120 N 38 St · Omaha, NE 68131

$449,950

8 bd · 4.0 ba · 3,096 sqft · MultiFamily · 5 Days on market

Built 1913 Good condition 7,750 sqft lot Est $471k · at est. ↓ 1% since listing

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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 +12.6/30.0
• ARV discount +9.5/15.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• Condition / age +3.8/5.0
• 1% rule +3.6/10.0
• Rent growth +3.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Very nice mint condition duplex close to bus line on Dodge with quick access to down town. All brick 3 bedrooms , 2 baths on both sides . Includes a big basement on each side for additional space . There is off street parking and 3-4 reserved parking stalls in rear . 118 n 38 is vacant and so is 120 . keys for both are on lockbox on 118 n 38 .

Key facts

• Off street parking
• Big basement
• Hardwood floors

Tags

• MINT CONDITION DUPLEX
• BIG BASEMENT
• OFF STREET PARKING
• RESERVED PARKING STALLS
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Building area approximately 3096 square feet; Lot about 0.1779 acres (approx. 50 x 155)
• Financial info: Property used as residential income (2 units)

Exterior

• Parking: Three parking spaces (no garage)
• Utilities: Public water; Public sewer; Two electric meters; Two gas meters
• Home design: Residential income property (multi-family); Two-story; Not new
• Construction: Built in 1913; Brick and shingle siding construction; Asbestos shingle roof; Brick/mortar foundation
• Exterior features: Enclosed porch; Bus service access; Partial chain link fencing; Alley access; Lot included in price

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Ice maker
• Bedrooms: 12 total rooms (includes bedrooms and living spaces)
• Bathrooms: Four full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; Two A/C units
• Interior features: Two furnaces; Dishwasher; Ice maker; Range; Refrigerator; Basement included
• Laundry & utility: Two electric meters; Two gas meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $450k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-54 ($-645/yr) — negative. Per door: $-27/mo.
• To cash-flow at today's rent, offer at most $442k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $387k (14.0% below list).
• Recommended offer: $387k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Gifford Park Elementary School (math 22% / reading 27%, grade F, #445 of 502 statewide, top 91%, 363 students, 0% FRL); Lewis & Clark Middle School (math 23% / reading 35%, grade F, #115 of 128 statewide, top 90%, 860 students, 0% FRL); Central High School (math 29% / reading 40%, grade F, #208 of 261 statewide, top 86%, 2,738 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 (+3.8%/yr); 65 active listings in the ZIP; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• At $3,868/mo this rent would consume 95% of the median local household income ($49k/yr) (locally 1468% 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 $3k of loan paydown is wiped out by about $13k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $386,800 (14.0% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $470,592
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3323 Cuming St	0.62mi	8/4.0	3,300 (+7%)	19mo	$500,000	$152	45

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 · 3.82% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-73,061
• Equity at exit: $67,089

10-year hold

• IRR: -6.5%
• Equity multiple: 0.57×
• Total profit: $-54,370
• Equity at exit: $38,903

Cash invested: $125,986 (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 68131

• Home prices YoY: -26.3%
• Rents YoY: 3.8%
• Active inventory: 65
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,868 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,749/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $-54

Break-even live

Break-even rent $3,936

Max offer price $442,167

Occupancy floor 96%

Sensitivity live

Price	-10% $257	-5% $102	+0% $-54	+5% $-209	+10% $-365
Rent	-10% $-359	-5% $-207	+0% $-54	+5% $99	+10% $252
Rate	-1.0pp $173	-0.5pp $61	base $-54	+0.5pp $-170	+1.0pp $-289

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,868
Total (2 units)			$3,868

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: $112,488
• Closing costs: $13,498
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   statusdays on market $449,950 Active 5 DOM
2. 2026-06-18
   days on market $449,950 New 2 DOM
3. 2026-06-16
   remarks 345-char remark
4. 2026-06-16
   listed $449,950 New 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,416
• − Mortgage interest: −$25,204
• − Property taxes: −$6,749
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,713
• − Management: −$3,713
• − Depreciation: −$13,089
• Taxable loss: −$8,303
• Est. tax savings @ 24.0%: +$1,993
• After-tax cash flow: $1,347/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained two-unit property is in good condition with minor cosmetic updates needed. Fresh paint and landscaping improvements would significantly enhance its resale and rental value.

Repairs flagged

• Minor Paint — Paint appears slightly faded in some areas.

Value-add opportunities

• Resale Paint fresh coat — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Landscaping can improve curb appeal and attract more tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears slightly faded in some areas.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Resale Paint fresh coat — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Landscaping can improve curb appeal and attract more tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 14,809
• Household income: $48,925
• Rent vs Own: 75.6% rent · 24.4% own
• Severe rent burden: 1468.0

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 0.59)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Romanian 2% Slovak 2%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 2% Arabic 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: ▼ -109.21%
• Current HPI: 305.4972
• Rent YoY: ▲ 3.82%
• 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

-1.1% since first listed

2 events — show timeline

• 2026-06-16 Price Changed $449,950 GPRMLS
• 2026-06-16 Listed $455,000 GPRMLS