3936 N 39 St · Omaha, NE 68111

$235,000

3 bd · 1.0 ba · 1,338 sqft · Other public records · 6 Days on market

Built 1910 5,227 sqft lot

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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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Schools +2.1/10.0
• 1% rule +1.9/10.0

Listing remarks

Fully remodeled and move-in ready! Welcome to this beautiful home featuring a modern kitchen with granite countertops, open living spaces, and plenty of natural light. With 6 total bedrooms, including 2 non-conforming rooms in the basement, this home offers flexibility for large families, guests, or investment potential. The basement also includes a second kitchen, making it ideal for extended living or rental income. Step outside to a spacious backyard, perfect for entertaining! This is an incredible opportunity, don't wait!

Key facts

• Open living spaces
• Spacious backyard
• Second kitchen

Tags

• MODERN KITCHEN
• GRANITE COUNTERTOPS
• OPEN LIVING SPACES
• NATURAL LIGHT
• SECOND KITCHEN
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $235k.

Deal economics

• At list price, monthly cash flow is $-222 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (31.3% below list).
• Recommended offer: $161k (31.3% 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.
• 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); 140 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $1,614/mo this rent would consume 46% of the median local household income ($42k/yr) (locally 1913% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 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 $80k; list at $235k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $161,350 (31.3% 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. Built in 1910 — 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: 0.69% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.05%
• DSCR: 0.82
• GRM: 12.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 21.5%
• Equity multiple: 2.73×
• Total profit: $114,162
• Equity at exit: $211,707

10-year hold

• IRR: 19.4%
• Equity multiple: 6.29×
• Total profit: $347,924
• Equity at exit: $456,553

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 68111

• Home prices YoY: 4.0%
• Rents YoY: 3.2%
• Active inventory: 140
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,614 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$166 /mo · $1,995/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-222

Break-even live

Break-even rent $1,894

Max offer price $195,810

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-155	+0% $-222	+5% $-288	+10% $-355
Rent	-10% $-349	-5% $-286	+0% $-222	+5% $-158	+10% $-94
Rate	-1.0pp $-104	-0.5pp $-162	base $-222	+0.5pp $-283	+1.0pp $-345

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 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	4d	1	0.39mi
4707 N 40th Ave Omaha, NE	3.0	1.0	1337	$1,500	$1.12	22d	1	0.48mi
3535 N 45th Ave Omaha, NE	3.0	1.0	1325	$1,800	$1.36	45d	1	0.59mi
4276 Binney St Omaha, NE	4.0	1.0	1358	$1,495	$1.10	45d	1	0.75mi
3508 N 47th Ave Omaha, NE	3.0	1.0	1425	$1,600	$1.12	20d	1	0.77mi
3808 N 48th St Omaha, NE	3.0	2.0	1400	$2,000	$1.43	4d	1	0.78mi
4852 Boyd St Omaha, NE	2.0	2.0	912	$1,500	$1.64	45d	1	0.90mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	4d	1	0.95mi
4918 Ames Ave Unit 17 Omaha, NE	2.0	1.5	1074	$850	$0.79	25d	1	0.96mi
3002 N 48th Ave Omaha, NE	4.0	2.0	1205	$1,550	$1.29	25d	1	1.03mi
4657 Camden Ave Omaha, NE	3.0	1.0	1250	$1,500	$1.20	45d	1	1.04mi
4874 Maple St Omaha, NE	3.0	1.0	1098	$1,545	$1.41	45d	1	1.10mi
2914 N 49th Ave Omaha, NE	3.0	1.0	1375	$1,615	$1.17	25d	1	1.15mi
5119 Pratt St Omaha, NE	3.0	1.0	1008	$1,900	$1.88	45d	1	1.20mi
4470 Redman Ave Unit 4470A Omaha, NE	2.0	1.5	980	$1,050	$1.07	11d	1	1.23mi
4114 N 54th St Omaha, NE	3.0	2.0	1683	$1,745	$1.04	4d	1	1.39mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	45d	1	1.40mi
3901 Curtis Ave Omaha, NE	2.0	2.5	1745	$1,850	$1.06	4d	1	1.42mi
3314 Franklin St Omaha, NE	4.0	2.0	1635	$1,600	$0.98	45d	1	1.46mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	45d	1	1.49mi
3430 Seward St Omaha, NE	3.0	1.0	1371	$1,695	$1.24	15d	1	1.50mi

Listing history 19 events

1. 2026-04-21
   status Pending
2. 2026-04-14
   listed $235,000 New
3. 2024-09-12
   historical
4. 2024-08-12
   listed $226,000 New
5. 2024-08-12
   historical
6. 2024-07-12
   price $235,000
7. 2024-06-21
   listed $245,000 New
8. 2024-03-25
   status Pending
9. 2024-03-23
   historical
10. 2024-02-09
    price $240,000
11. 2024-02-02
    price $245,000
12. 2024-01-05
    listed $250,000 New
13. 2022-01-25
    soldstatus $80,000
14. 2022-01-24
    soldstatus $80,000 Sold
15. 2022-01-17
    status Pending
16. 2021-12-27
    listed $85,000 Active - New
17. 2013-09-13
    soldstatus $19,000
18. 2013-08-21
    historical
19. 2013-07-06
    listed $27,000

ⓘ 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: $1,995 · $166/mo
• Projected year-2 tax: $4,066 · $339/mo
• Expected delta: +$2,071/yr (+$173/mo · 103.8%)

ⓘ 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 ≥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: $19,362
• − Mortgage interest: −$13,164
• − Property taxes: −$1,995
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,549
• − Management: −$1,549
• − Depreciation: −$6,836
• Taxable loss: −$6,906
• Est. tax savings @ 24.0%: +$1,657
• After-tax cash flow: $-1,005/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

+770.4% since first listed

19 events — show timeline

• 2026-04-21 Pending — GPRMLS
• 2026-04-14 Listed $235,000 GPRMLS
• 2024-09-12 Listing Removed — GPRMLS
• 2024-08-12 Listing Removed — GPRMLS
• 2024-08-12 Listed $226,000 GPRMLS
• 2024-07-12 Price Changed $235,000 GPRMLS
• 2024-06-21 Listed $245,000 GPRMLS
• 2024-03-25 Pending — GPRMLS
• 2024-03-23 Listing Removed — GPRMLS
• 2024-02-09 Price Changed $240,000 GPRMLS
• 2024-02-02 Price Changed $245,000 GPRMLS
• 2024-01-05 Listed $250,000 GPRMLS
• 2022-01-25 Sold (Public Records) $80,000 Public Records
• 2022-01-24 Sold (MLS) $80,000 GPRMLS
• 2022-01-17 Pending — GPRMLS
• 2021-12-27 Listed $85,000 GPRMLS
• 2013-09-13 Sold (MLS) $19,000 GPRMLS
• 2013-08-21 Listing Removed — GPRMLS
• 2013-07-06 Listed $27,000 GPRMLS

Property tax history

+5.8%/yr

Latest (2025): $1,995 · -1.0% YoY. Source: county tax records.