2416 Spencer St · Omaha, NE 68111

$190,000

3 bd · 2.0 ba · 1,412 sqft · Other public records · 13 Days on market

Built 1910 3,920 sqft lot

---

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).

• Appreciation +10.0/10.0
• Cash flow +8.6/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Schools +2.1/10.0

Listing remarks MLS

f you've been looking for a move in ready, worry free, updated home, you won't want to miss this one! This 3 bedroom, 2 bathroom, 1.5 story is full of charm and convenience. The kitchen and both bathrooms have been beautifully and completely remodeled, including all new kitchen appliances. There is fresh paint throughout the entire house, as well as new flooring, outlet covers, light fixtures and switches. The updates aren't just cosmetic, with this home you'll have peace of mind with it's new roof, electrical, plumbing, furnace, and air conditioning unit. Down the road you can build some sweat equity by finishing the basement into whatever you'd like! The backyard is spacious and fenced. The property has easy interstate access, and is just minutes from Historic North 24th Street. Prepared to be impressed, schedule your showing today!

Key facts

• New plumbing
• New hvac
• Updated bathrooms

Tags

• UPDATED KITCHEN
• UPDATED BATHROOMS
• NEW ROOF
• NEW ELECTRICAL
• NEW PLUMBING
• NEW HVAC

Property features AI

Exterior

• Parking: No garage
• Security: Security system
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Single-family residence; One-and-a-half story home; Not new / not a model; Built in 1910
• Construction: Composition roof; Block foundation
• Exterior features: Enclosed porch; Wood fencing; City lot with public sidewalk; Subdivided lot (approximately 36.6 x 111)

Interior

• Kitchen: Range; Freezer; Microwave; Dishwasher
• Bedrooms: Master bedroom on 2nd floor (approx. 11 x 28); Bedroom 2 on main floor (approx. 10 x 12); Bedroom 3 on main floor (approx. 9.4 x 10.2)
• Flooring: Carpet; Vinyl
• Bathrooms: Two bathrooms total: one full bath and one 3/4 bath; One main-floor bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Security system; No fireplaces
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (25.2% below list).
• Recommended offer: $142k (25.2% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: Lothrop Magnet Center (math 17% / reading 27%, grade F, #459 of 502 statewide, top 93%, 349 students, 0% FRL); King Science/Tech Magnet Middle School (math 15% / reading 24%, grade F, #121 of 128 statewide, top 95%, 667 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: Rents rising (+3.2%/yr); 140 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent runs 40% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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 $165k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,057 (25.2% 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 1910 — 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: 0.75% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.22% rent growth · sell at horizon

5-year hold

• IRR: 21.7%
• Equity multiple: 2.76×
• Total profit: $93,434
• Equity at exit: $171,167

10-year hold

• IRR: 19.6%
• Equity multiple: 6.34×
• Total profit: $283,952
• Equity at exit: $369,128

Cash invested: $53,200 (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 68111

• Home prices YoY: 4.0%
• Rents YoY: 3.2%
• Active inventory: 140
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,421 high
• Mortgage (P&I): −$996
• Tax from tax record: −$209 /mo · $2,513/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $-163

Break-even live

Break-even rent $1,627

Max offer price $161,254

Occupancy floor —

Sensitivity live

Price	-10% $-55	-5% $-109	+0% $-163	+5% $-217	+10% $-270
Rent	-10% $-275	-5% $-219	+0% $-163	+5% $-107	+10% $-51
Rate	-1.0pp $-67	-0.5pp $-114	base $-163	+0.5pp $-212	+1.0pp $-262

