2115 S 48th Ave · Omaha, NE 68106

$189,000

2 bd · 2.0 ba · 1,280 sqft · SingleFamily public records · 7 Days on market

Built 1951 6,098 sqft lot $148/sqft · 20% below area Est $235k · 20% under

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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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Prime opportunity in a prime location for under $200K! Whether you’re looking to expand your rental portfolio or purchase your first home, this property offers incredible potential. Tenants are currently month-to-month, providing flexibility for investors or owner-occupants. The main floor includes 2 bedrooms, 1 full bathroom, and an open living and kitchen area. Downstairs features additional living room, a third bedroom, full bathroom, and laundry area. Driveway parking offers added convenience and easy everyday access. All showings require 24-hour notice.

Key facts

• 6,098 sq ft lot
• Built 1951
• Listed 7 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Built in 1951; Total living area approximately 1280 square feet; About 792 square feet above grade and 488 square feet finished below grade
• Construction: Block foundation
• Exterior features: Deck; Full fencing; Lot up to 1/4 acre (approximately 0.14 acre); Lot dimensions about 127 x 50

Interior

• Bedrooms: Primary bedroom on the main floor; Second bedroom on the main floor; Third bedroom in the basement
• Bathrooms: Two bathrooms total; One main-level bathroom; One below-grade bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Partially finished basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/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 $181k (4.5% below list).
• Recommended offer: $181k (4.5% 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: Beals Elementary School (math 27% / reading 37%, grade F, #405 of 502 statewide, top 84%, 305 students, 0% FRL); Norris Middle School (math 11% / reading 16%, grade F, #126 of 128 statewide, top 98%, 1,187 students, 0% FRL); Buena Vista High School (721 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 fast (+4.3%/yr); 87 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 31% of the median local income ($70k/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 $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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $150k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,506 (4.5% below list)

Questions for the listing agent

1. Built in 1951 — 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 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: 0.96% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• GRM: 8.7

CMA / ARV

• ARV (median comp): $235,300
• List price: $189,000
• Delta: -19.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2309 S 50th St	0.22mi	2/2.0	1,220 (-5%)	2mo	$225,000	$184	81
1944 S 50 Ave	0.29mi	3/2.0 (+1)	1,303 (+2%)	0mo	$268,500	$206	78
1933 S 48th St	0.10mi	3/1.5 (+1)	1,362 (+6%)	2mo	$269,000	$198	76
4912 William St	0.49mi	3/1.5 (+1)	1,269 (-1%)	2mo	$218,000	$172	67
4825 Poppleton Ave	0.52mi	2/2.0	1,210 (-6%)	2mo	$263,000	$217	64
3016 S 43 St	0.65mi	3/2.0 (+1)	1,296 (+1%)	1mo	$90,000	$69	62
5420 Pine St	0.67mi	3/2.0 (+1)	1,373 (+7%)	1mo	$247,500	$180	50
4657 William St	0.48mi	3/1.0 (+1)	1,416 (+11%)	2mo	$225,000	$159	50
4542 Vinton St	0.66mi	3/2.0 (+1)	1,392 (+9%)	1mo	$231,000	$166	49
3403 S 49th Ave	0.74mi	3/1.5 (+1)	1,373 (+7%)	0mo	$260,000	$189	46
1416 S 54th St	0.69mi	3/1.0 (+1)	1,183 (-8%)	1mo	$250,000	$211	45
4575 Pacific St	0.68mi	3/1.5 (+1)	1,440 (+12%)	2mo	$265,000	$184	39

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 · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.64×
• Total profit: $-18,930
• Equity at exit: $28,181

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $5,378
• Equity at exit: $16,341

Cash invested: $52,920 (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 68106

• Rents YoY: 4.3%
• Active inventory: 87
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,805 high
• Mortgage (P&I): −$991
• Tax from tax record: −$209 /mo · $2,508/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $147

Break-even live

Break-even rent $1,619

Max offer price $189,000

Occupancy floor 87%

Sensitivity live

Price	-10% $254	-5% $201	+0% $147	+5% $94	+10% $40
Rent	-10% $5	-5% $76	+0% $147	+5% $218	+10% $290
Rate	-1.0pp $242	-0.5pp $195	base $147	+0.5pp $98	+1.0pp $48

