2430 Q St · Lincoln, NE 68503

$1,290,000

None bd · None ba · 10,584 sqft · MultiFamily public records · 11 Days on market

Built 1972

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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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 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

This well-positioned 12-unit apartment building offers strong income potential with desirable R-6 zoning and a versatile unit mix. The property features six 2-bedroom units and six 1-bedroom units, providing broad appeal to a variety of tenants and helping maximize occupancy. Near downtown Lincoln, University of Nebraska. and public transportation.

Key facts

• Income potential
• Versatile unit mix
• R-6 zoning

Tags

• R-6 ZONING
• INCOME POTENTIAL
• VERSATILE UNIT MIX
• NEAR DOWNTOWN LINCOLN
• PUBLIC TRANSPORTATION

Property features AI

Exterior

• Parking: No garage; Parking for 12 vehicles
• Utilities: Public water; Public sewer; 13 electrical meters
• Home design: Residential income property; Multi-family; Built in 1972; Not new / not a model
• Construction: Slab foundation
• Exterior features: Lot over 1/4 up to 1/2 acre; Irregular lot dimensions (75 x 150 x 88 x 115 x 14 x 35); Lot included in price

Interior

• Heating & cooling: Electric forced air heating; Multiple heating units (12) and multiple A/C units (12)
• Interior features: 12 furnaces; 12 air conditioning units; No basement

What this means for you Summary

Snapshot

• This is a 6×2bd/1.5ba + 6×1bd/1.5ba units multifamily listed at $1.29M.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $145/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.22M (5.1% below list).
• Recommended offer: $1.22M (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.1% in Lincoln — 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 85/100 on livability (#5 in NE, #545 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+.
• Lincoln Public Schools (urban): math 50% / reading 53% proficiency, ranked #59 of 111 in NE (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elliott Elementary School (math 37% / reading 42%, grade F, #346 of 502 statewide, top 74%, 370 students, 0% FRL); Lefler Middle School (math 46% / reading 45%, grade D+, #63 of 128 statewide, top 50%, 613 students, 61% FRL); Lincoln High School (math 38% / reading 41%, grade F, #184 of 261 statewide, top 76%, 2,196 students, 59% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 59 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• At $12,248/mo this rent would consume 271% of the median local household income ($54k/yr) (locally 820% 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 $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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.

Recommended offer $1,224,800 (5.1% 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 1972 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D 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 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: 0.95% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-106,402
• Equity at exit: $192,343

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $17,690
• Equity at exit: $111,536

Cash invested: $361,200 (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 68503

• Rents YoY: 2.4%
• Active inventory: 59
• Price-to-rent: 102.2×

Monthly cashflow live

• Estimated rent: $12,248 high
• Mortgage (P&I): −$6,765
• Tax from tax record: −$638 /mo · $7,659/yr
• Insurance: −$538
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,572
• Net cashflow: $1,735

Break-even live

Break-even rent $10,051

Max offer price $1,290,000

Occupancy floor 81%

Sensitivity live

Price	-10% $2,465	-5% $2,100	+0% $1,735	+5% $1,370	+10% $1,005
Rent	-10% $768	-5% $1,251	+0% $1,735	+5% $2,219	+10% $2,703
Rate	-1.0pp $2,385	-0.5pp $2,063	base $1,735	+0.5pp $1,401	+1.0pp $1,061

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1.5	$6,312
▸ 6× units	1	1.5	$5,934
Total (12 units)			$12,248

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: $322,500
• Closing costs: $38,700
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $1,290,000 Active 11 DOM
2. 2026-06-18
   days on market $1,290,000 Active 8 DOM
3. 2026-06-17
   days on market $1,290,000 Active 7 DOM
4. 2026-06-16
   days on market $1,290,000 Active 6 DOM
5. 2026-06-15
   statusdays on market $1,290,000 Active 5 DOM
6. 2026-06-14
   remarks 350-char remark
7. 2026-06-14
   listed $1,290,000 New 3 DOM

ⓘ 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: $7,659 · $638/mo
• Projected year-2 tax: $22,317 · $1,860/mo
• Expected delta: +$14,658/yr (+$1,221/mo · 191.4%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $146,976
• − Mortgage interest: −$72,260
• − Property taxes: −$7,659
• − Insurance: −$6,450
• − Repairs & maintenance: −$11,758
• − Management: −$11,758
• − Depreciation: −$37,527
• Taxable loss: −$437
• Est. tax savings @ 24.0%: +$105
• After-tax cash flow: $20,928/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: Lincoln Public Schools
• NCES district ID: 3172840
• Math proficiency: 50% ▼ -6.00%
• Reading proficiency: 53% ▼ -3.00%
• Median HH income: $50,273
• Composite: 44.05/100
• National rank: #2880
• State rank: #59 of 111 in NE

Livability — Lincoln

• Score: 85/100
• State rank: #5
• US rank: #545

Category grades

Amenities A+ Commute A- Cost of living A+ Crime D+ Employment B- Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, NE
• County: Lancaster County · 291,509 people
• City population: 291,509
• Metro: Lincoln, NE
• Population (ZIP): 15,867
• Household income: $54,232
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 820.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 352,806 people
• By 2030: 377,899 · +7.1%
• By 2040: 428,582 · +21.5%
• By 2050: 483,103 · +36.9%
• By 2075: 632,390 · +79.2%
• By 2100: 759,513 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 59% Hispanic / Latino 12% Black 12% Two or more races 10% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 73% English-only · Spanish 7% Other Indo-European 5% Vietnamese 5%

Political lean MEDSL · Lancaster

• 2024 margin: Toss-up / Even · D 51.4% · R 47.1% · Other 1.5%
• 2008→2024 swing: -0.7pp no change · 2008: 5.0pp · 2024: 4.3pp
• All cycles: 2024: D+4.3 2020: D+7.8 2016: D+0.1 2012: R+1.0 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.46%
• Current HPI: 260.3421
• Rent YoY: ▲ 2.39%
• Metro: Lincoln, NE
• 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

+117708.2% since first listed

6 events — show timeline

• 2026-06-02 Listed $1,290,000 GPRMLS
• 2024-08-07 Rental Removed $1,095 RENT.
• 2024-07-30 Listed for Rent $1,095 RENT.
• 2023-08-14 Rental Removed $895 APPFOLIO
• 2023-07-24 Listed for Rent $895 APPFOLIO
• 2022-11-12 Rental Removed — APPFOLIO

Property tax history

+2.5%/yr

Latest (2019): $7,659 · -0.4% YoY. Source: county tax records.