5421 23 St · Omaha, NE 68107

$165,000

2 bd · 1.5 ba · 1,701 sqft · Other public records · 76 Days on market

Built 1910 1,256 sqft lot $97/sqft · 10% below area Est $183k · 10% under

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Why this score? — see what drove the D- 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).

• ARV discount +12.0/15.0
• Cash flow +8.3/30.0
• Livability +4.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1,468 square foot home has 3 bedrooms and 1.5 bathrooms. The property sits on a well-positioned lot with a straightforward, easy to maintain yard. Located in the heart of south omaha, this home offers quick access to nearby amenities, schools, and main roads while still maintaining the neighborhood feel.

Key facts

• 1,256 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (23.7% below list).
• Recommended offer: $126k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Market conditions: 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).

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.
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,889 (23.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.96%
• DSCR: 0.82
• GRM: 10.9

CMA / ARV

• ARV (median comp): $183,122
• List price: $165,000
• Delta: -9.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.9%
• Equity multiple: 0.21×
• Total profit: $-36,421
• Equity at exit: $24,602

10-year hold

• IRR: -17.4%
• Equity multiple: 0.05×
• Total profit: $-44,121
• Equity at exit: $14,266

Cash invested: $46,200 (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 68107

• Active inventory: 63
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,259 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$213 /mo · $2,555/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $-152

Break-even live

Break-even rent $1,452

Max offer price $138,076

Occupancy floor —

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2212 F St Omaha, NE	3.0	1.0	1266	$1,450	$1.15	43d	1	1.17mi

Listing history 15 events

1. 2026-06-10
   status $165,000 Pending 76 DOM
2. 2026-06-09
   days on market $165,000 Active 76 DOM
3. 2026-06-08
   days on market $165,000 Active 75 DOM
4. 2026-06-07
   days on market $165,000 Active 74 DOM
5. 2026-06-03
   days on market $165,000 Active 70 DOM
6. 2026-06-03
   days on market $165,000 Active 69 DOM
7. 2026-06-01
   days on market $165,000 Active 68 DOM
8. 2026-06-01
   days on market $165,000 Active 67 DOM
9. 2026-03-25
   listed $165,000 New 310-char remark

   Show marketing remark (310 chars)

   This 1,468 square foot home has 3 bedrooms and 1.5 bathrooms. The property sits on a well-positioned lot with a straightforward, easy to maintain yard. Located in the heart of south omaha, this home offers quick access to nearby amenities, schools, and main roads while still maintaining the neighborhood feel.

10. 2026-03-10
    listed $150,000 New
11. 2026-03-10
    historical
12. 2021-05-25
    soldstatus $210,000
13. 2021-04-28
    soldstatus $120,000 Sold
14. 2021-04-12
    listed $130,000 Active - New
15. 2020-10-05
    soldstatus $26,000

ⓘ 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: $2,555 · $213/mo
• Projected year-2 tax: $2,854 · $238/mo
• Expected delta: +$300/yr (+$25/mo · 11.7%)

ⓘ 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 4/10 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: $15,107
• − Mortgage interest: −$9,243
• − Property taxes: −$2,555
• − Insurance: −$825
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$4,800
• Taxable loss: −$4,733
• Est. tax savings @ 24.0%: +$1,136
• After-tax cash flow: $-693/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): 31,540
• Household income: $62,560
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 815.0

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 Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% White 24% Two or more races 22% Black 7% Native American 3%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Romanian 3% Lithuanian 1% Portuguese 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 38% English-only · Spanish 59%

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: ▼ -223.92%
• Current HPI: 282.1815
• Rent YoY: —
• 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

+534.6% since first listed

7 events — show timeline

• 2026-03-25 Listed $165,000 GPRMLS
• 2026-03-10 Listing Removed — GPRMLS
• 2026-03-10 Listed $150,000 GPRMLS
• 2021-05-25 Sold (Public Records) $210,000 Public Records
• 2021-04-28 Sold (MLS) $120,000 GPRMLS
• 2021-04-12 Listed $130,000 GPRMLS
• 2020-10-05 Sold (Public Records) $26,000 Public Records

Property tax history

+48.4%/yr

Latest (2025): $2,555 · -0.6% YoY. Source: county tax records.