3224 S 23rd St · Omaha, NE 68108

$115,000

4 bd · 2.0 ba · 1,392 sqft · Other public records · 21 Days on market

Built 1900 2,550 sqft lot $83/sqft · 31% below area Est $167k · 31% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks with this value-add property located in the Vinton Commercial Historic District in South Omaha, offering strong rental and resale potential. This home is ready for your vision and features a great layout - perfect for investors, flippers, or skilled buyers looking to build equity. Showcasing original woodwork throughout, a charming butler’s pantry, and a walkout basement, this property is full of character and opportunity. With a NEW roof in 2025, solid bones, spacious living areas, and a functional floor plan, this home has the potential to be transformed into a cash-flowing rental or beautifully updated residence. Conveniently located near local amenities, schools

Key facts

• Walkout basement
• Butler's pantry
• Original woodwork

Tags

• ORIGINAL WOODWORK
• BUTLER'S PANTRY
• WALKOUT BASEMENT
• NEW ROOF
• SPACIOUS LIVING AREAS
• FUNCTIONAL FLOOR PLAN

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Single-family residence; One and one half stories; Originally built in 1900; Living area about 1,392 square feet; Below-grade finished area: none
• Construction: Concrete perimeter foundation
• Exterior features: Front porch; Partial chain link fencing; Composition roof; City lot with public sidewalk; Lot approximately 30 x 85 (up to 1/4 acre)

Interior

• Kitchen: Range; Microwave
• Bedrooms: Primary bedroom on 2nd floor; Additional bedrooms on 2nd floor
• Flooring: Carpet; Concrete; Wood; Laminate; Vinyl
• Bathrooms: 3 total bathrooms (2 full, 1 half); 1 bathroom on main level; 1 bathroom below grade
• Heating & cooling: Natural gas and electric forced-air heating; Central air conditioning
• Interior features: Walk-out basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.9% 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: Bancroft Elementary School (math 10% / reading 17%, grade F, #486 of 502 statewide, top 97%, 496 students, 0% FRL); R M Marrs Magnet Middle School (math 21% / reading 21%, grade F, #120 of 128 statewide, top 94%, 1,066 students, 0% FRL); South High School (math 11% / reading 13%, grade F, #254 of 261 statewide, top 98%, 2,686 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 flat; 73 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 39% of the median local income ($54k/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 $795 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.52% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.09%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

• ARV (median comp): $167,245
• List price: $115,000
• Delta: -31.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.37×
• Total profit: $12,063
• Equity at exit: $17,147

10-year hold

• IRR: 17.0%
• Equity multiple: 2.26×
• Total profit: $40,424
• Equity at exit: $9,943

Cash invested: $32,200 (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 68108

• Home prices YoY: -19.0%
• Rents YoY: 0.8%
• Active inventory: 73
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,743 high
• Mortgage (P&I): −$603
• Tax from tax record: −$187 /mo · $2,244/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $539

Break-even live

Break-even rent $1,061

Max offer price $115,000

Occupancy floor 64%

Sensitivity live

Price	-10% $604	-5% $572	+0% $539	+5% $507	+10% $474
Rent	-10% $401	-5% $470	+0% $539	+5% $608	+10% $677
Rate	-1.0pp $597	-0.5pp $568	base $539	+0.5pp $509	+1.0pp $479

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3124 S 21st St Omaha, NE	3.0	2.0	1325	$1,745	$1.32	19d	1	0.10mi
2415 E St Unit 4 Omaha, NE	3.0	1.0	1000	$1,150	$1.15	15d	1	0.58mi
2212 F St Omaha, NE	3.0	1.0	1266	$1,450	$1.15	44d	1	0.63mi
3209 S 32nd Ave Omaha, NE	3.0	2.0	1872	$1,995	$1.07	44d	1	0.73mi
1618 Martha St Unit 2 (Top) Omaha, NE	3.0	1.0	1117	$1,150	$1.03	44d	1	0.76mi
2612 S 12th St Omaha, NE	3.0	2.0	1100	$2,100	$1.91	15d	1	0.81mi
2219 S 14th St Omaha, NE	3.0	2.0	1224	$1,380	$1.13	44d	1	0.90mi
3403 Arbor St Omaha, NE	5.0	2.0	1556	$2,500	$1.61	3d	1	1.01mi
1919 Dahlman Rows Plz Omaha, NE	3.0	3.5	1800	$2,800	$1.56	15d	1	1.38mi
1012 S 24th St Omaha, NE	1.0–3.0	1.0	918	$1,150	$1.25	3d	5	1.45mi
3940 Arbor St Omaha, NE	3.0	1.0	1316	$1,800	$1.37	44d	1	1.47mi

Listing history 14 events

1. 2026-04-29
   listed $115,000 New 806-char remark
2. 2026-04-29
   historical
3. 2026-04-17
   listed $130,000 New
4. 2020-10-27
   soldstatus $104,000
5. 2019-10-15
   historical
6. 2019-07-12
   listed $105,900 Active - New
7. 2008-12-05
   historical
8. 2008-08-08
   listed $84,900
9. 2007-12-18
   soldstatus $48,000
10. 2007-10-16
    historical
11. 2007-09-20
    listed $53,130
12. 2004-08-31
    soldstatus $91,600
13. 2004-07-31
    historical
14. 2004-05-17
    listed $89,900

ⓘ 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: $2,244 · $187/mo
• Projected year-2 tax: $2,244 · $187/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,918
• − Mortgage interest: −$6,442
• − Property taxes: −$2,244
• − Insurance: −$575
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − Depreciation: −$3,345
• Taxable income: $4,965
• Est. tax owed @ 24.0%: −$1,192
• After-tax cash flow: $5,278/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): 14,578
• Household income: $53,609
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 511.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 47% White 45% Two or more races 18% Black 2% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 21% · Canada
• Languages at home: 57% English-only · Spanish 40% Korean 2%

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: ▼ -75.17%
• Current HPI: 320.3596
• Rent YoY: ▲ 0.85%
• 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

+27.9% since first listed

15 events — show timeline

• 2026-05-21 Pending — GPRMLS
• 2026-04-29 Listing Removed — GPRMLS
• 2026-04-29 Listed $115,000 GPRMLS
• 2026-04-17 Listed $130,000 GPRMLS
• 2020-10-27 Sold (Public Records) $104,000 Public Records
• 2019-10-15 Listing Removed — GPRMLS
• 2019-07-12 Listed $105,900 GPRMLS
• 2008-12-05 Listing Removed — GPRMLS
• 2008-08-08 Listed $84,900 GPRMLS
• 2007-12-18 Sold (MLS) $48,000 GPRMLS
• 2007-10-16 Listing Removed — GPRMLS
• 2007-09-20 Listed $53,130 GPRMLS
• 2004-08-31 Sold (MLS) $91,600 GPRMLS
• 2004-07-31 Listing Removed — GPRMLS
• 2004-05-17 Listed $89,900 GPRMLS

Property tax history

+6.3%/yr

Latest (2025): $2,244 · +12.5% YoY. Source: county tax records.