611 S 20th St · Lincoln, NE 68510

$725,000

100 bd · 100.0 ba · 6,360 sqft · MultiFamily public records · 26 Days on market

Built 1976 10,500 sqft lot

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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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

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

Excellent investment opportunity in a prime location. This well-maintained 10-plex features ten individual units, each offering 1 bedroom and 1 bathroom. All units are currently rented, providing immediate and consistent cash flow. With strong rental demand and a desirable location, this property is a solid addition to any investment portfolio. Don’t miss the opportunity to own a fully occupied multi-family property with proven income potential.

Key facts

• 0.24 acre lot
• 10 parking spots
• Built 1976

Property features AI

Finance

• Other: Multi-unit property with multiple occupied and leased units (units reported as tenant-occupied or leased)
• Financial info: Annual tax information available

Exterior

• Parking: Parking for 10 vehicles; No garage
• Utilities: Public water; Public sewer
• Home design: Residential income, multi-family property; Built in 1976
• Construction: Slab foundation
• Exterior features: Lot approximately 0.241 acres (about 140 x 75); Lot included in sale

Interior

• Bathrooms: Ten full bathrooms
• Heating & cooling: Natural gas heating; Forced air system; Central air conditioning
• Interior features: Ten furnaces; Property has heating and cooling (natural gas, forced air, central air)
• Laundry & utility: Ten electric meters; Ten gas meters

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/1-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $185/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $725k).
• Recommended offer: $714k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Mcphee Elementary School (math 22% / reading 37%, grade F, #427 of 502 statewide, top 87%, 282 students, 0% FRL); Park Middle School (math 37% / reading 37%, grade F, #99 of 128 statewide, top 79%, 834 students, 68% FRL); Lincoln High School (math 38% / reading 41%, grade F, #184 of 261 statewide, top 76%, 2,196 students, 59% FRL).
• Zoned-school proficiency averages 35% at this address vs 52% district-wide (-16 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 (+1.8%/yr); 119 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• At $8,293/mo this rent would consume 151% of the median local household income ($66k/yr) (locally 622% 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 $5k of loan paydown is wiped out by about $22k 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

• It's been on market 26 days — a 2% lower offer ($714k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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.

Recommended offer $714,125 (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 1976 — 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: 1.14% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (median comp): $459,720
• List price: $725,000
• Delta: 57.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.78% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-10,059
• Equity at exit: $108,100

10-year hold

• IRR: 7.1%
• Equity multiple: 1.50×
• Total profit: $102,072
• Equity at exit: $62,685

Cash invested: $203,000 (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 68510

• Rents YoY: 1.8%
• Active inventory: 119
• Price-to-rent: 72.9×

Monthly cashflow live

• Estimated rent: $8,293 high
• Mortgage (P&I): −$3,802
• Tax from tax record: −$602 /mo · $7,223/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,742
• Net cashflow: $1,846

Break-even live

Break-even rent $5,957

Max offer price $725,000

Occupancy floor 73%

Sensitivity live

Price	-10% $2,256	-5% $2,051	+0% $1,846	+5% $1,640	+10% $1,435
Rent	-10% $1,190	-5% $1,518	+0% $1,846	+5% $2,173	+10% $2,501
Rate	-1.0pp $2,211	-0.5pp $2,030	base $1,846	+0.5pp $1,658	+1.0pp $1,467

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$8,290
Total (10 units)			$8,293

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-10
   status $725,000 Pending 26 DOM
2. 2026-06-09
   days on market $725,000 Active 26 DOM
3. 2026-06-08
   days on market $725,000 Active 25 DOM
4. 2026-06-07
   days on market $725,000 Active 24 DOM
5. 2026-06-05
   days on market $725,000 Active 21 DOM
6. 2026-06-03
   days on market $725,000 Active 20 DOM
7. 2026-06-02
   days on market $725,000 Active 19 DOM
8. 2026-06-01
   days on market $725,000 Active 18 DOM
9. 2026-05-31
   days on market $725,000 Active 17 DOM
10. 2026-05-30
    days on market $725,000 Active 16 DOM
11. 2026-05-14
    listed $725,000 New 455-char remark
12. 2026-05-14
    historical
13. 2026-04-29
    listed $799,000 New
14. 2026-04-29
    historical
15. 2026-02-28
    historical
16. 2026-02-27
    listed $850,000 New
17. 2025-12-29
    listed $850,000 New
18. 2024-06-25
    soldstatus $770,000
19. 2024-04-25
    historical $700
20. 2024-04-23
    listed $700
21. 2023-08-31
    historical $675
22. 2023-08-30
    listed $675
23. 2023-08-24
    historical $675
24. 2023-08-20
    listed $675
25. 2014-08-18
    soldstatus $315,000

ⓘ 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: $7,223 · $602/mo
• Projected year-2 tax: $12,542 · $1,045/mo
• Expected delta: +$5,320/yr (+$443/mo · 73.7%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $99,516
• − Mortgage interest: −$40,611
• − Property taxes: −$7,223
• − Insurance: −$3,625
• − Repairs & maintenance: −$7,961
• − Management: −$7,961
• − Depreciation: −$21,091
• Taxable income: $11,044
• Est. tax owed @ 24.0%: −$2,650
• After-tax cash flow: $19,496/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): 19,391
• Household income: $65,951
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 622.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Arab 2% Romanian 2% Iranian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -152.27%
• Current HPI: 243.7469
• Rent YoY: ▲ 1.78%
• 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

+130.2% since first listed

16 events — show timeline

• 2026-06-09 Pending — GPRMLS
• 2026-05-14 Listing Removed — GPRMLS
• 2026-05-14 Listed $725,000 GPRMLS
• 2026-04-29 Listing Removed — GPRMLS
• 2026-04-29 Listed $799,000 GPRMLS
• 2026-02-28 Listing Removed — GPRMLS
• 2026-02-27 Listed $850,000 GPRMLS
• 2025-12-29 Listed $850,000 GPRMLS
• 2024-06-25 Sold (Public Records) $770,000 Public Records
• 2024-04-25 Rental Removed $700 APPFOLIO
• 2024-04-23 Listed for Rent $700 APPFOLIO
• 2023-08-31 Rental Removed $675 LEASESTAR
• 2023-08-30 Listed for Rent $675 LEASESTAR
• 2023-08-24 Rental Removed $675 LEASESTAR
• 2023-08-20 Listed for Rent $675 LEASESTAR
• 2014-08-18 Sold (Public Records) $315,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $7,223 · -3.3% YoY. Source: county tax records.