1531 S 28th St · Omaha, NE 68106

$210,000

4 bd · 1.0 ba · 1,803 sqft · Other public records · 100 Days on market

Built 1922 7,100 sqft lot $116/sqft · 13% above area Est $228k · 8% under

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Why this score? — see what drove the C 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 +21.4/30.0
• ARV discount +11.1/15.0
• DSCR +6.8/10.0
• 1% rule +5.2/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for your next investment property? You?ve found it! Located just south of Omaha, just over the river, this property offers strong upside potential and plenty of square footage to work with.

Key facts

• 7,100 sq ft lot
• Built 1922
• Listed 100 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $210k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 fast (+4.3%/yr); 88 active listings in the ZIP; 23 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).
• This rent runs 37% of the median local income ($70k/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 $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 100 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $73k; list at $210k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $191,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 8.2

CMA / ARV

• ARV (median comp): $228,008
• List price: $210,000
• Delta: -7.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-11,347
• Equity at exit: $31,312

10-year hold

• IRR: 5.9%
• Equity multiple: 1.47×
• Total profit: $27,344
• Equity at exit: $18,157

Cash invested: $58,800 (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 68106

• Rents YoY: 4.3%
• Active inventory: 88
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,145 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$193 /mo · $2,314/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $313

Break-even live

Break-even rent $1,749

Max offer price $210,000

Occupancy floor 80%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1012 S 24th St Omaha, NE	1.0–3.0	1.0	918	$1,150	$1.25	3d	5	0.49mi
806 Park Ave Omaha, NE	3.0	3.0	1650	$2,395	$1.45	23d	2	0.58mi
554 S 26th Ave Omaha, NE	3.0	1.0	1484	$1,400	$0.94	3d	1	0.71mi
542 S 29th St Omaha, NE	3.0	1.5	1442	$1,750	$1.21	14d	1	0.74mi
528 S 26th Ave Ste B Omaha, NE	4.0	1.0	1748	$1,650	$0.94	3d	1	0.77mi
3403 Arbor St Omaha, NE	5.0	2.0	1556	$2,500	$1.61	3d	1	0.79mi
2211 Howard St Omaha, NE	3.0	1.0–3.0	837	$2,410	$2.88	3d	48	0.86mi
3001 Harney St Omaha, NE	3.0	3.0	1764	$2,395	$1.36	44d	1	0.88mi
629 S 19th Ave Omaha, NE	3.0	2.0	1364	$1,350	$0.99	44d	1	0.89mi
3124 S 21st St Omaha, NE	3.0	2.0	1325	$1,745	$1.32	19d	1	1.08mi
3209 S 32nd Ave Omaha, NE	3.0	2.0	1872	$1,995	$1.07	44d	1	1.09mi
206 S 19th St Omaha, NE	1.0–3.0	1.0–3.0	918	$1,935	$2.11	3d	60	1.16mi
3940 Arbor St Omaha, NE	3.0	1.0	1316	$1,800	$1.37	44d	1	1.19mi
4015 Marcy St Omaha, NE	3.0	1.0	1238	$1,695	$1.37	14d	1	1.20mi
411 S 38th Ave Omaha, NE	3.0	3.0	1872	$1,995	$1.07	44d	1	1.26mi
106 S 36th St Omaha, NE	3.0	3.0	1750	$2,275	$1.30	3d	1	1.28mi
132 N 35th Ave Omaha, NE	5.0	2.0	1959	$2,550	$1.30	44d	1	1.34mi
4228 Mayberry St Omaha, NE	4.0	1.0	1664	$1,700	$1.02	14d	1	1.34mi
110 N 38th St Unit 110 Omaha, NE	3.0	2.0	1600	$1,750	$1.09	23d	1	1.39mi
3919 Farnam St Unit 3915 Farnam Omaha, NE	4.0	2.0	1700	$2,350	$1.38	44d	1	1.40mi
2929 California St Omaha, NE	1.0–4.0	1.0–3.0	1280	$3,340	$2.61	3d	118	1.46mi
1919 Dahlman Rows Plz Omaha, NE	3.0	3.5	1800	$2,800	$1.56	14d	1	1.47mi
303 N 38th St Omaha, NE	4.0	1.5	1472	$1,995	$1.36	23d	1	1.48mi

Listing history 25 events

1. 2026-06-18
   days on market $210,000 Active 100 DOM
2. 2026-06-17
   remarks 337-char remark
3. 2026-06-17
   days on market $210,000 Active 99 DOM
4. 2026-06-16
   remarks 264-char remark
5. 2026-06-16
   days on market $210,000 Active 98 DOM
6. 2026-06-15
   days on market $210,000 Active 97 DOM
7. 2026-06-13
   days on market $210,000 Active 95 DOM
8. 2026-06-10
   days on market $210,000 Active 92 DOM
9. 2026-06-09
   days on market $210,000 Active 91 DOM
10. 2026-06-08
    days on market $210,000 Active 90 DOM
11. 2026-06-07
    days on market $210,000 Active 89 DOM
12. 2026-06-03
    days on market $210,000 Active 85 DOM
13. 2026-06-03
    days on market $210,000 Active 84 DOM
14. 2026-06-01
    days on market $210,000 Active 83 DOM
15. 2026-06-01
    days on market $210,000 Active 82 DOM
16. 2026-03-10
    listed $210,000 New 205-char remark

    Show marketing remark (205 chars)

    Are you looking for your next investment property? You?ve found it! Located just south of Omaha, just over the river, this property offers strong upside potential and plenty of square footage to work with.

17. 2023-05-19
    soldstatus $73,000
18. 2013-04-02
    soldstatus $73,000
19. 2013-03-28
    soldstatus $72,500
20. 2013-02-16
    historical
21. 2012-10-08
    listed $79,000
22. 2001-01-19
    soldstatus $97,865
23. 2001-01-15
    soldstatus $97,865
24. 2000-12-13
    historical
25. 2000-10-27
    listed $97,865

ⓘ 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: $2,314 · $193/mo
• Projected year-2 tax: $3,633 · $303/mo
• Expected delta: +$1,319/yr (+$110/mo · 57.0%)

ⓘ 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 ≥103°F today · 15 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: $25,742
• − Mortgage interest: −$11,763
• − Property taxes: −$2,314
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,059
• − Management: −$2,059
• − Depreciation: −$6,109
• Taxable income: $387
• Est. tax owed @ 24.0%: −$93
• After-tax cash flow: $3,664/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): 21,224
• Household income: $69,806
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1402.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 13% Two or more races 8% Black 7% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 4% Slovak 2% Portuguese 2%
• Foreign-born: 11% · Canada, United Kingdom, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -268.80%
• Current HPI: 261.1403
• Rent YoY: ▲ 4.26%
• 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

+114.6% since first listed

10 events — show timeline

• 2026-03-10 Listed $210,000 GPRMLS
• 2023-05-19 Sold (Public Records) $73,000 Public Records
• 2013-04-02 Sold (Public Records) $73,000 Public Records
• 2013-03-28 Sold (MLS) $72,500 GPRMLS
• 2013-02-16 Listing Removed — GPRMLS
• 2012-10-08 Listed $79,000 GPRMLS
• 2001-01-19 Sold (Public Records) $97,865 Public Records
• 2001-01-15 Sold (MLS) $97,865 GPRMLS
• 2000-12-13 Listing Removed — GPRMLS
• 2000-10-27 Listed $97,865 GPRMLS

Property tax history

+3.8%/yr

Latest (2025): $2,314 · +3.4% YoY. Source: county tax records.