832 N 122 Ct · Omaha, NE 68154

$205,000

3 bd · 1.5 ba · 1,769 sqft · Townhouse · 6 Days on market

Built 1974 Fair condition 4,356 sqft lot $116/sqft · at area comps Est $215k · at est. $265/mo HOA · 13% of rent

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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 +11.7/30.0
• ARV discount +9.7/15.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• DSCR +3.5/10.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Must be owner occupied. 3 bed, 2 bath, 1 car attached garage townhome in fabulous west Omaha location off 120th and Dodge. Large spacious family room and bedrooms and eat in kitchen. Stove, microwave, dishwasher and fridge included. Finished basement with new LVP flooring. Move in ready.

Key facts

• Eat in kitchen
• Finished basement
• New lvp flooring

Tags

• WEST OMAHA LOCATION
• FINISHED BASEMENT
• NEW LVP FLOORING
• EAT IN KITCHEN

Property features AI

Finance

• Other: Living area approximately 1,769 total (1,528 above grade, 241 below grade)
• Financial info: No additional financial details provided
• HOA & community: Homeowners association with a $265 monthly fee

Exterior

• Parking: Attached covered garage (1 car)
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Townhouse (attached); Two levels; Built in 1974; Below-grade finished area present
• Construction: Block foundation
• Exterior features: Lot about 0.1 acre (up to 1/4 acre)

Interior

• Kitchen: No appliance details provided
• Bedrooms: Master bedroom on 2nd floor; Bedroom 2 on 2nd floor; Bedroom 3 on 2nd floor
• Flooring: No flooring details provided
• Bathrooms: 2 total bathrooms (1 full, 1 half); Main level powder room; One full bathroom on the 2nd floor
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Finished basement; No fireplaces
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $205k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-59 ($-704/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (4.1% below list).
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $197k (4.1% below list) — sets the bar for cash-flow.
• 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.
• 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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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).
• This rent runs 30% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 19y 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.
• Current owner paid $120k; list at $205k implies a 70% gain — meaningful room to come down on a strong offer.

Recommended offer $196,515 (4.1% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.00% ✓
• Cap rate: 5.95%
• Cash-on-cash: -1.23%
• DSCR: 0.95
• GRM: 8.3

CMA / ARV

• ARV (median comp): $215,321
• List price: $205,000
• Delta: -4.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1712 N 121 St	0.59mi	3/1.5	1,827 (+3%)	3mo	$260,000	$142	65
12212 Burt St Unit 12B-C	0.03mi	3/3.0	1,903 (+8%)	18mo	$250,000	$131	65
12124 Burt St	0.07mi	3/2.5	1,512 (-14%)	12mo	$210,000	$139	58
206 N 127 Plz	0.64mi	2/2.0 (-1)	1,777 (+0%)	18mo	$380,000	$214	47
1927 N 123rd St	0.72mi	2/1.5 (-1)	1,710 (-3%)	14mo	$232,000	$136	45
1735 N 123rd St	0.61mi	3/1.5	1,522 (-14%)	10mo	$300,000	$197	40
719 N 130th Plz Unit A-11	0.75mi	2/1.5 (-1)	1,550 (-12%)	7mo	$185,000	$119	34
705 N 129 Plz	0.69mi	2/2.5 (-1)	2,005 (+13%)	4mo	$265,000	$132	33
755 N 130th Plz	0.74mi	2/3.0 (-1)	1,750 (-1%)	24mo	$335,000	$191	33
1615 N 123 St	0.53mi	3/2.0	1,513 (-14%)	22mo	$250,000	$165	31
12067 Patrick Ave	0.75mi	3/3.0	1,575 (-11%)	12mo	$212,000	$135	31
763 N 130th Plz	0.75mi	2/2.5 (-1)	1,559 (-12%)	24mo	$265,000	$170	17

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 · 4.27% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-34,101
• Equity at exit: $30,566

10-year hold

• IRR: -5.7%
• Equity multiple: 0.61×
• Total profit: $-22,521
• Equity at exit: $17,725

Cash invested: $57,400 (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 68154

• Rents YoY: 4.3%
• Active inventory: 116
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,055 high
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,075/yr
• Insurance: −$85
• HOA: −$265
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-59

Break-even live

Break-even rent $2,129

Max offer price $196,515

Occupancy floor 98%

Sensitivity live

Price	-10% $83	-5% $12	+0% $-59	+5% $-129	+10% $-200
Rent	-10% $-221	-5% $-140	+0% $-59	+5% $23	+10% $104
Rate	-1.0pp $45	-0.5pp $-6	base $-59	+0.5pp $-112	+1.0pp $-166

