2020 Read St Lot 51 · Omaha, NE 68112

$30,000

2 bd · 1.0 ba · 896 sqft · Manufactured public records · 97 Days on market

Built 1973 $33/sqft · 46% below area Est $56k · 46% under $500/mo HOA · 36% of rent ↓ 50% since listing

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

AMA. Mobile Home with 2-bedroom, 1-bath in the Riviera Court community with 2-car parking and updates. Improvements include new siding, vinyl windows, a new water heater, and a new deck/stoop. A storage shed adds extra outdoor storage, and insulated plumbing lines with heat cables provide added freeze protection. Monthly ground lease is $500 per month includes trash and sewer. Gas, water, and power are the resident’s responsibility. Convenient location with access to the airport and downtown Omaha.

Key facts

• Vinyl windows
• New water heater
• Storage shed

Tags

• NEW DECK
• STORAGE SHED
• NEW WATER HEATER
• VINYL WINDOWS
• INSULATED PLUMBING LINES
• HEAT CABLES

🏷️ Possibly a rental listed for sale. The $30,000 price doesn't fit this home's estimated sale value (~$55,735) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• Cap rate 22.4% 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.
• Market conditions: 57 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 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 + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $27,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 4.68% ✓
• Cap rate: 22.35%
• Cash-on-cash: 57.36%
• DSCR: 3.55
• GRM: 1.8

CMA / ARV

• ARV (median comp): $55,735
• List price: $30,000
• Delta: -46.17%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 56.3%
• Equity multiple: 3.50×
• Total profit: $21,040
• Equity at exit: $4,473

10-year hold

• IRR: 61.4%
• Equity multiple: 7.26×
• Total profit: $52,585
• Equity at exit: $2,594

Cash invested: $8,400 (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 68112

• Home prices YoY: -29.4%
• Active inventory: 57
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,404 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$500
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $402

Break-even live

Break-even rent $895

Max offer price $30,000

Occupancy floor 66%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2723 Newport Ave Omaha, NE	2.0	1.0	1079	$1,450	$1.34	1d	1	0.66mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	10d	1	0.92mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	43d	1	0.92mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	1d	1	0.92mi
3138 Weber Cir Omaha, NE	2.0	1.0	750	$1,200	$1.60	43d	1	0.96mi
2873 Kansas Ave Omaha, NE	3.0	2.0	1112	$1,450	$1.30	23d	1	1.01mi
5922 N 28th Ave Omaha, NE	2.0	1.0	764	$950	$1.24	2d	1	1.04mi
3104 State St Unit 16 Omaha, NE	1.0	1.0	750	$995	$1.33	23d	1	1.27mi
3110 State St Unit 10 Omaha, NE	1.0	1.0	750	$995	$1.33	43d	1	1.27mi

HOA detail

• Monthly dues: $500 · $6,000/yr
• Likely covers: watersewertrashgascable

Listing history 5 events

1. 2026-06-01
   days on market $30,000 Active 97 DOM
2. 2026-06-01
   days on market $30,000 Active 96 DOM
3. 2026-04-20
   price $30,000 509-char remark

   Show marketing remark (509 chars)

   AMA. Mobile Home with 2-bedroom, 1-bath in the Riviera Court community with 2-car parking and updates. Improvements include new siding, vinyl windows, a new water heater, and a new deck/stoop. A storage shed adds extra outdoor storage, and insulated plumbing lines with heat cables provide added freeze protection. Monthly ground lease is $500 per month includes trash and sewer. Gas, water, and power are the resident’s responsibility. Convenient location with access to the airport and downtown Omaha.

4. 2026-03-06
   price $40,000 509-char remark

   Show marketing remark (509 chars)

   AMA. Mobile Home with 2-bedroom, 1-bath in the Riviera Court community with 2-car parking and updates. Improvements include new siding, vinyl windows, a new water heater, and a new deck/stoop. A storage shed adds extra outdoor storage, and insulated plumbing lines with heat cables provide added freeze protection. Monthly ground lease is $500 per month includes trash and sewer. Gas, water, and power are the resident’s responsibility. Convenient location with access to the airport and downtown Omaha.

5. 2026-02-24
   listed $60,000 New 509-char remark

   Show marketing remark (509 chars)

   AMA. Mobile Home with 2-bedroom, 1-bath in the Riviera Court community with 2-car parking and updates. Improvements include new siding, vinyl windows, a new water heater, and a new deck/stoop. A storage shed adds extra outdoor storage, and insulated plumbing lines with heat cables provide added freeze protection. Monthly ground lease is $500 per month includes trash and sewer. Gas, water, and power are the resident’s responsibility. Convenient location with access to the airport and downtown Omaha.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 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: $16,843
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − HOA: −$6,000
• − Depreciation: −$873
• Taxable income: $4,995
• Est. tax owed @ 24.0%: −$1,199
• After-tax cash flow: $3,619/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): 12,071
• Household income: $56,159
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 385.0

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 59% Black 23% Two or more races 11% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 5% Lithuanian 2% Portuguese 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% Other Asian/Pacific 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: ▼ -105.85%
• Current HPI: 254.385
• Rent YoY: —
• 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

-50.0% since first listed

3 events — show timeline

• 2026-04-20 Price Changed $30,000 GPRMLS
• 2026-03-06 Price Changed $40,000 GPRMLS
• 2026-02-24 Listed $60,000 GPRMLS

Property tax history

+0.0%/yr

Latest (2016): $21 · +0.0% YoY. Source: county tax records.