2932 Q St · Lincoln, NE 68503

$186,000

5 bd · 2.0 ba · 2,310 sqft · SingleFamily public records · 104 Days on market

Built 1914 6,896 sqft lot $81/sqft · 10% below area Est $206k · 10% 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 +21.9/30.0
• ARV discount +11.9/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your offer! Opportunity awaits. Bring your offers! Spacious 5BD/2.5BA home on nearly ¼ acre in a central location near downtown, both campuses, and shopping. Main level features a large kitchen, open living/dining areas, bedroom, and bath. Upstairs includes 3 bedrooms, 2 full baths, and an arch-enclosed balcony. The third-floor loft offers a huge open space ideal for an office, studio, or additional bedroom. Daylight basement with private entrance and non-conforming bedroom provides excellent guest or rental potential. Enjoy a fully fenced yard, storage shed, and alley access. Flexible layout and strong investment potential, don’t miss this opportunity! Call me to schedule your showing today.

Key facts

• Centrally located
• Near downtown
• 3rd floor loft

Tags

• CENTRALLY LOCATED
• NEAR DOWNTOWN
• OPEN LIVING DINING AREAS
• ARCH ENCLOSED BALCONY
• 3RD FLOOR LOFT
• PARTIALLY FINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $186k).
• Recommended offer: $169k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• Market conditions: Rents rising (+2.4%/yr); 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• This rent runs 44% of the median local income ($54k/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.
• Lancaster County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,260 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 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 1914 — 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. 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. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.74%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $206,077
• List price: $186,000
• Delta: -9.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2811 S St	0.18mi	5/2.0	2,052 (-11%)	4mo	$199,000	$97	70
3410 L St	0.56mi	4/2.5 (-1)	2,355 (+2%)	1mo	$325,000	$138	63
425 S 26th St	0.53mi	5/1.5	2,114 (-8%)	10mo	$215,000	$102	51
342 S 29th St	0.40mi	4/2.5 (-1)	2,647 (+15%)	1mo	$235,000	$89	49
3353 M St	0.48mi	4/2.0 (-1)	2,601 (+13%)	3mo	$399,000	$153	49
635 S 29th St	0.60mi	5/2.0	2,084 (-10%)	12mo	$242,000	$116	46
3400 X St	0.60mi	4/3.0 (-1)	2,494 (+8%)	7mo	$250,000	$100	44
3601 L St	0.68mi	4/2.0 (-1)	2,094 (-9%)	5mo	$320,000	$153	44
1105 N 33rd St	0.66mi	5/3.0	2,628 (+14%)	1mo	$305,000	$116	42
3040 Dudley St	0.73mi	4/3.5 (-1)	2,468 (+7%)	7mo	$269,000	$109	38
1070 N 33rd St	0.64mi	4/2.0 (-1)	2,009 (-13%)	8mo	$362,000	$180	37
2624 K St	0.51mi	4/3.5 (-1)	1,991 (-14%)	7mo	$145,000	$73	36

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 · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-12,688
• Equity at exit: $27,733

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $8,140
• Equity at exit: $16,082

Cash invested: $52,080 (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 68503

• Rents YoY: 2.4%
• Active inventory: 56
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,987 medium
• Mortgage (P&I): −$975
• Tax from tax record: −$224 /mo · $2,687/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $293

Break-even live

Break-even rent $1,616

Max offer price $186,000

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: $46,500
• Closing costs: $5,580
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2608 Q St Unit 2 Lincoln, NE	4.0	2.0	1575	$1,550	$0.98	43d	1	0.23mi
2253 Orchard St Unit 1 Lincoln, NE	4.0	3.0	2000	$2,400	$1.20	43d	1	0.80mi
1424 F St Lincoln, NE	4.0	2.0	3091	$2,095	$0.68	43d	1	1.36mi

Listing history 26 events

1. 2026-06-18
   days on market $186,000 Active 104 DOM
2. 2026-06-17
   days on market $186,000 Active 103 DOM
3. 2026-06-16
   days on market $186,000 Active 102 DOM
4. 2026-06-15
   days on market $186,000 Active 101 DOM
5. 2026-06-14
   days on market $186,000 Active 99 DOM
6. 2026-06-10
   days on market $186,000 Active 96 DOM
7. 2026-06-09
   days on market $186,000 Active 95 DOM
8. 2026-06-08
   days on market $186,000 Active 94 DOM
9. 2026-06-07
   days on market $186,000 Active 93 DOM
10. 2026-06-05
    days on market $186,000 Active 90 DOM
11. 2026-06-03
    days on market $186,000 Active 89 DOM
12. 2026-06-02
    days on market $186,000 Active 88 DOM
13. 2026-05-31
    days on market $186,000 Active 86 DOM
14. 2026-05-30
    days on market $186,000 Active 85 DOM
15. 2026-03-08
    historical
16. 2026-03-06
    listed $186,000 New 720-char remark

