1948 S 15 St · Omaha, NE 68108

$205,000

4 bd · 2.5 ba · 2,018 sqft · Other public records · 39 Days on market

Built 1918 5,740 sqft lot $102/sqft · 18% below area Est $201k · at est.

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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 +19.1/30.0
• ARV discount +6.7/15.0
• DSCR +6.0/10.0
• 1% rule +5.2/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charm Galore! This darling 1.5 story has beautiful original woodwork, fantastic hardwood floors throughout main floor. Dining room features a custom built-in hutch and large windows. Kitchen has some recent updates and a large walk-in pantry with additional counter space. 2nd Floor boasts 3 additional bedrooms, a newly updated full bath. In the full basement with partial finishes, you will find the laundry, storage and would be great place for additional hang out spots! Basement walks out to large flat yard and your 2 car detached garage. Hang out on your front porch swing and chat with neighbors. Great access to recreational areas, downtown and the interstate. Call now this house won't last long!

Key facts

• New furnace
• Wood floors
• Charming kitchen

Tags

• WOOD FLOORS
• CHARMING KITCHEN
• PANTRY FOR STORAGE
• NEW AC
• NEW FURNACE
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage with two covered spaces and garage door opener; Two total parking spaces
• Utilities: Public water; Public sewer; Electricity available; Natural gas available
• Home design: Single-family residence; One and one-half story; Not new (built 1918)
• Construction: Wood siding exterior; Composition roof; Block foundation; Built in 1918
• Exterior features: Porch, patio and deck; Chain link fencing; Window coverings

Interior

• Kitchen: Ceiling fan in kitchen; Pantry; Laminate flooring in kitchen; Includes Range, Refrigerator, Dishwasher, Microwave
• Bedrooms: Primary bedroom on the main floor with wood flooring (approx. 10.8 x 9.3); Second bedroom on the 2nd floor with wood flooring (approx. 14 x 13.3); Third bedroom on the 2nd floor with wood flooring (approx. 11.5 x 12.1); Fourth bedroom on the 2nd floor with wood flooring (approx. 7.9 x 12.57)
• Flooring: Wood flooring in primary living areas and bedrooms; Vinyl flooring in select areas
• Bathrooms: Three bathrooms total: two full baths and one quarter bath; One bathroom on the main level
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: High ceilings; Pantry; Unfinished basement
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $205k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $199k (3.0% below list) — sets the bar for market timing.
• 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: Castelar Elementary School (math 11% / reading 20%, grade F, #479 of 502 statewide, top 95%, 519 students, 0% FRL); Norris Middle School (math 11% / reading 16%, grade F, #126 of 128 statewide, top 98%, 1,187 students, 0% FRL); South High School (math 11% / reading 13%, grade F, #254 of 261 statewide, top 98%, 2,686 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 flat; 73 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $2,097/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 511% 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 $1k of loan paydown is wiped out by about $6k 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 39 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $140k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 8.1

CMA / ARV

• ARV (median comp): $201,417
• List price: $205,000
• Delta: 1.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.59×
• Total profit: $-23,684
• Equity at exit: $30,566

10-year hold

• IRR: -6.0%
• Equity multiple: 0.65×
• Total profit: $-19,958
• Equity at exit: $17,725

Cash invested: $57,400 (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 68108

• Home prices YoY: -19.0%
• Rents YoY: 0.8%
• Active inventory: 73
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,097 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$277 /mo · $3,327/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $219

Break-even live

Break-even rent $1,820

Max offer price $205,000

Occupancy floor 85%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1919 Dahlman Rows Plz Omaha, NE	3.0	3.5	1800	$2,800	$1.56	14d	1	0.58mi
554 S 26th Ave Omaha, NE	3.0	1.0	1484	$1,400	$0.94	3d	1	1.27mi
528 S 26th Ave Ste B Omaha, NE	4.0	1.0	1748	$1,650	$0.94	3d	1	1.32mi
806 Park Ave Omaha, NE	3.0	3.0	1650	$2,395	$1.45	23d	2	1.34mi
542 S 29th St Omaha, NE	3.0	1.5	1442	$1,750	$1.21	14d	1	1.40mi
3403 Arbor St Omaha, NE	5.0	2.0	1556	$2,500	$1.61	3d	1	1.45mi
3209 S 32nd Ave Omaha, NE	3.0	2.0	1872	$1,995	$1.07	43d	1	1.46mi

