1401 N 33rd St · Lincoln, NE 68503

$199,000

5 bd · 2.0 ba · 2,552 sqft · Other public records · 88 Days on market

Built 1900 7,405 sqft lot $78/sqft · 14% below area Est $231k · 14% under

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Why this score? — see what drove the C 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 +20.2/30.0
• ARV discount +13.7/15.0
• DSCR +6.4/10.0
• 1% rule +4.9/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! Conversion duplex, 5 bed/ 1 bath unit rented at $1,400/month and a 1 bed/ 1 bath unit rented at $875/month. Conveniently located near East Campus with off street parking.

Key facts

• Off street parking
• Near east campus
• 7,405 sq ft lot

Tags

• OFF STREET PARKING
• NEAR EAST CAMPUS

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath other listed at $199k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (0.8% below list).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: Clinton Elementary School (math 32% / reading 32%, grade F, #405 of 502 statewide, top 84%, 407 students, 0% FRL); Culler Middle School (math 30% / reading 33%, grade F, #109 of 128 statewide, top 85%, 703 students, 74% FRL); North Star High School (math 36% / reading 33%, grade F, #208 of 261 statewide, top 86%, 2,072 students, 55% FRL).
• Zoned-school proficiency averages 33% at this address vs 52% district-wide (-19 pts) — the specific schools serving this property underperform the Lincoln Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.4%/yr); 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,940 units permitted in Lancaster County in 2024 (895 in 5+ unit buildings).
• This rent runs 44% of the median local income ($54k/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.
• 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 ($187k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $11k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.38%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (median comp): $230,920
• List price: $199,000
• Delta: -13.82%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-17,563
• Equity at exit: $29,672

10-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $253
• Equity at exit: $17,206

Cash invested: $55,720 (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 68503

• Rents YoY: 2.4%
• Active inventory: 59
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,974 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$184 /mo · $2,204/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $250

Break-even live

Break-even rent $1,658

Max offer price $199,000

Occupancy floor 82%

Sensitivity live

Price	-10% $362	-5% $306	+0% $250	+5% $193	+10% $137
Rent	-10% $94	-5% $172	+0% $250	+5% $328	+10% $406
Rate	-1.0pp $350	-0.5pp $300	base $250	+0.5pp $198	+1.0pp $146

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2253 Orchard St Unit 1 Lincoln, NE	4.0	3.0	2000	$2,400	$1.20	45d	1	0.81mi

Listing history 32 events

1. 2026-06-21
   days on market $199,000 Active 88 DOM
2. 2026-06-18
   days on market $199,000 Active 85 DOM
3. 2026-06-17
   days on market $199,000 Active 84 DOM
4. 2026-06-16
   days on market $199,000 Active 83 DOM
5. 2026-06-15
   days on market $199,000 Active 82 DOM
6. 2026-06-14
   days on market $199,000 Active 80 DOM
7. 2026-06-10
   days on market $199,000 Active 77 DOM
8. 2026-06-09
   days on market $199,000 Active 76 DOM
9. 2026-06-08
   days on market $199,000 Active 75 DOM
10. 2026-06-07
    days on market $199,000 Active 74 DOM
11. 2026-06-05
    days on market $199,000 Active 71 DOM
12. 2026-06-03
    days on market $199,000 Active 70 DOM
13. 2026-06-02
    days on market $199,000 Active 69 DOM
14. 2026-05-31
    days on market $199,000 Active 67 DOM
15. 2026-05-30
    days on market $199,000 Active 66 DOM
16. 2026-03-23
    listed $210,000 New 188-char remark

    Show marketing remark (188 chars)

    Investor special! Conversion duplex, 5 bed/ 1 bath unit rented at $1,400/month and a 1 bed/ 1 bath unit rented at $875/month. Conveniently located near East Campus with off street parking.

17. 2024-06-06
    historical
18. 2024-06-06
    historical
19. 2024-03-12
    listed $199,900 New
20. 2024-03-07
    listed $199,900 New
21. 2023-12-29
    historical
22. 2023-09-20
    price $194,900
23. 2023-09-12
    listed $200,000 New
24. 2023-09-12
    historical
25. 2023-09-05
    listed $200,000 New
26. 2023-09-05
    historical
27. 2023-06-30
    listed $200,000 New
28. 2022-06-30
    soldstatus $190,000
29. 2022-06-28
    soldstatus $190,000 Sold
30. 2022-06-10
    status Pending
31. 2022-06-04
    price $199,500
32. 2022-06-03
    listed $199,500,000 Active - New

ⓘ 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: $2,204 · $184/mo
• Projected year-2 tax: $3,443 · $287/mo
• Expected delta: +$1,239/yr (+$103/mo · 56.2%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,692
• − Mortgage interest: −$11,147
• − Property taxes: −$2,204
• − Insurance: −$995
• − Repairs & maintenance: −$1,895
• − Management: −$1,895
• − Depreciation: −$5,789
• Taxable loss: −$233
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $3,051/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): 15,867
• Household income: $54,232
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 820.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 59% Hispanic / Latino 12% Black 12% Two or more races 10% Asian 10%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 2% Romanian 2% Portuguese 2%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 73% English-only · Spanish 7% Other Indo-European 5% Vietnamese 5%

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: ▼ -145.46%
• Current HPI: 260.3421
• Rent YoY: ▲ 2.39%
• 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

-99.9% since first listed

17 events — show timeline

• 2026-03-23 Listed $210,000 GPRMLS
• 2024-06-06 Listing Removed — GPRMLS
• 2024-06-06 Listing Removed — GPRMLS
• 2024-03-12 Listed $199,900 GPRMLS
• 2024-03-07 Listed $199,900 GPRMLS
• 2023-12-29 Listing Removed — GPRMLS
• 2023-09-20 Price Changed $194,900 GPRMLS
• 2023-09-12 Listing Removed — GPRMLS
• 2023-09-12 Listed $200,000 GPRMLS
• 2023-09-05 Listing Removed — GPRMLS
• 2023-09-05 Listed $200,000 GPRMLS
• 2023-06-30 Listed $200,000 GPRMLS
• 2022-06-30 Sold (Public Records) $190,000 Public Records
• 2022-06-28 Sold (MLS) $190,000 GPRMLS
• 2022-06-10 Pending — GPRMLS
• 2022-06-04 Price Changed $199,500 GPRMLS
• 2022-06-03 Listed $199,500,000 GPRMLS

Property tax history

+3.8%/yr

Latest (2025): $2,204 · -8.0% YoY. Source: county tax records.