12234 T St · Omaha, NE 68137

$235,000

3 bd · 1.0 ba · 984 sqft · SingleFamily public records · 2 Days on market

Built 1966 7,434 sqft lot Est $248k · 5% under

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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 +11.4/30.0
• ARV discount +9.9/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• DSCR +3.3/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This pre-inspected home is a perfect first-time buyer home. 2-year roof and HVAC, plus the vinyl windows have a transferable warranty. Hardwood floors in all the bedrooms, and the carpeting in the living room has been protecting the hardwood flooring under it. The entire upstairs has been professionally painted. To make this property even more special, all appliances stay. .. even the washer, dryer, water softener, and deep freeze. There is a room downstairs that can be used as a 4th NC bedroom or office, and there is a 3/4 bath downstairs as well. Current owners had extra insulation put in the North wall when they put up the vinyl siding so that the basement is well insulated. The walkout

Key facts

• Vinyl windows
• 2 year hvac
• 2 year roof

Tags

• 2 YEAR ROOF
• 2 YEAR HVAC
• VINYL WINDOWS
• HARDWOOD FLOORS
• CARPETING IN LIVING ROOM
• PROFESSIONALLY PAINTED

Property features AI

Exterior

• Parking: Attached garage with one covered/built-in space and garage door opener (1 total parking space)
• Utilities: Public water; Public sewer; Electricity available on property; Natural gas available; Phone available; Cable available; Fiber optic available
• Home design: Single-family residential property; Not new (built in 1966); Block foundation; Composition roof
• Construction: Vinyl siding; Built in 1966; Block foundation; Composition roof
• Exterior features: Porch; Bay windows; Full chain-link fencing; Lot is a city/subdivided lot (about 0.17 acre, roughly 126 x 59)

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Disposal; Pantry; Kitchen has vinyl flooring, ceiling fan, and deck/balcony access
• Bedrooms: Primary bedroom on main floor with wood flooring; Second bedroom on main floor with wood flooring; Third bedroom on main floor with wood flooring; Fourth bedroom in basement with wall-to-wall carpeting
• Flooring: Wood; Carpet; Vinyl (including luxury vinyl); Tile
• Bathrooms: Two bathrooms total — one full and one three-quarter; at least one on main level and one below grade
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Pantry; Walk-out basement access
• Laundry & utility: Washer; Dryer; Water softener; Freezer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-80 ($-964/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (19.5% below list).
• Recommended offer: $189k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Millard Public Schools (urban): math 58% / reading 60% proficiency, ranked #13 of 111 in NE (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Sandoz Elementary School (math 42% / reading 52%, grade D-, #266 of 502 statewide, top 56%, 358 students, 47% FRL); Millard Central Middle School (math 39% / reading 41%, grade F, #84 of 128 statewide, top 65%, 825 students, 47% FRL); Millard South High School (math 51% / reading 54%, grade C-, #97 of 261 statewide, top 37%, 2,607 students, 36% FRL) — zoned schools average 43% FRL vs 13% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 46% at this address vs 59% district-wide (-12 pts) — the specific schools serving this property underperform the Millard Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.6%/yr); 113 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $189,201 (19.5% 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. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.46%
• DSCR: 0.93
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $247,968
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5618 S 113th St	0.74mi	3/2.0	912 (-7%)	20mo	$230,000	$252	32

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 · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.36×
• Total profit: $-42,087
• Equity at exit: $35,039

10-year hold

• IRR: -9.3%
• Equity multiple: 0.41×
• Total profit: $-38,632
• Equity at exit: $20,319

Cash invested: $65,800 (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 68137

• Rents YoY: 3.6%
• Active inventory: 113
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,892 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$245 /mo · $2,937/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-80

Break-even live

Break-even rent $1,994

Max offer price $220,810

Occupancy floor 99%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12741 Woodcrest Dr Unit 12841 Condo Omaha, NE	2.0	2.0	1019	$2,200	$2.16	3d	1	0.32mi
12741 Woodcrest Plz #317 Omaha, NE	2.0	2.0	1019	$2,400	$2.36	44d	1	0.57mi
12230 Anne St Omaha, NE	1.0–2.0	1.0–1.5	900	$1,010	$1.12	3d	5	0.61mi
11029 R Plz Omaha, NE	1.0–2.0	1.0–1.5	920	$1,190	$1.29	3d	15	0.83mi
11025 M St Omaha, NE	2.0	1.0–2.0	854	$1,640	$1.92	2d	20	1.04mi
6601 S 108th Ct Omaha, NE	1.0–2.0	1.0–2.0	869	$1,500	$1.73	44d	1	1.31mi

Listing history 4 events

1. 2026-06-13
   status $235,000 Pending 2 DOM
2. 2026-06-10
   days on market $235,000 New 2 DOM
3. 2026-06-08
   remarks 699-char remark
4. 2026-06-08
   listed $235,000 New 1 DOM

ⓘ 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: $2,937 · $245/mo
• Projected year-2 tax: $4,066 · $339/mo
• Expected delta: +$1,129/yr (+$94/mo · 38.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 16 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: $22,704
• − Mortgage interest: −$13,164
• − Property taxes: −$2,937
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$6,836
• Taxable loss: −$5,040
• Est. tax savings @ 24.0%: +$1,210
• After-tax cash flow: $246/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: Millard Public Schools
• NCES district ID: 3173740
• Math proficiency: 58% ▼ -7.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $81,146
• Composite: 53.23/100
• National rank: #1500
• State rank: #13 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): 24,277
• Household income: $80,739
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 728.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 9% · Canada, Vietnam, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Asian/Pacific 2% Other Indo-European 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: ▼ -240.79%
• Current HPI: 231.568
• Rent YoY: ▲ 3.58%
• 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 event — show timeline

• 2026-06-08 Listed $235,000 GPRMLS

Property tax history

+3.5%/yr

Latest (2025): $2,937 · -3.7% YoY. Source: county tax records.