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2132 S 48th Ave Omaha, NE	3.0	2.0	1849	$1,900	$1.03	4d	1	0.06mi
4844 Hickory St Omaha, NE	3.0	1.5	1575	$2,100	$1.33	24d	1	0.31mi
4535 Oak St Omaha, NE	3.0	1.0	1200	$1,385	$1.15	44d	1	0.46mi
4841 Pierce St Omaha, NE	3.0	1.0	1350	$2,000	$1.48	4d	1	0.60mi
5136 Poppleton Ave Omaha, NE	2.0	1.5	1440	$1,600	$1.11	12d	1	0.70mi
5132 Poppleton Ave Unit 5136 Omaha, NE	2.0	1.5	1440	$1,600	$1.11	12d	1	0.72mi
3940 Arbor St Omaha, NE	3.0	1.0	1316	$1,800	$1.37	44d	1	0.72mi
996 S 50th St Omaha, NE	2.0	1.0	1000	$1,550	$1.55	4d	1	0.72mi
5156 Pierce St Omaha, NE	3.0	1.5	1400	$1,695	$1.21	44d	1	0.77mi
3057 S 41st St Omaha, NE	2.0	1.0	950	$1,335	$1.41	11d	4	0.80mi
4216 Vinton St Unit 4220 VINTON Omaha, NE	2.0	1.0	1300	$1,675	$1.29	15d	1	0.81mi
4207 Barker Ave Omaha, NE	3.0	1.0	1200	$1,595	$1.33	44d	1	0.92mi
5101 Grover St Unit 5633 Omaha, NE	3.0	1.5	1200	$1,695	$1.41	44d	1	0.93mi
5101 Grover St Unit 5635 Omaha, NE	3.0	2.0	1200	$1,800	$1.50	12d	1	0.93mi
2115 S 61st St Omaha, NE	3.0	2.0	1696	$2,400	$1.42	24d	1	1.03mi
4015 Marcy St Omaha, NE	3.0	1.0	1238	$1,695	$1.37	15d	1	1.04mi
2520 S 60th St Omaha, NE	2.0	1.0	995	$1,450	$1.46	12d	1	1.06mi
1018 S 36th St Omaha, NE	2.0	2.0	1462	$2,700	$1.85	44d	1	1.23mi
2323 S 63rd St Omaha, NE	2.0	1.0–2.0	854	$2,230	$2.61	15d	9	1.24mi
3814 Leavenworth St Omaha, NE	2.0	1.0–2.0	818	$1,920	$2.35	24d	19	1.28mi
6226 Oak St Omaha, NE	2.0	1.0	1025	$1,825	$1.78	4d	1	1.28mi
2225 S 64th Plz Omaha, NE	2.0	1.0–2.0	905	$2,795	$3.09	3d	30	1.29mi
519 S 56th St Omaha, NE	3.0	2.0	1474	$2,600	$1.76	24d	1	1.31mi
4623 Douglas St Omaha, NE	3.0	2.0	1510	$1,750	$1.16	22d	1	1.35mi
620 S 38th St Omaha, NE	1.0–2.0	1.0–2.0	816	$1,092	$1.34	15d	2	1.36mi
4835 Dodge St Omaha, NE	2.0	1.0–2.0	752	$1,699	$2.26	3d	4	1.41mi
3601 Jones St Omaha, NE	2.0	1.0–2.0	861	$2,214	$2.57	4d	24	1.41mi
4647 Dodge St Omaha, NE	2.0	1.0–2.0	775	$2,850	$3.68	24d	32	1.42mi
617 S 37th St Omaha, NE	1.0–2.0	1.0	845	$1,285	$1.52	11d	8	1.43mi
3724 Jackson St Omaha, NE	2.0	1.5	1038	$1,675	$1.61	44d	1	1.43mi
411 S 38th Ave Omaha, NE	3.0	3.0	1872	$1,995	$1.07	44d	1	1.48mi
201 N 46th St Omaha, NE	2.0	1.0–2.0	825	$1,895	$2.30	4d	40	1.48mi
535 S 37th St Omaha, NE	1.0–2.0	1.0–2.0	1025	$1,475	$1.44	12d	3	1.49mi

Listing history 2 events

1. 2026-05-15
   listed $189,000 New 570-char remark
2. 2024-11-22
   soldstatus $150,000

ⓘ 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: $2,508 · $209/mo
• Projected year-2 tax: $3,270 · $272/mo
• Expected delta: +$762/yr (+$63/mo · 30.4%)

ⓘ 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 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,661
• − Mortgage interest: −$10,587
• − Property taxes: −$2,508
• − Insurance: −$945
• − Repairs & maintenance: −$1,733
• − Management: −$1,733
• − Depreciation: −$5,498
• Taxable loss: −$1,343
• Est. tax savings @ 24.0%: +$322
• After-tax cash flow: $2,088/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): 21,224
• Household income: $69,806
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1402.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 13% Two or more races 8% Black 7% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 4% Slovak 2% Portuguese 2%
• Foreign-born: 11% · Canada, United Kingdom, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -268.80%
• Current HPI: 261.1403
• Rent YoY: ▲ 4.26%
• 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

+26.0% since first listed

3 events — show timeline

• 2026-05-22 Pending — GPRMLS
• 2026-05-15 Listed $189,000 GPRMLS
• 2024-11-22 Sold (Public Records) $150,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,508 · +54.6% YoY. Source: county tax records.