3959 N 40th St · Omaha, NE 68111

$115,000

2 bd · 1.0 ba · 870 sqft · SingleFamily public records · 7 Days on market

Built 1947 5,360 sqft lot Est $139k · 17% under

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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 +19.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks MLS

Well maintained home currently used as a rental with long term tenants. Large eat in kitchen with newer cabinets. Partially finished walk out basement. Roof only 3 years old. Call for details.

Key facts

• 5,360 sq ft lot
• Garage
• Built 1947

Property features AI

Exterior

• Parking: Attached 1-car garage; One covered parking space
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available
• Home design: Single-family residential home; Not new (built in 1947); Approximately 870 sq ft living area; Above-grade finished area and a partially finished below-grade area
• Construction: Vinyl siding exterior; Composition roof; Block foundation; Built in 1947
• Exterior features: Front porch; Corner city lot; Lot up to 1/4 acre

Interior

• Kitchen: Range; Refrigerator; Vinyl flooring in kitchen
• Bedrooms: Main-floor primary bedroom with wall-to-wall carpeting (approx. 122.4 sq ft); Additional main-floor bedroom with wall-to-wall carpeting (approx. 106.0 sq ft)
• Flooring: Carpet; Laminate; Luxury vinyl plank in living room
• Bathrooms: One full bathroom on the main floor
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: No fireplaces; Basement with walk-out access; Finished basement area (portion of basement finished)
• Laundry & utility: Washer/dryer hookups available (utilities include water, sewer, electricity, natural gas)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 7.6% 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.
• Zoned schools: Skinner Magnet Center (math 2% / reading 8%, grade F, #500 of 502 statewide, top 100%, 435 students, 0% FRL); North High School (math 21% / reading 25%, grade F, #247 of 261 statewide, top 95%, 1,796 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.
• Market conditions: Rents rising (+3.2%/yr); 139 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 33% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.2% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 13y 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.
• Current owner paid $20k; list at $115k implies a 475% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $139,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3959 N 40th St	0.00mi	2/1.0	870 (0%)	0mo	$108,000	$124	100
3926 N 39th St	0.08mi	2/1.0	912 (+5%)	3mo	$78,500	$86	86
3940 N 38 St	0.11mi	2/1.0	780 (-10%)	1mo	$123,000	$158	77
3708 N 36th Ave	0.32mi	2/1.0	912 (+5%)	1mo	$130,000	$143	76
3936 N 40th St	0.05mi	2/1.0	768 (-12%)	2mo	$110,000	$143	76
4051 Pratt St	0.27mi	3/1.0 (+1)	896 (+3%)	2mo	$151,000	$169	76
4204 Bedford Ave	0.52mi	2/1.0	874 (+0%)	2mo	$140,000	$160	74
3715 N 44th Ave	0.43mi	2/1.0	810 (-7%)	3mo	$130,000	$160	66
4712 Fontenelle Blvd	0.54mi	2/1.0	822 (-6%)	4mo	$109,500	$133	62
4602 N 47th St	0.68mi	2/1.0	750 (-14%)	1mo	$168,900	$225	45
4609 Fowler Ave	0.68mi	3/1.0 (+1)	979 (+12%)	3mo	$163,000	$166	40
4540 Fowler Ave	0.66mi	3/1.0 (+1)	759 (-13%)	4mo	$162,000	$213	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.22% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 3.21×
• Total profit: $71,076
• Equity at exit: $103,601

10-year hold

• IRR: 24.3%
• Equity multiple: 7.32×
• Total profit: $203,428
• Equity at exit: $223,420

Cash invested: $32,200 (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 68111

• Home prices YoY: 4.0%
• Rents YoY: 3.2%
• Active inventory: 139
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,157 high
• Mortgage (P&I): −$603
• Tax from tax record: −$135 /mo · $1,617/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $128

Break-even live

Break-even rent $995

Max offer price $115,000

Occupancy floor 84%

Sensitivity live

Price	-10% $193	-5% $161	+0% $128	+5% $96	+10% $63
Rent	-10% $37	-5% $83	+0% $128	+5% $174	+10% $220
Rate	-1.0pp $186	-0.5pp $158	base $128	+0.5pp $99	+1.0pp $68

