115 N 36th St · Omaha, NE 68131

$199,000

2 bd · 2.0 ba · 1,408 sqft · MultiFamily · 23 Days on market

Built 1925 5,227 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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Ready for two streams of income! Commercially zoned with approx. 700+ sq ft each level. Rent out the 2nd floor apartment while leasing out the main level! Prime mixed-use property just north of Dodge St, centrally located close to midtown and downtown! Main floor office space plus upper-level 2 bed, 1 bath apartment with its own separate entrance. 4 parking stalls included. 115 N 36th St is to be sold ''as-is. '' Great visibility and endless possibilities!

Key facts

• Office space
• 2nd floor apartment
• Main level

Tags

• 2ND FLOOR APARTMENT
• MAIN LEVEL
• MIXED-USE PROPERTY
• COMMERCIALLY ZONED
• OFFICE SPACE
• UPPER-LEVEL APARTMENT

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Electricity available; Natural gas available
• Home design: Residential duplex; Two levels; Property attached; Not new (built in 1925)
• Construction: Masonite exterior; Composition roof; Block foundation; Built in 1925
• Exterior features: Front porch; Paved road frontage; City lot with public sidewalk; Level, up to 1/4-acre lot (approx. 0.12 acre; dimensions 22 x 32)

Interior

• Bedrooms: Master bedroom on 2nd floor; Additional bedrooms on 2nd floor
• Bathrooms: Two bathrooms total; One main-level bathroom; One second-floor bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Two-story entry; Full, unfinished walk-up basement (704 below-grade area)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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.
• Omaha Public Schools (urban): math 20% / reading 28% proficiency, ranked #110 of 111 in NE (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kellom Elementary School (math 12% / reading 22%, grade F, #471 of 502 statewide, top 95%, 272 students, 0% FRL); Lewis & Clark Middle School (math 23% / reading 35%, grade F, #115 of 128 statewide, top 90%, 860 students, 0% FRL); Central High School (math 29% / reading 40%, grade F, #208 of 261 statewide, top 86%, 2,738 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.8%/yr); 63 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $2,439/mo this rent would consume 60% of the median local household income ($49k/yr) (locally 1468% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.8% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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.
• Current owner paid $165k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,015 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.88%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $2,033,152
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
151 N 41st St	0.42mi	3/2.0 (+1)	1,350 (-4%)	3mo	$1,950,000	$1,444	66
626 South 36th St	0.44mi	3/2.5 (+1)	1,615 (+15%)	13mo	$300,000	$186	37

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $4,948
• Equity at exit: $29,672

10-year hold

• IRR: 12.7%
• Equity multiple: 2.04×
• Total profit: $58,158
• Equity at exit: $17,206

Cash invested: $55,720 (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 68131

• Home prices YoY: -26.3%
• Rents YoY: 3.8%
• Active inventory: 63
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $2,439 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $552

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 72%

Sensitivity live

Price	-10% $689	-5% $620	+0% $552	+5% $483	+10% $414
Rent	-10% $359	-5% $455	+0% $552	+5% $648	+10% $744
Rate	-1.0pp $652	-0.5pp $602	base $552	+0.5pp $500	+1.0pp $448

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,438
Total (2 units)			$2,439

