128 Arbor Ct

Omaha, NE 68108

$149,500F

2 bd · 1.5 ba · 1,258 sqft · Built 1967 · Townhouse · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,539/mo
• Mortgage (P&I): −$784
• Tax + insurance: −$249
• HOA: −$626
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-443/mo
• Annual: $-5,316/yr
• Cap rate: 2.74%
• Cash-on-cash: -12.70%
• DSCR: 0.43
• 1% rule: 1.03%
• Cash to close: $41,860

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $-443 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (42.9% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 69 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (42.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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); Norris Middle School (math 11% / reading 16%, grade F, #126 of 128 statewide, top 98%, 1,187 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.
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents flat; 120 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• Cap rate 2.7% vs local median 4.0% in Omaha — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 34% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?