14968 Weir Plz Unit 20-A

Omaha, NE 68137

$240,000D

3 bd · 2.5 ba · 1,720 sqft · Built 1978 · Condo · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,046/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$263
• HOA: −$378
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-283/mo
• Annual: $-3,397/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.05%
• DSCR: 0.78
• 1% rule: 0.85%
• Cash to close: $67,200

Investor read

• This is a 3-bed/2.5-bath condo listed at $240k.
• At list price, monthly cash flow is $-283 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (14.7% below list).
• It's been on market 68 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (20.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Bryan Elementary School (math 37% / reading 42%, grade F, #346 of 502 statewide, top 74%, 381 students, 57% FRL); Millard Central Middle School (math 39% / reading 41%, grade F, #84 of 128 statewide, top 65%, 825 students, 47% FRL); Millard South High School (math 51% / reading 54%, grade C-, #97 of 261 statewide, top 37%, 2,607 students, 36% FRL) — zoned schools average 47% FRL vs 13% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 44% at this address vs 59% district-wide (-15 pts) — the specific schools serving this property underperform the Millard Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.6%/yr); 114 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y 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.
• Cap rate 4.9% 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.
• This rent runs 30% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?