2880 Read St · Omaha, NE 68112

$159,900

3 bd · 1.0 ba · 1,248 sqft · Other public records · 12 Days on market

Built 1925 5,265 sqft lot

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Why this score? — see what drove the D+ 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 +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.8/10.0
• 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

This cute home in the Minne Lussa area has slate roof and Stucco enhances the exterior . There is off street parking and room to add a garage in rear. Patio area in the back. Mature trees. Enclosed entry. There is a sunroom and hardwood floors and cozy firplace in living room. Step saver kitchen. Upstairs has a dormer bedroom finished area. There are ceiling fans in living room and dining room. This location is close to all conveniences and services in the area.

Key facts

• Practical floor plan
• Convenient location
• 5,265 sq ft lot

Tags

• CONVENIENT LOCATION
• QUICK ACCESS TO SCHOOLS
• QUICK ACCESS TO PARKS
• QUICK ACCESS TO MAJOR ROADWAYS
• PRACTICAL FLOOR PLAN
• COMFORTABLE LIVING SPACES

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: Off-street parking
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-family home built in 1925; One and one-half stories; Above-grade finished living area
• Construction: Block foundation; Originally constructed in 1925
• Exterior features: Chain-link fencing; Lot roughly 45 x 117 (about 0.12 acre)

Interior

• Kitchen: Main-floor kitchen (8 x 14)
• Bedrooms: Main-floor primary bedroom (12 x 12); Second bedroom on main floor (9 x 11); Third bedroom on second floor (11 x 13); Basement present (full)
• Flooring:
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Wood-burning fireplace (1)
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (2.4% below list).
• Recommended offer: $156k (2.4% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.
• 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: Minne Lusa Elementary School (math 8% / reading 8%, grade F, #496 of 502 statewide, top 99%, 328 students, 0% FRL); North High School (math 21% / reading 25%, grade F, #247 of 261 statewide, top 95%, 1,796 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: 60 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 33% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 27y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $137k; 17% 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 $156,079 (2.4% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.98% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-18,347
• Equity at exit: $23,842

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-6,155
• Equity at exit: $13,825

Cash invested: $44,772 (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: 60
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,561 high
• Mortgage (P&I): −$839
• Tax from tax record: −$210 /mo · $2,515/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $118

Break-even live

Break-even rent $1,411

Max offer price $159,900

Occupancy floor 87%

Sensitivity live

Price	-10% $209	-5% $164	+0% $118	+5% $73	+10% $28
Rent	-10% $-5	-5% $57	+0% $118	+5% $180	+10% $242
Rate	-1.0pp $199	-0.5pp $159	base $118	+0.5pp $77	+1.0pp $35

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3030 Ernst St Omaha, NE	3.0	2.0	1500	$1,500	$1.00	3d	1	0.15mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	45d	1	0.28mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	3d	1	0.28mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	11d	1	0.28mi
3138 Weber Cir Omaha, NE	2.0	1.0	750	$1,200	$1.60	45d	1	0.33mi
2723 Newport Ave Omaha, NE	2.0	1.0	1079	$1,450	$1.34	3d	1	0.39mi
3366 Craig Ave Omaha, NE	4.0	1.0	1250	$1,511	$1.21	20d	1	0.57mi
6124 N 30th St Unit STREET2 Omaha, NE	2.0	1.0	1190	$1,075	$0.90	45d	1	0.62mi
2873 Kansas Ave Omaha, NE	3.0	2.0	1112	$1,450	$1.30	24d	1	0.71mi
5922 N 28th Ave Omaha, NE	2.0	1.0	764	$950	$1.24	4d	1	0.79mi
4018 Bauman Ave Omaha, NE	3.0	1.0	925	$1,380	$1.49	45d	1	1.02mi
4026 Bauman Ave Omaha, NE	4.0	1.0	1350	$1,695	$1.26	45d	1	1.04mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	45d	1	1.15mi
3941 Himebaugh Ave Omaha, NE	2.0	1.0	720	$1,350	$1.88	24d	1	1.25mi

Listing history 34 events

1. 2026-06-21
   pricedays on market $159,900 Active 12 DOM
2. 2026-06-18
   days on market $169,900 Active 9 DOM
3. 2026-06-17
   days on market $169,900 Active 8 DOM
4. 2026-06-16
   days on market $169,900 Active 7 DOM
5. 2026-06-15
   statusdays on market $169,900 Active 6 DOM
6. 2026-06-13
   days on market $169,900 New 4 DOM
7. 2026-06-10
   remarks 645-char remark
8. 2026-06-10
   statusdays on marketlisting id $169,900 New 1 DOM
9. 2026-06-09
   days on market $169,900 Active 39 DOM
10. 2026-06-08
    days on market $169,900 Active 38 DOM
11. 2026-06-07
    pricedays on market $169,900 Active 37 DOM
12. 2026-06-03
    days on market $179,900 Active 33 DOM
13. 2026-06-03
    days on market $179,900 Active 32 DOM
14. 2026-06-01
    days on market $179,900 Active 31 DOM
15. 2026-06-01
    days on market $179,900 Active 30 DOM
16. 2026-05-01
    listed $179,900 New 577-char remark
17. 2022-06-03
    soldstatus $137,000
18. 2022-05-31
    soldstatus $137,000 Sold 476-char remark

