2020 Read St #1 · Omaha, NE 68112

$99,000

3 bd · 2.0 ba · 1,140 sqft · Manufactured · 25 Days on market

Built 2023 Good condition $500/mo HOA · 33% 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 +14.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Key facts

• Built 2023
• Listed 24 days

Property features AI

Finance

• HOA & community: Association with $500 monthly fee; Association fee covers common area maintenance, management, and playground

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Manufactured home (residential); Single-story living (main floor bedrooms and bathrooms); Built in 2023
• Construction: Built in 2023; Other foundation type
• Exterior features: Off-street parking; Lot reported as 0 acres

Interior

• Kitchen: Kitchen includes Range, Refrigerator, Dishwasher, Microwave
• Bedrooms: Primary bedroom on the main floor; Second bedroom on the main floor; Third bedroom on the main floor
• Flooring: Vinyl flooring throughout
• Bathrooms: Two bathrooms total — one full bathroom and one 3/4 bathroom (both on the main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: New construction by Champion Home Builders; No fireplaces; Range, Refrigerator, Dishwasher, Microwave
• Laundry & utility: Crawl space foundation (no finished below-grade space)

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $22 ($266/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.6% 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: Sherman Elementary School (math 8% / reading 22%, grade F, #482 of 502 statewide, top 96%, 225 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: 57 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 33% of the median local income ($56k/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 $684 of loan paydown is wiped out by about $3k 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

• It's been on market 25 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $97,515 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.54% ✓
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 5.4

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: -14.4%
• Equity multiple: 0.48×
• Total profit: $-14,302
• Equity at exit: $14,761

10-year hold

• IRR: -5.1%
• Equity multiple: 0.66×
• Total profit: $-9,296
• Equity at exit: $8,560

Cash invested: $27,720 (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 68112

• Home prices YoY: -29.4%
• Active inventory: 57
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,527 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$500
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $22

Break-even live

Break-even rent $1,499

Max offer price $99,000

Occupancy floor 94%

Sensitivity live

Price	-10% $91	-5% $56	+0% $22	+5% $-12	+10% $-46
Rent	-10% $-98	-5% $-38	+0% $22	+5% $82	+10% $143
Rate	-1.0pp $72	-0.5pp $47	base $22	+0.5pp $-4	+1.0pp $-30

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2723 Newport Ave Omaha, NE	2.0	1.0	1079	$1,450	$1.34	2d	1	0.66mi
3030 Ernst St Omaha, NE	3.0	2.0	1500	$1,500	$1.00	3d	1	0.81mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	11d	1	0.92mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	2d	1	0.92mi
3164 Ida St Omaha, NE	3.0	1.0	946	$1,600	$1.69	44d	1	0.92mi
3138 Weber Cir Omaha, NE	2.0	1.0	750	$1,200	$1.60	44d	1	0.96mi
6124 N 30th St Unit STREET2 Omaha, NE	2.0	1.0	1190	$1,075	$0.90	44d	1	1.00mi
2873 Kansas Ave Omaha, NE	3.0	2.0	1112	$1,450	$1.30	24d	1	1.01mi
5922 N 28th Ave Omaha, NE	2.0	1.0	764	$950	$1.24	3d	1	1.04mi
3366 Craig Ave Omaha, NE	4.0	1.0	1250	$1,511	$1.21	20d	1	1.17mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	44d	1	1.18mi

HOA detail

• Monthly dues: $500 · $6,000/yr

Listing history 14 events

1. 2026-06-18
   days on market $99,000 Active 25 DOM
2. 2026-06-17
   days on market $99,000 Active 24 DOM
3. 2026-06-16
   days on market $99,000 Active 23 DOM
4. 2026-06-15
   days on market $99,000 Active 22 DOM
5. 2026-06-13
   days on market $99,000 Active 20 DOM
6. 2026-06-10
   days on market $99,000 Active 17 DOM
7. 2026-06-09
   days on market $99,000 Active 16 DOM
8. 2026-06-08
   days on market $99,000 Active 15 DOM
9. 2026-06-07
   days on market $99,000 Active 14 DOM
10. 2026-06-03
    days on market $99,000 Active 10 DOM
11. 2026-06-03
    days on market $99,000 Active 9 DOM
12. 2026-06-01
    days on market $99,000 Active 8 DOM
13. 2026-06-01
    days on market $99,000 Active 7 DOM
14. 2026-05-18
    listed $99,000 New

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $18,324
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,466
• − Management: −$1,466
• − HOA: −$6,000
• − Depreciation: −$2,880
• Taxable loss: −$1,014
• Est. tax savings @ 24.0%: +$243
• After-tax cash flow: $509/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 · 11 photos

Good 80/100 Cosmetic rehab

This property is in good condition with a modern kitchen and bathroom. It has a good curb appeal and is ready for a new owner or tenant.

Value-add opportunities

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value to the property.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more buyers/tenants. ↑

ⓘ 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): 12,071
• Household income: $56,159
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 385.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Black 23% Two or more races 11% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 5% Lithuanian 2% Portuguese 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% Other Asian/Pacific 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: ▼ -105.85%
• Current HPI: 254.385
• Rent YoY: —
• 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

• 2026-05-18 Listed $99,000 GPRMLS