1618 N 28 St · Lincoln, NE 68503

$160,000

4 bd · 2.0 ba · 2,101 sqft · SingleFamily public records · 113 Days on market

Built 1900 0.25 ac lot $76/sqft · 31% below area Est $231k · 31% under ↓ 20% since listing

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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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +7.2/10.0
• 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

Listing remarks MLS

Welcome all to this 2-story 2101 sqft home with 5 bedrooms, 2 bathrooms, and a detached 2 car garage on a 0.25 acre lot. Out front, awheel-chair accessible ramp leads to the covered front porch. The main floor has a spacious living room, formal dining area, kitchen, a full bath, and the primary bedroom. The upstairs contains the 2nd, 3rd, 4th, and 5th bedroom and a 2nd full bath. Yard is partially fenced with a 6 ft wooden privacy fence. The 903 sqft unfinished basement is great for storage and features the laundry room. The attic also has lots of storage space. This spacious home near East Campus has lots of potential and would make for a great renovation project. Call today!

Key facts

• Covered front porch
• Formal dining area
• Spacious living room

Tags

• WHEEL-CHAIR ACCESSIBLE RAMP
• COVERED FRONT PORCH
• SPACIOUS LIVING ROOM
• FORMAL DINING AREA
• PARTIALLY FENCED YARD
• 6 FT WOODEN PRIVACY FENCE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.0% 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.
• Market conditions: Rents rising (+2.4%/yr); 56 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• This rent runs 43% 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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 113 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $145,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.22% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.06%
• DSCR: 1.45
• GRM: 6.8

CMA / ARV

• ARV (median comp): $231,362
• List price: $160,000
• Delta: -30.84%
• 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
1603 N 23 St	0.34mi	3/2.0 (-1)	2,090 (-0%)	1mo	$233,000	$111	78
3126 Holdrege St	0.25mi	3/2.0 (-1)	1,985 (-6%)	4mo	$220,000	$111	71
1529 N 25 St	0.21mi	4/2.0	1,920 (-9%)	11mo	$249,900	$130	66
3319 Orchard St	0.54mi	3/2.0 (-1)	2,012 (-4%)	2mo	$308,000	$153	62
1070 N 33rd St	0.57mi	4/2.0	2,009 (-4%)	8mo	$362,000	$180	60
1551 N 32nd St	0.25mi	3/1.5 (-1)	1,800 (-14%)	1mo	$135,000	$75	57
1550 N 23rd St	0.31mi	4/1.0	1,956 (-7%)	17mo	$185,000	$95	56
3318 Orchard St	0.52mi	3/1.5 (-1)	1,896 (-10%)	2mo	$256,000	$135	50
3045 Vine St	0.63mi	3/2.0 (-1)	1,908 (-9%)	2mo	$142,000	$74	49
2215 Holdrege St	0.46mi	3/2.0 (-1)	1,794 (-15%)	2mo	$210,000	$117	48
3344 Dudley St	0.52mi	4/3.0	2,319 (+10%)	9mo	$415,000	$179	47
1809 N 33rd St	0.43mi	4/3.0	1,844 (-12%)	13mo	$190,000	$103	45

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 · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-3,131
• Equity at exit: $23,857

10-year hold

• IRR: 7.2%
• Equity multiple: 1.52×
• Total profit: $23,518
• Equity at exit: $13,834

Cash invested: $44,800 (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: 56
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,958 high
• Mortgage (P&I): −$839
• Tax from tax record: −$265 /mo · $3,184/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $376