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3356 N 41st St Omaha, NE	2.0	1.0	720	$1,295	$1.80	24d	1	0.42mi
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	3d	1	0.46mi
3674 Bedford Ave Omaha, NE	3.0	1.0	864	$1,275	$1.48	24d	1	0.53mi
3425 N 45th St Omaha, NE	2.0	1.0	872	$1,500	$1.72	15d	1	0.59mi
3212 N 39th St Omaha, NE	1.0	1.0	1025	$785	$0.77	24d	1	0.59mi
4112 N 48th St Unit 3 Omaha, NE	2.0	1.0	800	$850	$1.06	24d	1	0.72mi
4112 N 48th St Omaha, NE	2.0	1.0	825	$899	$1.09	11d	2	0.72mi
4112 N 48th St Unit 2 Omaha, NE	2.0	1.0	800	$899	$1.12	24d	1	0.72mi
4822 Sahler St Unit 48268 Omaha, NE	1.0	1.0	600	$700	$1.17	44d	1	0.76mi
4844 Taylor St Apt 4 Omaha, NE	2.0	1.0	750	$925	$1.23	24d	1	0.82mi
4844 Taylor St Apt 1 Omaha, NE	1.0	1.0	700	$795	$1.14	3d	1	0.82mi
4852 Boyd St Omaha, NE	2.0	2.0	912	$1,500	$1.64	44d	1	0.83mi
4918 Ames Ave Unit 17 Omaha, NE	2.0	1.5	1074	$850	$0.79	24d	1	0.89mi
4918 Ames Ave Apt 13 Omaha, NE	1.0	1.0	974	$750	$0.77	44d	1	0.89mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	3d	1	1.04mi
3941 Himebaugh Ave Omaha, NE	2.0	1.0	720	$1,350	$1.88	24d	1	1.04mi
4874 Maple St Omaha, NE	3.0	1.0	1098	$1,545	$1.41	44d	1	1.10mi
2305 John a Creighton Blvd Omaha, NE	2.0	1.0	672	$1,200	$1.79	22d	1	1.12mi
4460 Redman Ave Omaha, NE	3.0	1.0	750	$950	$1.27	44d	1	1.14mi
4470 Redman Ave Unit 4470A Omaha, NE	2.0	1.5	980	$1,050	$1.07	11d	1	1.15mi
5119 Pratt St Omaha, NE	3.0	1.0	1008	$1,900	$1.88	44d	1	1.16mi
3911 N 52nd St Apt 5 Omaha, NE	1.0	1.0	850	$799	$0.94	15d	1	1.19mi
4314 N 52nd St Omaha, NE	3.0	1.0	780	$945	$1.21	15d	1	1.23mi
1825 NW Radial Hwy Omaha, NE	1.0	1.0	650	$775	$1.19	44d	1	1.42mi
4414 Curtis Ave Unit CRAWFORD 4414/B Omaha, NE	1.0	1.0	765	$745	$0.97	24d	1	1.43mi
4623 N 56th St Unit 15 Omaha, NE	1.0	1.0	550	$735	$1.34	3d	1	1.46mi
5922 N 28th Ave Omaha, NE	2.0	1.0	764	$950	$1.24	3d	1	1.47mi
4625 N 56th St Apt 18 Omaha, NE	2.0	1.0	700	$875	$1.25	44d	1	1.48mi
4625 N 56th St Unit 21 Omaha, NE	1.0	1.0	550	$750	$1.36	44d	1	1.48mi

Listing history 5 events

1. 2026-06-07
   statusdays on market $115,000 Pending 7 DOM
2. 2026-06-03
   statusdays on market $115,000 Active 5 DOM
3. 2026-06-03
   days on market $115,000 New 4 DOM
4. 2026-06-01
   days on market $115,000 New 3 DOM
5. 2026-06-01
   days on market $115,000 New 2 DOM

ⓘ 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: $1,617 · $135/mo
• Projected year-2 tax: $1,990 · $166/mo
• Expected delta: +$372/yr (+$31/mo · 23.0%)

ⓘ 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 ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,885
• − Mortgage interest: −$6,442
• − Property taxes: −$1,617
• − Insurance: −$575
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$3,345
• Taxable loss: −$316
• Est. tax savings @ 24.0%: +$76
• After-tax cash flow: $1,616/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): 24,210
• Household income: $42,185
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1913.0

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 0.65)
• Race & ethnicity: Black 52% Hispanic / Latino 21% White 17% Two or more races 15% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Ukrainian 3% Lithuanian 0%
• Foreign-born: 14% · Canada, Philippines
• Languages at home: 75% English-only · Spanish 16% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▲ 13.82%
• Current HPI: 358.7174
• Rent YoY: ▲ 3.22%
• 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

+284.6% since first listed

12 events — show timeline

• 2026-05-29 Listed $115,000 GPRMLS
• 2015-12-04 Sold (MLS) $20,000 GPRMLS
• 2015-11-02 Pending — GPRMLS
• 2015-10-26 Listed $25,000 GPRMLS
• 2015-09-16 Listing Removed — GPRMLS
• 2015-06-09 Listed $28,900 GPRMLS
• 2015-06-09 Listing Removed — GPRMLS
• 2015-03-23 Listed $28,900 GPRMLS
• 2015-03-02 Listing Removed — GPRMLS
• 2014-10-21 Listed $28,900 GPRMLS
• 2013-11-22 Listing Removed — GPRMLS
• 2013-08-07 Listed $29,900 GPRMLS

Property tax history

+9.2%/yr

Latest (2025): $1,617 · -0.8% YoY. Source: county tax records.