6601-6603 Lexington Ave · Lincoln, NE 68505

$235,000

4 bd · 2.0 ba · 1,624 sqft · MultiFamily public records · 7 Days on market

Built 1950 8,712 sqft lot Est $203k · 16% over

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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).

• Cash flow +18.1/30.0
• DSCR +5.7/10.0
• 1% rule +4.7/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Here is you chance to pick up an affordable duplex that you can add to your investment portfolio or rent one and live in one. This property features 2 bed rooms and 1 bath per unit and also features a large 2- stall garage. Make your appointment today to see all what this property has to offer. Duplex to be sold as-is condition.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1950

Property features AI

Exterior

• Parking: Attached garage with 2 covered spaces (2-car)
• Utilities: Public water; Public sewer
• Home design: Residential duplex; Attached property; Built in 1950; Single-story main floor bedrooms
• Construction: Block foundation; No basement
• Exterior features: Front porch

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Master bedroom on the main floor; All additional bedrooms on the main floor
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Range and refrigerator included; No fireplaces

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive. Per door: $104/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (3.5% below list).
• Recommended offer: $227k (3.5% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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.
• Zoned schools: Brownell Elementary School (math 37% / reading 52%, grade F, #289 of 502 statewide, top 63%, 337 students, 68% FRL); Mickle Middle School (math 53% / reading 55%, grade B-, #38 of 128 statewide, top 31%, 694 students, 46% FRL); Lincoln Northeast High School (math 34% / reading 36%, grade F, #207 of 261 statewide, top 79%, 1,812 students, 62% FRL) — zoned schools average 59% FRL vs 37% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 75 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/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 $2k of loan paydown is wiped out by about $7k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $100k; list at $235k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,800 (3.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.97% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.80%
• DSCR: 1.17
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $203,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2922 N Cotner Blvd	0.66mi	4/2.0	1,802 (+11%)	6mo	$225,000	$125	46
2916 N Cotner Blvd	0.65mi	4/1.0	1,802 (+11%)	6mo	$225,000	$125	43

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 · 3.81% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-22,941
• Equity at exit: $35,039

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $4,918
• Equity at exit: $20,319

Cash invested: $65,800 (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 68505

• Rents YoY: 3.8%
• Active inventory: 75
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$253 /mo · $3,038/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $208

Break-even live

Break-even rent $2,004

Max offer price $235,000

Occupancy floor 86%

Sensitivity live

Price	-10% $341	-5% $275	+0% $208	+5% $142	+10% $75
Rent	-10% $29	-5% $119	+0% $208	+5% $298	+10% $387
Rate	-1.0pp $327	-0.5pp $268	base $208	+0.5pp $147	+1.0pp $85

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,268
Total (2 units)			$2,268

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2210 Mirwyn Ct Lincoln, NE	3.0	3.0	1748	$2,000	$1.14	15d	1	0.33mi
2228 Mirwyn Ct Lincoln, NE	3.0	3.0	1748	$2,200	$1.26	45d	1	0.34mi
2840 N Cotner Blvd Unit 1 Lincoln, NE	3.0	1.0	1450	$1,425	$0.98	45d	1	0.62mi
1025 N 63rd St Lincoln, NE	1.0–3.0	1.0–2.0	1157	$1,590	$1.37	15d	7	0.69mi
1648 Sawyer St Lincoln, NE	3.0	2.5	1547	$1,899	$1.23	45d	1	1.10mi
4910 Dudley St Unit 2 Lincoln, NE	3.0	2.0	1073	$1,250	$1.16	22d	1	1.23mi
4630 Starr St Unit 4630 Lincoln, NE	3.0	1.0	1460	$1,250	$0.86	45d	1	1.38mi
4842 Adams St Unit 2 Lincoln, NE	4.0	2.5	1764	$2,095	$1.19	45d	1	1.40mi
8600 Leighton Ave Lincoln, NE	1.0–3.0	1.0–2.0	1144	$1,300	$1.14	3d	1	1.41mi
4529 Holdrege St Lincoln, NE	3.0	2.0	1100	$1,250	$1.14	45d	1	1.43mi
4602 Saint Paul Ave Unit 3 Lincoln, NE	4.0	1.0	1344	$1,550	$1.15	15d	1	1.46mi

Listing history 8 events

1. 2026-06-05
   statusdays on market $235,000 Pending 7 DOM
2. 2026-06-03
   days on market $235,000 Active 6 DOM
3. 2026-06-02
   statusdays on market $235,000 Active 5 DOM
4. 2026-06-01
   days on market $235,000 New 4 DOM
5. 2026-05-31
   days on market $235,000 New 3 DOM
6. 2026-05-30
   days on market $235,000 New 2 DOM
7. 2026-05-28
   listed $235,000 New
8. 2003-05-13
   soldstatus $100,000

ⓘ 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: $3,038 · $253/mo
• Projected year-2 tax: $4,066 · $339/mo
• Expected delta: +$1,028/yr (+$86/mo · 33.8%)

ⓘ 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: $27,216
• − Mortgage interest: −$13,164
• − Property taxes: −$3,038
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$6,836
• Taxable loss: −$1,351
• Est. tax savings @ 24.0%: +$324
• After-tax cash flow: $2,824/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): 18,834
• Household income: $75,980
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 436.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 6% Asian 4% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 3% Arabic 2% Vietnamese 2%

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: ▼ -160.23%
• Current HPI: 246.1127
• Rent YoY: ▲ 3.81%
• 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

+135.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $235,000 GPRMLS
• 2003-05-13 Sold (Public Records) $100,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $3,038 · +11.5% YoY. Source: county tax records.