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3708 Florence Blvd Omaha, NE	3.0	1.0	1102	$1,395	$1.27	22d	1	0.46mi
1820 Miami St Omaha, NE	4.0	1.5	1306	$1,050	$0.80	45d	1	0.50mi
4201 N 22nd St Omaha, NE	3.0	1.0	1380	$1,545	$1.12	45d	1	0.66mi
4125 N 19th St Omaha, NE	3.0	1.0	1266	$1,532	$1.21	45d	1	0.72mi
1816 Florence Blvd Apt 102 Omaha, NE	2.0	1.0	900	$900	$1.00	15d	1	0.90mi
3502 Lake St Omaha, NE	2.0	1.0	974	$995	$1.02	4d	1	0.99mi
3314 Franklin St Omaha, NE	4.0	2.0	1635	$1,600	$0.98	45d	1	1.18mi
1120 N 20th St Unit 103 Omaha, NE	3.0	2.0	1170	$1,150	$0.98	15d	1	1.19mi
1120 N 20th St Unit 102 Omaha, NE	3.0	2.0	1094	$580	$0.53	15d	1	1.19mi
1120 N 20th St Unit 309 Omaha, NE	4.0	2.0	1179	$1,550	$1.31	25d	1	1.19mi
1407 N 31st St Omaha, NE	2.0	1.0	1040	$1,395	$1.34	4d	1	1.20mi
3323 N 40th St Omaha, NE	2.0	1.0	1000	$1,575	$1.57	4d	1	1.25mi
1111 N 27th St Omaha, NE	1.0–2.0	1.0	941	$1,200	$1.28	45d	11	1.28mi
3430 Seward St Omaha, NE	3.0	1.0	1371	$1,695	$1.24	15d	1	1.29mi
2563 Nicholas Ct Unit 2563NF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	45d	1	1.30mi
2563 Nicholas Ct Unit 2563NC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	25d	1	1.30mi
2563 Nicholas Ct Unit 2563NE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	4d	1	1.30mi
2569 Nicholas Ct Unit 2569NC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	20d	1	1.30mi
2613 Nicholas Ct Unit 2613NC Omaha, NE	2.0	1.0	1042	$1,250	$1.20	4d	1	1.31mi
2625 Nicholas Ct Unit 2625NA Omaha, NE	2.0	1.0	1042	$1,250	$1.20	25d	1	1.31mi
2619 Nicholas Ct Unit 2619ND Omaha, NE	2.0	1.0	1042	$1,250	$1.20	20d	1	1.31mi
2563 Irving Ct Unit 2563IRF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	45d	1	1.33mi
2575 Irving Ct Unit 2575IRF Omaha, NE	2.0	1.0	1042	$1,100	$1.06	20d	1	1.33mi
2575 Irving Ct Unit 2575IRB Omaha, NE	2.0	1.0	1042	$1,250	$1.20	20d	1	1.33mi
2555 Izard Ct Unit 2555IZB Omaha, NE	2.0	1.0	1042	$1,100	$1.06	4d	1	1.35mi
2561 Izard Ct Unit 2561IZC Omaha, NE	2.0	1.0	1042	$1,100	$1.06	25d	1	1.36mi
2561 Izard Ct Unit 2561IZD Omaha, NE	2.0	1.0	1042	$1,250	$1.20	25d	1	1.36mi
2567 Izard Ct Unit 2567IZE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	45d	1	1.36mi
2579 Izard Ct Unit 2579IZD Omaha, NE	2.0	1.0	1042	$1,100	$1.06	45d	1	1.37mi
2623 Izard Ct Unit 2623IZE Omaha, NE	2.0	1.0	1042	$1,100	$1.06	45d	1	1.37mi
2605 Izard Ct Unit 2605IZA Omaha, NE	2.0	1.0	1042	$1,250	$1.20	45d	1	1.37mi
1015 N 16th St Omaha, NE	1.0–2.0	1.0–2.0	1127	$1,685	$1.49	3d	11	1.39mi
5348 N 25th St Omaha, NE	4.0	1.0	1446	$1,600	$1.11	45d	1	1.40mi
3510 N 9th St Lot 47 Carter Lake, IA	3.0	2.0	1152	$1,479	$1.28	45d	1	1.43mi
1015 N 14th St Omaha, NE	1.0–3.0	1.0–3.0	910	$1,855	$2.04	3d	17	1.47mi
1524 Cuming St Omaha, NE	1.0–2.0	1.0–2.0	1117	$2,195	$1.96	3d	14	1.49mi

Listing history 9 events

1. 2026-06-21
   days on market $190,000 Active 13 DOM
2. 2026-06-18
   days on market $190,000 Active 10 DOM
3. 2026-06-17
   days on market $190,000 Active 9 DOM
4. 2026-06-16
   days on market $190,000 Active 8 DOM
5. 2026-06-15
   days on market $190,000 Active 7 DOM
6. 2026-06-13
   statusdays on market $190,000 Active 5 DOM
7. 2026-06-10
   days on market $190,000 New 2 DOM
8. 2026-06-08
   remarks 691-char remark
9. 2026-06-08
   listed $190,000 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: $2,513 · $209/mo
• Projected year-2 tax: $3,287 · $274/mo
• Expected delta: +$774/yr (+$64/mo · 30.8%)

ⓘ 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 ≥105°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: $17,047
• − Mortgage interest: −$10,643
• − Property taxes: −$2,513
• − Insurance: −$950
• − Repairs & maintenance: −$1,364
• − Management: −$1,364
• − Depreciation: −$5,527
• Taxable loss: −$5,314
• Est. tax savings @ 24.0%: +$1,275
• After-tax cash flow: $-677/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: 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): 24,210
• Household income: $42,185
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 1913.0

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 0.65)
• Race & ethnicity: Black 52% Hispanic / Latino 21% White 17% Two or more races 15% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Ukrainian 3% Lithuanian 0%
• Foreign-born: 14% · Canada, Philippines
• Languages at home: 75% English-only · Spanish 16% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▲ 13.82%
• Current HPI: 358.7174
• Rent YoY: ▲ 3.22%
• 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

+413.5% since first listed

11 events — show timeline

• 2026-06-08 Listed $190,000 GPRMLS
• 2023-10-16 Sold (Public Records) $165,000 Public Records
• 2023-10-12 Sold (MLS) $165,000 GPRMLS
• 2023-08-31 Pending — GPRMLS
• 2023-08-28 Price Changed $165,000 GPRMLS
• 2023-08-10 Listed $180,000 GPRMLS
• 2023-05-04 Sold (Public Records) $75,000 Public Records
• 2004-07-07 Listing Removed — GPRMLS
• 2004-04-07 Listed $51,000 GPRMLS
• 2003-07-20 Listing Removed — GPRMLS
• 2003-03-20 Listed $37,000 GPRMLS

Property tax history

+23.1%/yr

Latest (2025): $2,513 · -2.7% YoY. Source: county tax records.