4109 N 23rd St · Omaha, NE 68110

$25,000

3 bd · 1.0 ba · 1,246 sqft · Other public records · 18 Days on market

Built 1910 0.25 ac lot

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

All Natural Wood Near New Furnace Central Air Finced Yard Enclosed Porch

Key facts

• Alley access
• Close to dining
• Off-street parking

Tags

• DETACHED GARAGE
• ALLEY ACCESS
• OFF-STREET PARKING
• EASY ACCESS TO DOWNTOWN
• CLOSE TO SHOPPING
• CLOSE TO DINING

Property features AI

Exterior

• Parking: Detached covered garage with space for 1 vehicle; One total parking space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1910
• Construction: Block foundation
• Exterior features: Enclosed porch; Lot about 1/4 acre (approximately 50 x 124)

Interior

• Bedrooms: Master bedroom on 2nd floor; Bedroom 2 on 2nd floor; Bedroom 3 on 2nd floor
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Unfinished walk-up basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $25k.

Deal economics

• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 52.6% 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: Wilson Focus School (math 47% / reading 62%, grade C, #161 of 502 statewide, top 38%, 213 students, 0% FRL); Mc Millan Magnet Middle School (math 12% / reading 20%, grade F, #124 of 128 statewide, top 97%, 751 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: 45 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 5.76% ✓
• Cap rate: 52.63%
• Cash-on-cash: 165.48%
• DSCR: 8.36
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.21×
• Total profit: $57,449
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 19.47×
• Total profit: $129,278
• Equity at exit: $2,162

Cash invested: $7,000 (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 68110

• Home prices YoY: -9.5%
• Active inventory: 45
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,441 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $965

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 28%

Sensitivity live

Price	-10% $983	-5% $974	+0% $965	+5% $957	+10% $948
Rent	-10% $851	-5% $908	+0% $965	+5% $1,022	+10% $1,079
Rate	-1.0pp $978	-0.5pp $972	base $965	+0.5pp $959	+1.0pp $952

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	45d	1	0.12mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	45d	1	0.28mi
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	22d	1	0.32mi
2816 N 19th Ave Omaha, NE	3.0	1.0	860	$1,700	$1.98	45d	1	0.81mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	45d	1	0.86mi
1820 Miami St Omaha, NE	4.0	1.5	1306	$1,050	$0.80	45d	1	0.91mi
5922 N 28th Ave Omaha, NE	2.0	1.0	764	$950	$1.24	4d	1	1.23mi
3674 Bedford Ave Omaha, NE	3.0	1.0	864	$1,275	$1.48	25d	1	1.26mi
2873 Kansas Ave Omaha, NE	3.0	2.0	1112	$1,450	$1.30	25d	1	1.32mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	4d	1	1.39mi
1816 Florence Blvd Apt 102 Omaha, NE	2.0	1.0	900	$900	$1.00	16d	1	1.40mi
3510 N 9th St Lot 47 Carter Lake, IA	3.0	2.0	1152	$1,479	$1.28	45d	1	1.42mi
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	4d	1	1.42mi
6124 N 30th St Unit STREET2 Omaha, NE	2.0	1.0	1190	$1,075	$0.90	45d	1	1.43mi
4707 N 40th Ave Omaha, NE	3.0	1.0	1337	$1,500	$1.12	22d	1	1.47mi

Listing history 12 events

1. 2026-06-07
   days on market $25,000 Active 18 DOM
2. 2026-06-03
   days on market $25,000 Active 14 DOM
3. 2026-06-03
   days on market $25,000 Active 13 DOM
4. 2026-06-01
   days on market $25,000 Active 12 DOM
5. 2026-06-01
   days on market $25,000 Active 11 DOM
6. 2026-05-20
   listed $25,000 New
7. 2026-05-20
   historical
8. 2026-05-14
   listed $25,000 New
9. 2002-06-14
   soldstatus $48,000
10. 1999-09-29
    soldstatus $24,000 72-char remark

    Show marketing remark (72 chars)

    All Natural Wood Near New Furnace Central Air Finced Yard Enclosed Porch

11. 1999-05-29
    historical 72-char remark

    Show marketing remark (72 chars)

    All Natural Wood Near New Furnace Central Air Finced Yard Enclosed Porch

12. 1999-04-16
    listed $25,000 72-char remark

    Show marketing remark (72 chars)

    All Natural Wood Near New Furnace Central Air Finced Yard Enclosed Porch

ⓘ 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 ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,287
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,383
• − Management: −$1,383
• − Depreciation: −$727
• Taxable income: $11,893
• Est. tax owed @ 24.0%: −$2,854
• After-tax cash flow: $8,729/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
• City population: 552,986
• Population (ZIP): 9,403

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 40% White 29% Hispanic / Latino 17% Asian 9% Two or more races 8% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Ukrainian 2% Romanian 1% Portuguese 1%
• Foreign-born: 18% · Canada, India, Philippines
• Languages at home: 73% English-only · Spanish 12% Other Indo-European 6% Other Asian/Pacific 3%

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: ▼ -23.25%
• Current HPI: 220.8647
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

7 events — show timeline

• 2026-05-20 Listed $25,000 GPRMLS
• 2026-05-20 Listing Removed — GPRMLS
• 2026-05-14 Listed $25,000 GPRMLS
• 2002-06-14 Sold (Public Records) $48,000 Public Records
• 1999-09-29 Sold (MLS) $24,000 GPRMLS
• 1999-05-29 Listing Removed — GPRMLS
• 1999-04-16 Listed $25,000 GPRMLS

Property tax history

+4.1%/yr

Latest (2025): $1,306 · -1.0% YoY. Source: county tax records.