3235 S 12th St S · Lincoln, NE 68502

$549,000

6 bd · None ba · 3,840 sqft · MultiFamily public records · 88 Days on market

Built 1974 7,000 sqft lot ↓ 8% 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 +12.2/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• Rent growth +3.1/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This 6 unit apartment building and the 6 unit building next door are for sale as a package. They are well managed and well maintained. Easy to keep full and rents are at market. All but one apartment includes a garage with remote openers.

Key facts

• 7,000 sq ft lot
• 6 garage spots
• Built 1974

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $-111 ($-1k/yr) — negative. Per door: $-18/mo.
• To cash-flow at today's rent, offer at most $529k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $434k (20.9% below list).
• Recommended offer: $434k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Beattie Elementary School (math 57% / reading 57%, grade C+, #136 of 502 statewide, top 31%, 360 students, 37% FRL); Irving Middle School (math 50% / reading 55%, grade C+, #42 of 128 statewide, top 32%, 890 students, 46% FRL); Lincoln Southeast High School (math 51% / reading 52%, grade D+, #105 of 261 statewide, top 40%, 1,929 students, 16% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 146 active listings in the ZIP; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• At $4,340/mo this rent would consume 76% of the median local household income ($69k/yr) (locally 1252% 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 $4k of loan paydown is wiped out by about $16k 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 88 days — a 6% lower offer ($516k) is reasonable based on typical stale-listing flexibility.

Recommended offer $434,000 (20.9% 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. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.79% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.86%
• DSCR: 0.96
• GRM: 10.5

CMA / ARV

• ARV (median comp): $271,483
• List price: $549,000
• Delta: 102.22%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.38% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-98,800
• Equity at exit: $81,858

10-year hold

• IRR: -12.0%
• Equity multiple: 0.31×
• Total profit: $-106,394
• Equity at exit: $47,467

Cash invested: $153,720 (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 68502

• Rents YoY: 2.4%
• Active inventory: 146
• Price-to-rent: 63.2×

Monthly cashflow live

• Estimated rent: $4,340 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$432 /mo · $5,180/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$911
• Net cashflow: $-111

Break-even live

Break-even rent $4,480

Max offer price $529,427

Occupancy floor 98%

Sensitivity live

Price	-10% $200	-5% $45	+0% $-111	+5% $-266	+10% $-422
Rent	-10% $-454	-5% $-282	+0% $-111	+5% $61	+10% $232
Rate	-1.0pp $166	-0.5pp $29	base $-111	+0.5pp $-253	+1.0pp $-398

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,338
Total (6 units)			$4,340

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $549,000 Active 88 DOM
2. 2026-06-18
   days on market $549,000 Active 85 DOM
3. 2026-06-17
   days on market $549,000 Active 84 DOM
4. 2026-06-16
   days on market $549,000 Active 83 DOM
5. 2026-06-15
   days on market $549,000 Active 82 DOM
6. 2026-06-14
   days on market $549,000 Active 80 DOM
7. 2026-06-10
   days on market $549,000 Active 77 DOM
8. 2026-06-09
   days on market $549,000 Active 76 DOM
9. 2026-06-08
   days on market $549,000 Active 75 DOM
10. 2026-06-07
    days on market $549,000 Active 74 DOM
11. 2026-06-05
    days on market $549,000 Active 71 DOM
12. 2026-06-03
    days on market $549,000 Active 70 DOM
13. 2026-06-02
    days on market $549,000 Active 69 DOM
14. 2026-05-31
    days on market $549,000 Active 67 DOM
15. 2026-05-30
    days on market $549,000 Active 66 DOM
16. 2026-05-07
    price $549,000 241-char remark

    Show marketing remark (241 chars)

    This 6 unit apartment building and the 6 unit building next door are for sale as a package. They are well managed and well maintained. Easy to keep full and rents are at market. All but one apartment includes a garage with remote openers.

17. 2026-03-25
    listed $599,000 New 241-char remark

    Show marketing remark (241 chars)

    This 6 unit apartment building and the 6 unit building next door are for sale as a package. They are well managed and well maintained. Easy to keep full and rents are at market. All but one apartment includes a garage with remote openers.

ⓘ 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: $5,180 · $432/mo
• Projected year-2 tax: $9,498 · $791/mo
• Expected delta: +$4,318/yr (+$360/mo · 83.4%)

ⓘ 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 4/10 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: $52,080
• − Mortgage interest: −$30,753
• − Property taxes: −$5,180
• − Insurance: −$2,745
• − Repairs & maintenance: −$4,166
• − Management: −$4,166
• − Depreciation: −$15,971
• Taxable loss: −$10,901
• Est. tax savings @ 24.0%: +$2,616
• After-tax cash flow: $1,287/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): 25,846
• Household income: $68,523
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 1252.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 13% Two or more races 11% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 3% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Vietnam, Philippines
• Languages at home: 86% English-only · Spanish 9% Other Asian/Pacific 2% French/Haitian/Cajun 1%

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: ▼ -252.87%
• Current HPI: 240.304
• Rent YoY: ▲ 2.38%
• 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

-8.3% since first listed

2 events — show timeline

• 2026-05-07 Price Changed $549,000 GPRMLS
• 2026-03-25 Listed $599,000 GPRMLS

Property tax history

+4.2%/yr

Latest (2025): $5,180 · -3.5% YoY. Source: county tax records.