Listing history 28 events

1. 2026-06-18
   days on market $205,000 Active 39 DOM
2. 2026-06-17
   days on market $205,000 Active 38 DOM
3. 2026-06-16
   days on market $205,000 Active 37 DOM
4. 2026-06-15
   days on market $205,000 Active 36 DOM
5. 2026-06-13
   days on market $205,000 Active 34 DOM
6. 2026-06-10
   days on market $205,000 Active 31 DOM
7. 2026-06-09
   days on market $205,000 Active 30 DOM
8. 2026-06-08
   days on market $205,000 Active 29 DOM
9. 2026-06-07
   days on market $205,000 Active 28 DOM
10. 2026-06-03
    days on market $205,000 Active 24 DOM
11. 2026-06-03
    days on market $205,000 Active 23 DOM
12. 2026-06-01
    days on market $205,000 Active 22 DOM
13. 2026-06-01
    days on market $205,000 Active 21 DOM
14. 2026-05-15
    status Back On Market 660-char remark
15. 2026-04-29
    status Pending 660-char remark
16. 2026-04-23
    listed $205,000 New 660-char remark
17. 2021-03-23
    soldstatus $140,000
18. 2021-03-22
    soldstatus $140,000 Sold 713-char remark

    Show marketing remark (713 chars)

    Charm Galore! This darling 1.5 story has beautiful original woodwork, fantastic hardwood floors throughout main floor. Dining room features a custom built-in hutch and large windows. Kitchen has some recent updates and a large walk-in pantry with additional counter space. 2nd Floor boasts 3 additional bedrooms, a newly updated full bath. In the full basement with partial finishes, you will find the laundry, storage and would be great place for additional hang out spots! Basement walks out to large flat yard and your 2 car detached garage. Hang out on your front porch swing and chat with neighbors. Great access to recreational areas, downtown and the interstate. Call now this house won't last long!

19. 2021-03-03
    status Pending 713-char remark

    Show marketing remark (713 chars)

    Charm Galore! This darling 1.5 story has beautiful original woodwork, fantastic hardwood floors throughout main floor. Dining room features a custom built-in hutch and large windows. Kitchen has some recent updates and a large walk-in pantry with additional counter space. 2nd Floor boasts 3 additional bedrooms, a newly updated full bath. In the full basement with partial finishes, you will find the laundry, storage and would be great place for additional hang out spots! Basement walks out to large flat yard and your 2 car detached garage. Hang out on your front porch swing and chat with neighbors. Great access to recreational areas, downtown and the interstate. Call now this house won't last long!

20. 2021-01-15
    listed $140,000 Active - New 713-char remark

    Show marketing remark (713 chars)

    Charm Galore! This darling 1.5 story has beautiful original woodwork, fantastic hardwood floors throughout main floor. Dining room features a custom built-in hutch and large windows. Kitchen has some recent updates and a large walk-in pantry with additional counter space. 2nd Floor boasts 3 additional bedrooms, a newly updated full bath. In the full basement with partial finishes, you will find the laundry, storage and would be great place for additional hang out spots! Basement walks out to large flat yard and your 2 car detached garage. Hang out on your front porch swing and chat with neighbors. Great access to recreational areas, downtown and the interstate. Call now this house won't last long!