    Show marketing remark (720 chars)

    Bring your offer! Opportunity awaits. Bring your offers! Spacious 5BD/2.5BA home on nearly ¼ acre in a central location near downtown, both campuses, and shopping. Main level features a large kitchen, open living/dining areas, bedroom, and bath. Upstairs includes 3 bedrooms, 2 full baths, and an arch-enclosed balcony. The third-floor loft offers a huge open space ideal for an office, studio, or additional bedroom. Daylight basement with private entrance and non-conforming bedroom provides excellent guest or rental potential. Enjoy a fully fenced yard, storage shed, and alley access. Flexible layout and strong investment potential, don’t miss this opportunity! Call me to schedule your showing today.

17. 2026-03-06
    listed $186,000 New

    Show marketing remark (720 chars)

    Bring your offer! Opportunity awaits. Bring your offers! Spacious 5BD/2.5BA home on nearly ¼ acre in a central location near downtown, both campuses, and shopping. Main level features a large kitchen, open living/dining areas, bedroom, and bath. Upstairs includes 3 bedrooms, 2 full baths, and an arch-enclosed balcony. The third-floor loft offers a huge open space ideal for an office, studio, or additional bedroom. Daylight basement with private entrance and non-conforming bedroom provides excellent guest or rental potential. Enjoy a fully fenced yard, storage shed, and alley access. Flexible layout and strong investment potential, don’t miss this opportunity! Call me to schedule your showing today.

18. 2026-03-06
    historical

    Show marketing remark (720 chars)

    Bring your offer! Opportunity awaits. Bring your offers! Spacious 5BD/2.5BA home on nearly ¼ acre in a central location near downtown, both campuses, and shopping. Main level features a large kitchen, open living/dining areas, bedroom, and bath. Upstairs includes 3 bedrooms, 2 full baths, and an arch-enclosed balcony. The third-floor loft offers a huge open space ideal for an office, studio, or additional bedroom. Daylight basement with private entrance and non-conforming bedroom provides excellent guest or rental potential. Enjoy a fully fenced yard, storage shed, and alley access. Flexible layout and strong investment potential, don’t miss this opportunity! Call me to schedule your showing today.

19. 2026-01-06
    listed $189,000 New
20. 2026-01-06
    historical
21. 2026-01-05
    price $189,000
22. 2025-10-14
    listed $199,000 New
23. 2022-01-14
    status Pending
24. 2022-01-06
    historical
25. 2021-11-17
    price $150,000
26. 2021-10-20
    listed $160,000 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: $2,687 · $224/mo
• Projected year-2 tax: $3,218 · $268/mo
• Expected delta: +$531/yr (+$44/mo · 19.8%)

ⓘ 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: $23,840
• − Mortgage interest: −$10,419
• − Property taxes: −$2,687
• − Insurance: −$930
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$5,411
• Taxable income: $579
• Est. tax owed @ 24.0%: −$139
• After-tax cash flow: $3,373/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): 15,867
• Household income: $54,232
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 820.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 59% Hispanic / Latino 12% Black 12% Two or more races 10% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 73% English-only · Spanish 7% Other Indo-European 5% Vietnamese 5%

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: ▼ -145.46%
• Current HPI: 260.3421
• Rent YoY: ▲ 2.39%
• 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

+16.2% since first listed

12 events — show timeline

• 2026-03-08 Listing Removed — GPRMLS
• 2026-03-06 Listing Removed — GPRMLS
• 2026-03-06 Listed $186,000 GPRMLS
• 2026-03-06 Listed $186,000 GPRMLS
• 2026-01-06 Listing Removed — GPRMLS
• 2026-01-06 Listed $189,000 GPRMLS
• 2026-01-05 Price Changed $189,000 GPRMLS
• 2025-10-14 Listed $199,000 GPRMLS
• 2022-01-14 Pending — GPRMLS
• 2022-01-06 Listing Removed — GPRMLS
• 2021-11-17 Price Changed $150,000 GPRMLS
• 2021-10-20 Listed $160,000 GPRMLS

Property tax history

+3.0%/yr

Latest (2025): $2,687 · +1.0% YoY. Source: county tax records.