12136 Burt St

Omaha, NE 68154

$211,000D

3 bd · 2.0 ba · 1,692 sqft · Built 1975 · Condo · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,896/mo
• Mortgage (P&I): −$1,107
• Tax + insurance: −$291
• HOA: −$375
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-275/mo
• Annual: $-3,302/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• 1% rule: 0.90%
• Cash to close: $59,080

Investor read

• This is a 3-bed/2.0-bath condo listed at $211k.
• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (10.2% below list).
• It's been on market 36 days — a 3% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (23.0% below list) — sets the bar for cash-flow.
• 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.
• 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: Columbian Elementary School (math 62% / reading 72%, grade B+, #64 of 502 statewide, top 14%, 294 students, 0% FRL); Beveridge Magnet Middle School (math 27% / reading 37%, grade F, #107 of 128 statewide, top 84%, 816 students, 0% FRL); Burke High School (math 28% / reading 38%, grade F, #226 of 261 statewide, top 87%, 1,915 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.
• Zoned-school proficiency averages 44% at this address vs 24% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Omaha Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.3%/yr); 116 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $60k; list at $211k implies a 252% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% 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.

Questions for listing agent

• 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?