1014 N 48th Ave · Omaha, NE 68132

$870,000

144 bd · 144.0 ba · 3,969 sqft · MultiFamily · 18 Days on market

Built 1965 0.30 ac lot

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Why this score? — see what drove the B- 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Rent growth +4.7/5.0
• Livability +4.2/5.0
• 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 (5+ Unit). Listing-text estimate: 12 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

Fully occupied 12-unit building in a high-demand corridor near Dundee, Blackstone, and UNMC. All units are 1-bed/1-bath with rents currently below market, offering immediate upside and stronger cap-rate potential. Major capital improvements already completed, including over $155,000 in new stairs and balconies (2023) and more than $60,000 in concrete work from 2017–2024. Private parking lot for all tenants. Basement includes existing hookups for a paid laundry setup, creating an additional revenue opportunity. Well-maintained, owner-operated asset since 2001 with stable performance and clear value-add pathways. AMA Buyer to Verify Schools.

Key facts

• High demand corridor
• Private parking lot
• 12 unit building

Tags

• 12 UNIT BUILDING
• HIGH DEMAND CORRIDOR
• MAJOR CAPITAL IMPROVEMENTS
• NEW STAIRS AND BALCONIES
• PRIVATE PARKING LOT
• EXISTING HOOKUPS FOR LAUNDRY

Property features AI

Finance

• Financial info: Residential income property with 12 total units

Exterior

• Parking: Space for 12 vehicles; No garage
• Utilities: Public water; Public sewer; 12 electric meters; 1 gas meter
• Home design: Residential income property (multi-family); Three or more levels; Not new / not a model
• Construction: Built in 1965; Masonite and brick/other exterior; Block foundation; Composition roof
• Exterior features: Covered deck and additional deck; Corner lot; Lot over 1/4 up to 1/2 acre; Lot dimensions approximately 98 x 133

Interior

• Kitchen: Range (cooktop and oven); Refrigerator
• Bathrooms: 7 full bathrooms
• Heating & cooling: Natural gas heating with forced air; Window air conditioning units
• Interior features: Range and refrigerator included; 12 furnaces; No fireplaces; Basement present; 21 total rooms
• Laundry & utility: 12 air conditioning units; 12 electrical meters; 1 gas meter

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $870k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $210/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $870k).
• Recommended offer: $857k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: Harrison Elementary School (math 57% / reading 57%, grade C+, #136 of 502 statewide, top 31%, 260 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.
• Zoned-school proficiency averages 40% at this address vs 24% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Omaha Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.9%/yr); 86 active listings in the ZIP; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $10,807/mo this rent would consume 190% of the median local household income ($68k/yr) (locally 540% 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 $6k of loan paydown is wiped out by about $26k 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 + 8.0% rent growth), your $244k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($857k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y 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 $212k; list at $870k implies a 310% gain — meaningful room to come down on a strong offer.

Recommended offer $856,950 (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 1965 — 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. 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?
6. 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.
7. 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.
8. 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: 1.24% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.44%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.32×
• Total profit: $77,127
• Equity at exit: $129,720

10-year hold

• IRR: 20.9%
• Equity multiple: 3.20×
• Total profit: $534,858
• Equity at exit: $75,222

Cash invested: $243,600 (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 68132

• Rents YoY: 8.9%
• Active inventory: 86
• Price-to-rent: 80.5×

Monthly cashflow live

• Estimated rent: $10,807 medium
• Mortgage (P&I): −$4,562
• Tax est. 1.5%: −$1,088 /mo · $13,050/yr
• Insurance: −$362
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,269
• Net cashflow: $2,525

Break-even live

Break-even rent $7,611

Max offer price $870,000

Occupancy floor 72%

Sensitivity live

Price	-10% $3,126	-5% $2,826	+0% $2,525	+5% $2,225	+10% $1,924
Rent	-10% $1,671	-5% $2,098	+0% $2,525	+5% $2,952	+10% $3,379
Rate	-1.0pp $2,963	-0.5pp $2,746	base $2,525	+0.5pp $2,300	+1.0pp $2,070

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$10,812
Total (12 units)			$10,807

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: $217,500
• Closing costs: $26,100
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $870,000 Active 18 DOM
2. 2026-06-18
   days on market $870,000 Active 15 DOM
3. 2026-06-17
   days on market $870,000 Active 14 DOM
4. 2026-06-16
   days on market $870,000 Active 13 DOM
5. 2026-06-15
   days on market $870,000 Active 12 DOM
6. 2026-06-13
   days on market $870,000 Active 10 DOM
7. 2026-06-10
   days on market $870,000 Active 7 DOM
8. 2026-06-09
   days on market $870,000 Active 6 DOM
9. 2026-06-08
   statusdays on market $870,000 Active 5 DOM
10. 2026-06-07
    days on market $870,000 New 4 DOM
11. 2026-06-03
    remarks 647-char remark
12. 2026-06-03
    listed $870,000 New 1 DOM

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $129,684
• − Mortgage interest: −$48,734
• − Property taxes: −$13,050
• − Insurance: −$4,350
• − Repairs & maintenance: −$10,375
• − Management: −$10,375
• − Depreciation: −$25,309
• Taxable income: $17,492
• Est. tax owed @ 24.0%: −$4,198
• After-tax cash flow: $26,104/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): 13,960
• Household income: $68,221
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 540.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 7% Asian 3% Two or more races 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Romanian 2% Slovak 2%
• Foreign-born: 9% · United Kingdom, Canada, Philippines
• Languages at home: 85% English-only · Spanish 8% French/Haitian/Cajun 3% Other Indo-European 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: ▼ -388.04%
• Current HPI: 236.9179
• Rent YoY: ▲ 8.88%
• 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

+295.5% since first listed

8 events — show timeline

• 2026-06-03 Listed $870,000 GPRMLS
• 2008-09-12 Listing Removed — GPRMLS
• 2008-03-14 Listed $380,000 GPRMLS
• 2008-03-09 Listing Removed — GPRMLS
• 2007-05-04 Listed $380,000 GPRMLS
• 2001-11-09 Sold (MLS) $212,000 GPRMLS
• 2001-09-20 Listing Removed — GPRMLS
• 2001-06-06 Listed $219,950 GPRMLS