3712-3718 NW 51st St · Lincoln, NE 68524

$349,900

None bd · None ba · 2,600 sqft · MultiFamily · 28 Days on market

Built 1957 Average condition 0.31 ac lot Est $294k · 19% over

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Why this score? — see what drove the C+ 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
• Schools +4.4/10.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Located in the Arnold Heights neighborhood of Lincoln, this well-maintained duplex is a great opportunity for investors or owner-occupants. Each unit offers 4 bedrooms, 2 full bathrooms, and private basement laundry hookups. One unit is occupied by a long-term tenant, while the other is vacant and ready for occupancy or lease-up. The property features a roof less than 10 years old with Class 4 impact-resistant shingles. Tenants pay gas and electric; landlord covers water, sewer, and trash. Large backyards provide plenty of outdoor space. Ideal for expanding an investment portfolio or house hacking by living in one unit while rental income helps offset the mortgage.

Key facts

• Large backyards
• 0.31 acre lot
• 2 parking spots

Tags

• ROOF LESS THAN 10 YEARS OLD
• LARGE BACKYARDS

Property features AI

Finance

• Financial info: Property used as residential income (2 units)

Exterior

• Parking: Carport; Total parking for 2 vehicles
• Utilities: Public water; Public sewer; Two electric meters; Two gas meters
• Home design: Residential income property (multi-family); One-level building; Built in 1957; Entry level: One story
• Construction: Block foundation; Composition roof
• Exterior features: Partial wood privacy fencing; Sloped lot; Lot over 1/4 up to 1/2 acre

Interior

• Kitchen: Microwave; Range (cooktop and oven); Refrigerator
• Bedrooms: Total rooms: 10; Basements in units
• Bathrooms: 4 full bathrooms (total)
• Heating & cooling: Forced-air heating (each unit); Gas heat; Central air conditioning (each unit); Whole-house fan
• Interior features: High ceilings; Whole-house exhaust fan (each unit); 9'+ ceilings (each unit)
• Laundry & utility: Laundry hookups in each unit

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/2.0-bath units multifamily listed at $350k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $573/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.2% 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: Arnold Elementary School (math 33% / reading 45%, grade F, #371 of 502 statewide, top 74%, 739 students, 66% FRL); Lux Middle School (math 69% / reading 66%, grade A-, #6 of 128 statewide, top 5%, 791 students, 22% FRL); Northwest High School (499 students, 52% FRL).
• Market conditions: 29 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $10k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $344,651 (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 1957 — 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. 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?
6. 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?
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 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: 1.70% ✓
• Cap rate: 14.15%
• Cash-on-cash: 28.06%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $293,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5115 W Benton St	0.13mi	6/2.0	2,250 (-14%)	14mo	$255,000	$113	60

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 1.91×
• Total profit: $89,313
• Equity at exit: $52,171

10-year hold

• IRR: 30.3%
• Equity multiple: 3.72×
• Total profit: $266,036
• Equity at exit: $30,253

Cash invested: $97,972 (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 68524

• Home prices YoY: -26.2%
• Active inventory: 29
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $5,961 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,248/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,252
• Net cashflow: $2,291

Break-even live

Break-even rent $3,061

Max offer price $349,900

Occupancy floor 57%

Sensitivity live

Price	-10% $2,533	-5% $2,412	+0% $2,291	+5% $2,170	+10% $2,049
Rent	-10% $1,820	-5% $2,056	+0% $2,291	+5% $2,527	+10% $2,762
Rate	-1.0pp $2,467	-0.5pp $2,380	base $2,291	+0.5pp $2,200	+1.0pp $2,108

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	2	$5,960
Total (4 units)			$5,961

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5321 Michael Cir Lincoln, NE	3.0	2.0	1915	$1,750	$0.91	44d	1	0.21mi

Listing history 19 events

1. 2026-06-18
   days on market $349,900 Active 28 DOM
2. 2026-06-17
   days on market $349,900 Active 27 DOM
3. 2026-06-16
   days on market $349,900 Active 26 DOM
4. 2026-06-15
   days on market $349,900 Active 25 DOM
5. 2026-06-14
   days on market $349,900 Active 23 DOM
6. 2026-06-10
   days on market $349,900 Active 20 DOM
7. 2026-06-09
   days on market $349,900 Active 19 DOM
8. 2026-06-08
   days on market $349,900 Active 18 DOM
9. 2026-06-07
   days on market $349,900 Active 17 DOM
10. 2026-06-05
    days on market $349,900 Active 14 DOM
11. 2026-06-03
    days on market $349,900 Active 13 DOM
12. 2026-06-02
    days on market $349,900 Active 12 DOM
13. 2026-06-01
    days on market $349,900 Active 11 DOM
14. 2026-05-31
    days on market $349,900 Active 10 DOM
15. 2026-05-30
    days on market $349,900 Active 9 DOM
16. 2026-05-21
    listed $349,900 New
17. 2024-04-05
    historical $1,550
18. 2024-03-29
    listed $1,550
19. 2022-02-03
    price $1,350

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $71,532
• − Mortgage interest: −$19,600
• − Property taxes: −$5,248
• − Insurance: −$1,750
• − Repairs & maintenance: −$5,723
• − Management: −$5,723
• − Depreciation: −$10,179
• Taxable income: $23,310
• Est. tax owed @ 24.0%: −$5,594
• After-tax cash flow: $21,899/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This multi-family property offers a good investment opportunity with a moderate level of rehab needed to improve its curb appeal and value.

Repairs flagged

• Minor exterior paint — Some discoloration on the brick exterior.
• Minor landscaping — Overgrown areas in the yard need trimming.
• Minor HVAC maintenance — Standard HVAC system may need cleaning or minor repairs.

Value-add opportunities

• Both update exterior paint — Fresh paint can improve curb appeal and home value.
• Both landscaping improvements — A well-maintained yard can increase both resale and rental value.
• Both HVAC cleaning — A clean HVAC system can improve comfort and energy efficiency, boosting both resale and rental appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Some discoloration on the brick exterior.	Minor	$500–3,000
landscaping · Overgrown areas in the yard need trimming.	Minor	$500–3,000
HVAC maintenance · Standard HVAC system may need cleaning or minor repairs.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both update exterior paint — Fresh paint can improve curb appeal and home value. ↑
• Both landscaping improvements — A well-maintained yard can increase both resale and rental value. ↑
• Both HVAC cleaning — A clean HVAC system can improve comfort and energy efficiency, boosting both resale and rental appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 291,509
• Population (ZIP): 6,049

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: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 21% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Subsaharan African 8% Romanian 2% Italian 1%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 79% English-only · Spanish 11% Russian/Polish/Slavic 9% Arabic 1%

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: ▼ -87.68%
• Current HPI: 247.2683
• Rent YoY: —
• Metro: —
• 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

+25818.5% since first listed

4 events — show timeline

• 2026-05-21 Listed $349,900 GPRMLS
• 2024-04-05 Rental Removed $1,550 APPFOLIO
• 2024-03-29 Listed for Rent $1,550 APPFOLIO
• 2022-02-03 Price Changed $1,350 RENT.