · 291,509 people
• City population: 291,509
• Metro: Lincoln, NE
• Population (ZIP): 15,867
• Household income: $54,232
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 820.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 352,806 people
• By 2030: 377,899 · +7.1%
• By 2040: 428,582 · +21.5%
• By 2050: 483,103 · +36.9%
• By 2075: 632,390 · +79.2%
• By 2100: 759,513 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 59% Hispanic / Latino 12% Black 12% Two or more races 10% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 73% English-only · Spanish 7% Other Indo-European 5% Vietnamese 5%

Political lean MEDSL · Lancaster

• 2024 margin: Toss-up / Even · D 51.4% · R 47.1% · Other 1.5%
• 2008→2024 swing: -0.7pp no change · 2008: 5.0pp · 2024: 4.3pp
• All cycles: 2024: D+4.3 2020: D+7.8 2016: D+0.1 2012: R+1.0 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.46%
• Current HPI: 260.3421
• Rent YoY: ▲ 2.39%
• Metro: Lincoln, NE
• 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

-59.4% since first listed

10 events — show timeline

• 2026-04-17 Pending — GPRMLS
• 2026-04-11 Listed $142,000 GPRMLS
• 2026-03-24 Pending — GPRMLS
• 2026-03-23 Listing Removed — GPRMLS
• 2026-03-18 Listed $142,000 GPRMLS
• 2026-03-06 Listing Removed — GPRMLS
• 2026-03-05 Listing Removed — GPRMLS
• 2026-03-05 Listed $142,000 GPRMLS
• 2026-01-20 Listed $152,000 GPRMLS
• 2019-10-31 Sold (Public Records) $350,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,295 · -6.4% YoY. Source: county tax records.