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12500 W Dodge Rd Omaha, NE	1.0–3.0	1.0–2.0	1188	$3,330	$2.80	4d	25	0.39mi
1506 N 120th St Omaha, NE	1.0–2.0	1.0–2.0	975	$1,400	$1.44	45d	1	0.42mi
11766 Wakeley Plz Omaha, NE	1.0–3.0	1.0–3.0	1380	$1,840	$1.33	4d	26	0.47mi
11510 Farnam St Omaha, NE	3.0	2.5	1646	$2,250	$1.37	12d	1	0.78mi
11510 Farnam St Omaha, NE	3.0	2.5	1646	$2,250	$1.37	45d	1	0.78mi
12511 Patrick Cir Omaha, NE	4.0	2.5	1474	$2,200	$1.49	25d	1	0.81mi
11525 Decatur Plz Omaha, NE	1.0–2.0	1.0–2.0	1197	$2,255	$1.88	4d	30	0.83mi
11233 Decatur Plz Omaha, NE	1.0–2.0	1.0–2.0	869	$1,470	$1.69	4d	23	0.98mi
12724 Grant Cir Omaha, NE	3.0	2.0	1848	$2,040	$1.10	12d	1	1.12mi
10636 Nicholas St Omaha, NE	3.0	2.0	1326	$2,150	$1.62	45d	1	1.21mi
10927 Marcy Plz Omaha, NE	4.0	2.5	1914	$1,950	$1.02	23d	1	1.43mi
2510 N 109th Plz Omaha, NE	1.0–2.0	1.0–2.0	1021	$1,615	$1.58	4d	21	1.48mi

HOA detail

• Monthly dues: $265 · $3,180/yr

Listing history 28 events

1. 2026-06-21
   statusdays on market $205,000 Active 6 DOM
2. 2026-06-18
   days on market $205,000 New 3 DOM
3. 2026-06-17
   days on market $205,000 New 2 DOM
4. 2026-06-15
   statusdays on marketlisting id $205,000 New 1 DOM
5. 2026-06-13
   days on market $205,000 Active 91 DOM
6. 2026-06-10
   days on market $205,000 Active 88 DOM
7. 2026-06-09
   days on market $205,000 Active 87 DOM
8. 2026-06-08
   days on market $205,000 Active 86 DOM
9. 2026-06-07
   days on market $205,000 Active 85 DOM
10. 2026-06-03
    days on market $205,000 Active 81 DOM
11. 2026-06-03
    days on market $205,000 Active 80 DOM
12. 2026-06-01
    days on market $205,000 Active 79 DOM
13. 2026-06-01
    days on market $205,000 Active 78 DOM
14. 2026-04-27
    price $205,000 294-char remark
15. 2026-03-14
    listed $209,900 New 294-char remark
16. 2026-03-12
    historical
17. 2026-02-16
    price $209,900
18. 2026-01-13
    price $215,000
19. 2025-12-12
    price $219,000
20. 2025-12-11
    listed $225,000 New
21. 2009-07-15
    soldstatus $120,500
22. 2009-06-11
    historical
23. 2009-06-07
    listed $123,500
24. 2007-10-22
    soldstatus $123,500
25. 2007-09-27
    historical
26. 2007-09-22
    historical
27. 2007-02-26
    listed $124,950
28. 2007-02-26
    listed $124,950

ⓘ 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 ≥102°F today · 16 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: $24,654
• − Mortgage interest: −$11,483
• − Property taxes: −$3,075
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − HOA: −$3,180
• − Depreciation: −$5,964
• Taxable loss: −$4,017
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $260/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 · 12 photos

Fair 45/100 Cosmetic rehab

This townhouse is in fair condition with cosmetic repairs needed. Painting and flooring upgrades would significantly enhance its resale and rental value.

Repairs flagged

• Minor Exterior siding — Weathered appearance
• Minor Interior paint — Slightly faded

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Resale Paint interior walls — Enhances interior appearance
• Both Replace carpeted floors — Improves both resale and rental value
• Resale Upgrade kitchen appliances — Modernizes kitchen
• Resale Upgrade bathroom fixtures — Modernizes bathroom

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance	Minor	$500–3,000
Interior paint · Slightly faded	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Resale Paint interior walls — Enhances interior appearance ↑
• Both Replace carpeted floors — Improves both resale and rental value ↑
• Resale Upgrade kitchen appliances — Modernizes kitchen ↑
• Resale Upgrade bathroom fixtures — Modernizes bathroom ↑

ⓘ 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): 24,060
• Household income: $81,385
• Rent vs Own: 42.9% rent · 57.1% own
• Severe rent burden: 907.0

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% Two or more races 7% Black 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Slovak 3% Portuguese 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -186.70%
• Current HPI: 229.7897
• Rent YoY: ▲ 4.27%
• 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

+64.1% since first listed

17 events — show timeline

• 2026-06-15 Listing Removed — GPRMLS
• 2026-06-15 Listed $205,000 GPRMLS
• 2026-04-27 Price Changed $205,000 GPRMLS
• 2026-03-14 Listed $209,900 GPRMLS
• 2026-03-12 Listing Removed — GPRMLS
• 2026-02-16 Price Changed $209,900 GPRMLS
• 2026-01-13 Price Changed $215,000 GPRMLS
• 2025-12-12 Price Changed $219,000 GPRMLS
• 2025-12-11 Listed $225,000 GPRMLS
• 2009-07-15 Sold (MLS) $120,500 GPRMLS
• 2009-06-11 Listing Removed — GPRMLS
• 2009-06-07 Listed $123,500 GPRMLS
• 2007-10-22 Sold (MLS) $123,500 GPRMLS
• 2007-09-27 Listing Removed — GPRMLS
• 2007-09-22 Listing Removed — GPRMLS
• 2007-02-26 Listed $124,950 GPRMLS
• 2007-02-26 Listed $124,950 GPRMLS