    Show marketing remark (476 chars)

    This cute home in the Minne Lussa area has slate roof and Stucco enhances the exterior . There is off street parking and room to add a garage in rear. Patio area in the back. Mature trees. Enclosed entry. There is a sunroom and hardwood floors and cozy firplace in living room. Step saver kitchen. Upstairs has a dormer bedroom finished area. There are ceiling fans in living room and dining room. This location is close to all conveniences and services in the area.

19. 2022-05-20
    status Pending 476-char remark

    Show marketing remark (476 chars)

    This cute home in the Minne Lussa area has slate roof and Stucco enhances the exterior . There is off street parking and room to add a garage in rear. Patio area in the back. Mature trees. Enclosed entry. There is a sunroom and hardwood floors and cozy firplace in living room. Step saver kitchen. Upstairs has a dormer bedroom finished area. There are ceiling fans in living room and dining room. This location is close to all conveniences and services in the area.

20. 2022-05-18
    listed $149,900 Active - New 476-char remark

    Show marketing remark (476 chars)

    This cute home in the Minne Lussa area has slate roof and Stucco enhances the exterior . There is off street parking and room to add a garage in rear. Patio area in the back. Mature trees. Enclosed entry. There is a sunroom and hardwood floors and cozy firplace in living room. Step saver kitchen. Upstairs has a dormer bedroom finished area. There are ceiling fans in living room and dining room. This location is close to all conveniences and services in the area.

21. 2016-11-09
    soldstatus $69,000
22. 2016-11-04
    soldstatus $68,300 Sold
23. 2016-09-22
    status Pending
24. 2016-08-29
    listed $66,900 Active - New
25. 2016-08-04
    historical
26. 2016-05-16
    listed $67,900 Active - New
27. 2016-05-16
    historical
28. 2016-03-30
    price $69,450
29. 2015-12-16
    listed $69,950 Active - New
30. 2005-03-10
    soldstatus $68,000
31. 2000-01-18
    soldstatus $57,500
32. 2000-01-12
    soldstatus $57,500
33. 1999-12-17
    historical
34. 1999-10-05
    listed $57,500

ⓘ 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: $2,515 · $210/mo
• Projected year-2 tax: $2,766 · $231/mo
• Expected delta: +$251/yr (+$21/mo · 10.0%)

ⓘ 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 (unshaded) · 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,729
• − Mortgage interest: −$8,957
• − Property taxes: −$2,515
• − Insurance: −$800
• − Repairs & maintenance: −$1,498
• − Management: −$1,498
• − Depreciation: −$4,652
• Taxable loss: −$1,190
• Est. tax savings @ 24.0%: +$286
• After-tax cash flow: $1,705/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

+195.5% since first listed

22 events — show timeline

• 2026-06-09 Listing Removed — GPRMLS
• 2026-06-09 Listed $169,900 GPRMLS
• 2026-06-05 Price Changed $169,900 GPRMLS
• 2026-05-01 Listed $179,900 GPRMLS
• 2022-06-03 Sold (Public Records) $137,000 Public Records
• 2022-05-31 Sold (MLS) $137,000 GPRMLS
• 2022-05-20 Pending — GPRMLS
• 2022-05-18 Listed $149,900 GPRMLS
• 2016-11-09 Sold (Public Records) $69,000 Public Records
• 2016-11-04 Sold (MLS) $68,300 GPRMLS
• 2016-09-22 Pending — GPRMLS
• 2016-08-29 Listed $66,900 GPRMLS
• 2016-08-04 Listing Removed — GPRMLS
• 2016-05-16 Listed $67,900 GPRMLS
• 2016-05-16 Listing Removed — GPRMLS
• 2016-03-30 Price Changed $69,450 GPRMLS
• 2015-12-16 Listed $69,950 GPRMLS
• 2005-03-10 Sold (Public Records) $68,000 Public Records
• 2000-01-18 Sold (Public Records) $57,500 Public Records
• 2000-01-12 Sold (MLS) $57,500 GPRMLS
• 1999-12-17 Listing Removed — GPRMLS
• 1999-10-05 Listed $57,500 GPRMLS

Property tax history

+4.7%/yr

Latest (2025): $2,515 · +28.5% YoY. Source: county tax records.