Break-even live

Break-even rent $1,482

Max offer price $160,000

Occupancy floor 76%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2245 Holdrege St Lincoln, NE	4.0	1.0	1422	$1,900	$1.34	43d	1	0.40mi
2253 Orchard St Unit 1 Lincoln, NE	4.0	3.0	2000	$2,400	$1.20	43d	1	0.47mi
2608 Q St Unit 2 Lincoln, NE	4.0	2.0	1575	$1,550	$0.98	43d	1	0.90mi
2039 Q St Unit 102 Lincoln, NE	3.0	3.0	1450	$1,595	$1.10	43d	1	1.08mi
2039 Q St Unit 103 Lincoln, NE	3.0	3.0	1450	$1,695	$1.17	43d	1	1.08mi
4630 Starr St Unit 4630 Lincoln, NE	3.0	1.0	1460	$1,250	$0.86	43d	1	1.34mi
1145 N 9th St Lincoln, NE	4.0	2.5	1470	$1,550	$1.05	21d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $160,000 Active 113 DOM
2. 2026-06-17
   days on market $160,000 Active 112 DOM
3. 2026-06-16
   days on market $160,000 Active 111 DOM
4. 2026-06-15
   days on market $160,000 Active 110 DOM
5. 2026-06-14
   days on market $160,000 Active 108 DOM
6. 2026-06-10
   days on market $160,000 Active 105 DOM
7. 2026-06-09
   days on market $160,000 Active 104 DOM
8. 2026-06-08
   days on market $160,000 Active 103 DOM
9. 2026-06-07
   days on market $160,000 Active 102 DOM
10. 2026-06-05
    days on market $160,000 Active 99 DOM
11. 2026-06-03
    days on market $160,000 Active 98 DOM
12. 2026-06-02
    days on market $160,000 Active 97 DOM
13. 2026-05-31
    days on market $160,000 Active 95 DOM
14. 2026-05-30
    days on market $160,000 Active 94 DOM
15. 2026-05-05
    price $160,000 685-char remark

    Show marketing remark (685 chars)

    Welcome all to this 2-story 2101 sqft home with 5 bedrooms, 2 bathrooms, and a detached 2 car garage on a 0.25 acre lot. Out front, awheel-chair accessible ramp leads to the covered front porch. The main floor has a spacious living room, formal dining area, kitchen, a full bath, and the primary bedroom. The upstairs contains the 2nd, 3rd, 4th, and 5th bedroom and a 2nd full bath. Yard is partially fenced with a 6 ft wooden privacy fence. The 903 sqft unfinished basement is great for storage and features the laundry room. The attic also has lots of storage space. This spacious home near East Campus has lots of potential and would make for a great renovation project. Call today!

16. 2026-02-23
    listed $200,000 New 685-char remark

    Show marketing remark (685 chars)

    Welcome all to this 2-story 2101 sqft home with 5 bedrooms, 2 bathrooms, and a detached 2 car garage on a 0.25 acre lot. Out front, awheel-chair accessible ramp leads to the covered front porch. The main floor has a spacious living room, formal dining area, kitchen, a full bath, and the primary bedroom. The upstairs contains the 2nd, 3rd, 4th, and 5th bedroom and a 2nd full bath. Yard is partially fenced with a 6 ft wooden privacy fence. The 903 sqft unfinished basement is great for storage and features the laundry room. The attic also has lots of storage space. This spacious home near East Campus has lots of potential and would make for a great renovation project. Call today!

17. 2026-02-20
    historical
18. 2025-10-20
    listed $200,000 New

ⓘ 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: $3,184 · $265/mo
• Projected year-2 tax: $3,184 · $265/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 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: $23,494
• − Mortgage interest: −$8,962
• − Property taxes: −$3,184
• − Insurance: −$800
• − Repairs & maintenance: −$1,879
• − Management: −$1,879
• − Depreciation: −$4,655
• Taxable income: $2,133
• Est. tax owed @ 24.0%: −$512
• After-tax cash flow: $3,995/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

-20.0% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $160,000 GPRMLS
• 2026-02-23 Listed $200,000 GPRMLS
• 2026-02-20 Listing Removed — GPRMLS
• 2025-10-20 Listed $200,000 GPRMLS

Property tax history

+14.9%/yr

Latest (2022): $3,184 · +123.0% YoY. Source: county tax records.