12135 Lisa Cir · Omaha, NE 68137

$1,150,000

None bd · None ba · — sqft · MultiFamily · 119 Days on market

Built 1963 Average condition ↓ 3% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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 MLS

Exceptional investment opportunity in the heart of Millard. This well-located multi-family property features 11 total units, ten 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit, generating nearly $11,000 per month in gross rents. The property consists of two separate buildings with ample off-street parking for tenants. 12131 is constructed with durable all-brick exterior, while 12135 features low-maintenance aluminum siding. Strong rental history, desirable unit mix, and a prime location make this a solid addition to any investment portfolio.

Key facts

• Off-street parking
• Aluminum siding
• All-brick exterior

Tags

• MULTI-FAMILY PROPERTY
• TWO SEPARATE BUILDINGS
• OFF-STREET PARKING
• ALL-BRICK EXTERIOR
• ALUMINUM SIDING
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.15M. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.15M).
• Recommended offer: $1.05M (9.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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.
• Millard Public Schools (urban): math 58% / reading 60% proficiency, ranked #13 of 111 in NE (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.6%/yr); 113 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $17,280/mo this rent would consume 257% of the median local household income ($81k/yr) (locally 728% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $322k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,046,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.50% ✓
• Cap rate: 12.24%
• Cash-on-cash: 21.26%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $364,926
• List price: $1,150,000
• Delta: 215.13%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12131 & 12135 Lisa Cir	0.01mi	—/—	—	15mo	$950,000	—	75
12455 Weir St	0.43mi	4/2.0	1,560	18mo	$356,100	$228	52

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 · 3.58% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.58×
• Total profit: $187,332
• Equity at exit: $171,469

10-year hold

• IRR: 23.6%
• Equity multiple: 3.09×
• Total profit: $674,075
• Equity at exit: $99,431

Cash invested: $322,000 (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 68137

• Rents YoY: 3.6%
• Active inventory: 113
• Price-to-rent: 60.0×

Monthly cashflow live

• Estimated rent: $17,280 high
• Mortgage (P&I): −$6,031
• Tax est. 1.5%: −$1,438 /mo · $17,250/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,629
• Net cashflow: $5,704

Break-even live

Break-even rent $10,060

Max offer price $1,150,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 10× units	2	1	$15,980
1× unit	1	1	$1,298
Total (11 units)			$17,280

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12230 Anne St Omaha, NE	1.0–2.0	1.0–1.5	900	$1,010	$1.12	3d	5	0.14mi
12741 Woodcrest Dr Unit 12841 Condo Omaha, NE	2.0	2.0	1019	$2,200	$2.16	3d	1	0.57mi
12727 Woodcrest Plz #123 Omaha, NE	3.0	2.0	1508	$2,200	$1.46	43d	1	0.66mi
12741 Woodcrest Plz #317 Omaha, NE	2.0	2.0	1019	$2,400	$2.36	43d	1	0.69mi
12775 Woodcrest Plz Omaha, NE	1.0	1.0	750	$975	$1.30	14d	1	0.72mi
11025 M St Omaha, NE	2.0	1.0–2.0	854	$1,640	$1.92	2d	20	0.90mi
3618 S 120th St Omaha, NE	3.0	2.0	1524	$2,050	$1.35	2d	1	0.92mi
11029 R Plz Omaha, NE	1.0–2.0	1.0–1.5	920	$1,190	$1.29	3d	15	0.92mi
3630 S 128th Ave Omaha, NE	3.0	2.0	1562	$2,100	$1.34	43d	1	1.08mi
3605 S 112th St Omaha, NE	3.0	3.0	1903	$2,400	$1.26	19d	1	1.10mi
13106 C Plz Omaha, NE	2.0–4.0	1.0–2.0	1043	$1,289	$1.24	2d	5	1.18mi
5622 S 110th Cir Omaha, NE	2.0	1.0	1600	$1,795	$1.12	43d	1	1.20mi
3422 S 129th St Omaha, NE	3.0	2.5	1651	$2,275	$1.38	2d	1	1.22mi
5716 S 136th St Omaha, NE	3.0	2.5	1949	$2,200	$1.13	3d	1	1.35mi
5091 Marshall Dr Omaha, NE	1.0	1.0	600	$859	$1.43	3d	5	1.47mi