21. 2019-05-15
    soldstatus $130,000
22. 2019-05-10
    soldstatus $130,000 Sold

    Show marketing remark (757 chars)

    Don't miss out on this classic 1.5 Story that has more charm than you can handle! Beautiful original woodwork has been preserved through most of the home. Gorgeous hardwood floors throughout the main floor with high 9' ceilings. Enjoy the beautiful custom built in hutch in the over sized dining room. Make sure to check out the new updates in the kitchen and main and 2nd floor bathrooms. The large pantry attached to the kitchen makes cooking and hosting easy. The backdoor or the walkout from the basement looks over a flat fenced backyard. The 2 car detached garage gives you tons more space. Need more space? The unfinished basement is extremely usable and offers rec room space, storage, or whatever you need. Don't miss this turn key opportunity. AMA

23. 2019-04-09
    status Pending

    Show marketing remark (757 chars)

    Don't miss out on this classic 1.5 Story that has more charm than you can handle! Beautiful original woodwork has been preserved through most of the home. Gorgeous hardwood floors throughout the main floor with high 9' ceilings. Enjoy the beautiful custom built in hutch in the over sized dining room. Make sure to check out the new updates in the kitchen and main and 2nd floor bathrooms. The large pantry attached to the kitchen makes cooking and hosting easy. The backdoor or the walkout from the basement looks over a flat fenced backyard. The 2 car detached garage gives you tons more space. Need more space? The unfinished basement is extremely usable and offers rec room space, storage, or whatever you need. Don't miss this turn key opportunity. AMA

24. 2019-04-08
    listed $130,000 Active - New

    Show marketing remark (757 chars)

    Don't miss out on this classic 1.5 Story that has more charm than you can handle! Beautiful original woodwork has been preserved through most of the home. Gorgeous hardwood floors throughout the main floor with high 9' ceilings. Enjoy the beautiful custom built in hutch in the over sized dining room. Make sure to check out the new updates in the kitchen and main and 2nd floor bathrooms. The large pantry attached to the kitchen makes cooking and hosting easy. The backdoor or the walkout from the basement looks over a flat fenced backyard. The 2 car detached garage gives you tons more space. Need more space? The unfinished basement is extremely usable and offers rec room space, storage, or whatever you need. Don't miss this turn key opportunity. AMA

25. 2016-05-02
    soldstatus $67,000
26. 2016-04-29
    soldstatus $67,000 Sold
27. 2016-04-01
    status Pending
28. 2016-03-28
    listed $65,000 Active - 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: $3,327 · $277/mo
• Projected year-2 tax: $3,546 · $296/mo
• Expected delta: +$219/yr (+$18/mo · 6.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $25,162
• − Mortgage interest: −$11,483
• − Property taxes: −$3,327
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,013
• − Management: −$2,013
• − Depreciation: −$5,964
• Taxable loss: −$663
• Est. tax savings @ 24.0%: +$159
• After-tax cash flow: $2,784/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): 14,578
• Household income: $53,609
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 511.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 47% White 45% Two or more races 18% Black 2% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 21% · Canada
• Languages at home: 57% English-only · Spanish 40% Korean 2%

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: ▼ -75.17%
• Current HPI: 320.3596
• Rent YoY: ▲ 0.85%
• 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

+215.4% since first listed

15 events — show timeline

• 2026-05-15 Relisted — GPRMLS
• 2026-04-29 Pending — GPRMLS
• 2026-04-23 Listed $205,000 GPRMLS
• 2021-03-23 Sold (Public Records) $140,000 Public Records
• 2021-03-22 Sold (MLS) $140,000 GPRMLS
• 2021-03-03 Pending — GPRMLS
• 2021-01-15 Listed $140,000 GPRMLS
• 2019-05-15 Sold (Public Records) $130,000 Public Records
• 2019-05-10 Sold (MLS) $130,000 GPRMLS
• 2019-04-09 Pending — GPRMLS
• 2019-04-08 Listed $130,000 GPRMLS
• 2016-05-02 Sold (Public Records) $67,000 Public Records
• 2016-04-29 Sold (MLS) $67,000 GPRMLS
• 2016-04-01 Pending — GPRMLS
• 2016-03-28 Listed $65,000 GPRMLS

Property tax history

+37.2%/yr

Latest (2025): $3,327 · +7.5% YoY. Source: county tax records.