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 S 36th St Omaha, NE	3.0	3.0	1750	$2,275	$1.30	3d	1	0.06mi
3412 Dodge St Unit 102-3412 Omaha, NE	1.0	1.0	925	$1,395	$1.51	24d	1	0.11mi
3412 Dodge St Unit 307-3412 Omaha, NE	1.0	1.0	950	$1,295	$1.36	12d	1	0.12mi
105 N 38th St Apt 18 Omaha, NE	2.0	1.0	975	$950	$0.97	44d	1	0.14mi
3618 Farnam St Unit 508- ADA Omaha, NE	2.0	2.0	1010	$2,225	$2.20	44d	1	0.15mi
3618 Farnam St Ste 419 Omaha, NE	2.0	2.0	1010	$2,100	$2.08	44d	1	0.15mi
3618 Farnam St Unit 226 Omaha, NE	2.0	2.0	880	$1,800	$2.05	44d	1	0.15mi
110 N 38th St Unit 110 Omaha, NE	3.0	2.0	1600	$1,750	$1.09	24d	1	0.17mi
3737 Farnam St Omaha, NE	1.0	1.0	780	$2,150	$2.75	3d	16	0.21mi
3804 Farnam St Omaha, NE	2.0	1.0–2.0	973	$1,622	$1.67	15d	2	0.22mi
115 N 33rd St Apt 8 Omaha, NE	1.0	1.0	900	$975	$1.08	3d	1	0.25mi
3824 Farnam St Omaha, NE	2.0	1.0–2.0	745	$1,660	$2.23	3d	12	0.26mi
120 S 38th Ave #36 Omaha, NE	2.0	1.0	900	$2,000	$2.22	44d	1	0.27mi
233 S 33rd St Omaha, NE	1.0–2.0	1.0–2.0	997	$2,473	$2.48	12d	25	0.28mi
508 S 35th Ave Omaha, NE	1.0–2.0	1.0	775	$1,000	$1.29	3d	6	0.30mi
411 S 38th Ave Omaha, NE	3.0	3.0	1872	$1,995	$1.07	44d	1	0.31mi
3201 Dodge Ct #5407 Omaha, NE	2.0	2.0	1142	$1,850	$1.62	24d	1	0.31mi
120 N 39th St Omaha, NE	2.0	1.0–2.0	808	$2,375	$2.94	3d	46	0.32mi
535 S 37th St Omaha, NE	1.0–2.0	1.0–2.0	1025	$1,475	$1.44	12d	3	0.33mi
124 N 31st Ave Apt 7 Omaha, NE	2.0	1.0	950	$1,195	$1.26	3d	1	0.34mi
124 N 31st Ave Omaha, NE	2.0	1.0	950	$1,245	$1.31	44d	1	0.35mi
3724 Jackson St Omaha, NE	2.0	1.5	1038	$1,675	$1.61	44d	1	0.36mi
120 N 40th St Omaha, NE	3.0	1.0	1264	$1,745	$1.38	24d	1	0.40mi
617 S 37th St Omaha, NE	1.0–2.0	1.0	845	$1,285	$1.52	11d	8	0.42mi
620 S 38th St Omaha, NE	1.0–2.0	1.0–2.0	816	$1,092	$1.34	15d	2	0.43mi
3601 Jones St Omaha, NE	2.0	1.0–2.0	861	$2,214	$2.57	3d	24	0.45mi
140 N 41st St Omaha, NE	3.0	2.5	1640	$2,495	$1.52	44d	1	0.46mi
119 Lincoln Blvd Omaha, NE	1.0	1.0	1000	$950	$0.95	24d	1	0.46mi
3024 Harney St Omaha, NE	1.0–2.0	1.0–2.0	719	$1,710	$2.38	3d	8	0.49mi
3306 Jones St Omaha, NE	2.0	1.0–2.0	749	$1,455	$1.94	3d	13	0.50mi
3009 Harney St Omaha, NE	1.0	1.0	1000	$1,195	$1.20	24d	1	0.53mi
3814 Leavenworth St Omaha, NE	2.0	1.0–2.0	818	$1,920	$2.35	24d	19	0.54mi
3001 Harney St Omaha, NE	3.0	3.0	1764	$2,395	$1.36	44d	1	0.54mi
515 S 31st St Omaha, NE	1.0	1.0	850	$1,295	$1.52	15d	3	0.55mi
617 S 31st Ave Omaha, NE	1.0–2.0	1.0	847	$1,495	$1.76	3d	4	0.58mi
617 S 31st St Omaha, NE	1.0–2.0	1.0–2.0	965	$1,726	$1.79	12d	5	0.62mi
3007 Jackson St Omaha, NE	1.0–2.0	1.0	1090	$1,595	$1.46	15d	2	0.62mi
2929 California St Omaha, NE	1.0–4.0	1.0–3.0	1280	$1,890	$1.48	3d	118	0.65mi
539 Park Ave Omaha, NE	1.0	1.0	1000	$950	$0.95	24d	1	0.66mi
1004 Glenwood Ave Unit 2 Omaha, NE	3.0	1.5	1000	$1,500	$1.50	3d	1	0.67mi

Listing history 20 events

1. 2026-06-18
   days on market $199,000 Active 23 DOM
2. 2026-06-17
   days on market $199,000 Active 22 DOM
3. 2026-06-16
   days on market $199,000 Active 21 DOM
4. 2026-06-15
   days on market $199,000 Active 20 DOM
5. 2026-06-13
   days on market $199,000 Active 18 DOM
6. 2026-06-10
   days on market $199,000 Active 15 DOM
7. 2026-06-09
   days on market $199,000 Active 14 DOM
8. 2026-06-08
   days on market $199,000 Active 13 DOM
9. 2026-06-07
   days on market $199,000 Active 12 DOM
10. 2026-06-03
    days on market $199,000 Active 8 DOM
11. 2026-06-03
    days on market $199,000 Active 7 DOM
12. 2026-06-01
    days on market $199,000 Active 6 DOM
13. 2026-06-01
    statusdays on market $199,000 Active 5 DOM
14. 2026-03-19
    price $215,000 388-char remark
15. 2026-02-17
    listed $225,000 New 388-char remark
16. 2020-04-20
    soldstatus $165,000 Sold 283-char remark
17. 2020-04-17
    status Pending 283-char remark
18. 2019-10-01
    listed $160,000 Active - New 283-char remark
19. 2019-08-13
    historical
20. 2019-02-11
    listed $160,000 Active - New

ⓘ 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

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,268
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,341
• − Management: −$2,341
• − Depreciation: −$5,789
• Taxable income: $3,669
• Est. tax owed @ 24.0%: −$881
• After-tax cash flow: $5,738/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: Omaha Public Schools
• NCES district ID: 3174820
• Math proficiency: 20% ▼ -10.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $46,039
• Composite: 20.83/100
• National rank: #8502
• State rank: #110 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): 14,809
• Household income: $48,925
• Rent vs Own: 75.6% rent · 24.4% own
• Severe rent burden: 1468.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Romanian 2% Slovak 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -109.21%
• Current HPI: 305.4972
• Rent YoY: ▲ 3.82%
• 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

+24.4% since first listed

10 events — show timeline

• 2026-05-26 Listed $199,000 SWIAR
• 2026-05-26 Listed $199,000 GPRMLS
• 2026-05-22 Listing Removed — GPRMLS
• 2026-03-19 Price Changed $215,000 GPRMLS
• 2026-02-17 Listed $225,000 GPRMLS
• 2020-04-20 Sold (MLS) $165,000 GPRMLS
• 2020-04-17 Pending — GPRMLS
• 2019-10-01 Listed $160,000 GPRMLS
• 2019-08-13 Listing Removed — GPRMLS
• 2019-02-11 Listed $160,000 GPRMLS