Listing history 16 events

1. 2026-06-18
   days on market $1,150,000 Active 119 DOM
2. 2026-06-17
   days on market $1,150,000 Active 118 DOM
3. 2026-06-16
   days on market $1,150,000 Active 117 DOM
4. 2026-06-15
   days on market $1,150,000 Active 116 DOM
5. 2026-06-13
   days on market $1,150,000 Active 114 DOM
6. 2026-06-10
   days on market $1,150,000 Active 111 DOM
7. 2026-06-09
   days on market $1,150,000 Active 110 DOM
8. 2026-06-08
   days on market $1,150,000 Active 109 DOM
9. 2026-06-07
   pricedays on market $1,150,000 Active 108 DOM
10. 2026-06-05
    days on market $1,210,000 Active 105 DOM
11. 2026-06-03
    days on market $1,210,000 Active 104 DOM
12. 2026-06-03
    days on market $1,210,000 Active 103 DOM
13. 2026-06-01
    days on market $1,210,000 Active 102 DOM
14. 2026-05-31
    days on market $1,210,000 Active 101 DOM
15. 2026-04-28
    price $1,210,000 555-char remark

    Show marketing remark (555 chars)

    Exceptional investment opportunity in the heart of Millard. This well-located multi-family property features 11 total units, ten 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit, generating nearly $11,000 per month in gross rents. The property consists of two separate buildings with ample off-street parking for tenants. 12131 is constructed with durable all-brick exterior, while 12135 features low-maintenance aluminum siding. Strong rental history, desirable unit mix, and a prime location make this a solid addition to any investment portfolio.

16. 2026-02-19
    listed $1,250,000 New 555-char remark

    Show marketing remark (555 chars)

    Exceptional investment opportunity in the heart of Millard. This well-located multi-family property features 11 total units, ten 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit, generating nearly $11,000 per month in gross rents. The property consists of two separate buildings with ample off-street parking for tenants. 12131 is constructed with durable all-brick exterior, while 12135 features low-maintenance aluminum siding. Strong rental history, desirable unit mix, and a prime location make this a solid addition to any investment portfolio.

ⓘ 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 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $207,360
• − Mortgage interest: −$64,418
• − Property taxes: −$17,250
• − Insurance: −$5,750
• − Repairs & maintenance: −$16,589
• − Management: −$16,589
• − Depreciation: −$33,455
• Taxable income: $53,310
• Est. tax owed @ 24.0%: −$12,794
• After-tax cash flow: $55,651/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 · 13 photos

Average 55/100 Moderate rehab

This multi-family property has average condition with some minor repairs and maintenance needed. Painting and landscaping improvements can significantly increase its value.

Repairs flagged

• Minor Exterior siding — Some signs of wear and tear on the siding.
• Minor Interior carpet — Some wear visible on the carpet.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can improve the curb appeal and interior aesthetics, attracting more tenants and buyers.
• Both Landscaping improvements — A well-maintained landscape can enhance the property's curb appeal and attract more tenants and buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Some signs of wear and tear on the siding.	Minor	$500–3,000
Interior carpet · Some wear visible on the carpet.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can improve the curb appeal and interior aesthetics, attracting more tenants and buyers. ↑
• Both Landscaping improvements — A well-maintained landscape can enhance the property's curb appeal and attract more tenants and buyers. ↑

ⓘ 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: Millard Public Schools
• NCES district ID: 3173740
• Math proficiency: 58% ▼ -7.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $81,146
• Composite: 53.23/100
• National rank: #1500
• State rank: #13 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): 24,277
• Household income: $80,739
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 728.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 9% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Asian/Pacific 2% Other Indo-European 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: ▼ -240.79%
• Current HPI: 231.568
• Rent YoY: ▲ 3.58%
• 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

-3.2% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $1,210,000 GPRMLS
• 2026-02-19 Listed $1,250,000 GPRMLS