1305 S 32nd St · Omaha, NE 68105

$375,000

56 bd · None ba · — sqft · MultiFamily · 173 Days on market

Built 1890 6,790 sqft lot Est $380k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.1/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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 MLS

Expand your investment holdings with this 7-unit property in a highly desirable and convenient location. Situated near parks, schools, and the popular Field Club area, it offers strong tenant appeal and steady rental income potential. Its prime location makes it an excellent choice for both experienced and first-time investors. Don’t miss the opportunity to own a reliable income-producing asset in a sought-after neighborhood.

Key facts

• 6,790 sq ft lot
• 3 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 7 × 1-bed/1-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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.
• Market conditions: Rents rising (+3.7%/yr); 124 active listings in the ZIP; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $7,072/mo this rent would consume 148% of the median local household income ($58k/yr) (locally 1096% 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 $3k of loan paydown is wiped out by about $11k 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 + 3.7% rent growth), your $105k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 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: 1.89% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.23%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $380,447
• List price: $375,000
• Delta: -1.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.66% rent growth · sell at horizon

5-year hold

• IRR: 30.4%
• Equity multiple: 2.28×
• Total profit: $134,842
• Equity at exit: $55,914

10-year hold

• IRR: 38.0%
• Equity multiple: 4.65×
• Total profit: $383,164
• Equity at exit: $32,423

Cash invested: $105,000 (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 68105

• Rents YoY: 3.7%
• Active inventory: 124
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $7,072 high
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,485
• Net cashflow: $2,995

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$7,070
Total (7 units)			$7,072

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-03
   days on market $375,000 Active 173 DOM
2. 2026-06-03
   days on market $375,000 Active 172 DOM
3. 2026-06-01
   days on market $375,000 Active 171 DOM
4. 2026-06-01
   days on market $375,000 Active 170 DOM
5. 2026-05-07
   price $375,000 435-char remark

   Show marketing remark (435 chars)

   Expand your investment holdings with this 7-unit property in a highly desirable and convenient location. Situated near parks, schools, and the popular Field Club area, it offers strong tenant appeal and steady rental income potential. Its prime location makes it an excellent choice for both experienced and first-time investors. Don’t miss the opportunity to own a reliable income-producing asset in a sought-after neighborhood.

6. 2025-12-05
   historical
7. 2025-12-04
   listed $400,000 New 435-char remark

   Show marketing remark (435 chars)

   Expand your investment holdings with this 7-unit property in a highly desirable and convenient location. Situated near parks, schools, and the popular Field Club area, it offers strong tenant appeal and steady rental income potential. Its prime location makes it an excellent choice for both experienced and first-time investors. Don’t miss the opportunity to own a reliable income-producing asset in a sought-after neighborhood.

8. 2025-10-06
   listed $395,000 New
9. 2025-08-14
   historical
10. 2025-05-13
    listed $465,000 New
11. 2025-05-11
    historical
12. 2025-02-15
    listed $500,000 New
13. 2024-03-19
    historical $695
14. 2024-03-19
    listed $695
15. 2023-12-27
    historical $640
16. 2023-12-27
    listed $640
17. 2021-06-23
    soldstatus $415,000 Sold
18. 2021-05-03
    status Pending
19. 2021-04-29
    listed $400,000 Active - New
20. 2016-09-22
    soldstatus $210,000 Sold
21. 2016-08-08
    status Pending
22. 2016-07-21
    listed $235,000 Active - New
23. 2016-06-25
    historical
24. 2016-06-02
    price $262,500
25. 2016-05-15
    price $272,500
26. 2016-04-27
    listed $275,000 Active - New
27. 2014-05-02
    soldstatus $60,000
28. 2014-04-11
    historical
29. 2014-02-18
    listed $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,864
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$6,789
• − Management: −$6,789
• − Depreciation: −$10,909
• Taxable income: $31,871
• Est. tax owed @ 24.0%: −$7,649
• After-tax cash flow: $28,295/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): 22,807
• Household income: $57,533
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 1096.0

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 0.55)
• Race & ethnicity: White 60% Hispanic / Latino 29% Two or more races 11% Black 5% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 5% Lithuanian 3% Portuguese 2%
• Foreign-born: 13% · Canada, China
• Languages at home: 73% English-only · Spanish 22% Arabic 1% Other Indo-European 1%

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: ▼ -234.93%
• Current HPI: 314.1884
• Rent YoY: ▲ 3.66%
• 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

+275.0% since first listed

25 events — show timeline

• 2026-05-07 Price Changed $375,000 GPRMLS
• 2025-12-05 Listing Removed — GPRMLS
• 2025-12-04 Listed $400,000 GPRMLS
• 2025-10-06 Listed $395,000 GPRMLS
• 2025-08-14 Listing Removed — GPRMLS
• 2025-05-13 Listed $465,000 GPRMLS
• 2025-05-11 Listing Removed — GPRMLS
• 2025-02-15 Listed $500,000 GPRMLS
• 2024-03-19 Rental Removed $695 LEASESTAR
• 2024-03-19 Listed for Rent $695 LEASESTAR
• 2023-12-27 Rental Removed $640 LEASESTAR
• 2023-12-27 Listed for Rent $640 LEASESTAR
• 2021-06-23 Sold (MLS) $415,000 GPRMLS
• 2021-05-03 Pending — GPRMLS
• 2021-04-29 Listed $400,000 GPRMLS
• 2016-09-22 Sold (MLS) $210,000 GPRMLS
• 2016-08-08 Pending — GPRMLS
• 2016-07-21 Listed $235,000 GPRMLS
• 2016-06-25 Listing Removed — GPRMLS
• 2016-06-02 Price Changed $262,500 GPRMLS
• 2016-05-15 Price Changed $272,500 GPRMLS
• 2016-04-27 Listed $275,000 GPRMLS
• 2014-05-02 Sold (MLS) $60,000 GPRMLS
• 2014-04-11 Listing Removed — GPRMLS
• 2014-02-18 Listed $100,000 GPRMLS