The Best Value Properties in Omaha, NE
• • ☕️ 3 min read • By Noah Blumberg •
Omaha, Nebraska, like so much of the U.S., has seen a dramatic spike in real estate prices over the last couple years. Much of it is due to lagging supply which is at roughly one third of normal. There are tons of buyers and not enough inventory which causes buyers to bid over asking prices. If you're lucky enough to own in Omaha, you're in a great position to command high rents for your property or just benefit from appreciation.
These conditions should remain unchanged for a while because even as builders attempt to get new homes built, global supply chain delays have made everything take longer. In the meantime, Omaha is a very competive rental market with 96% occupancy and an average of 25 vacancy days. The price to rent ratio supports this dynamic as it points to the reality that prices, despite recent increases, have stayed low enough to make a profit from the rent a typical person in Omaha can afford.
The Properties
There's more plausible data about potential rents for properties in Omaha, so you'll see more cap rate and cash-on-cash return values in this table. We're used to seeing major rehab properties at the top of our lists, but this time we have a real estate property that needs work but not extensively so. Property #1 is a large home needing "some handyman work", but at an amazing price. Its $139,900 price tag is only about one third of the median price on this list. The price makes for some gaudy, if a bit unrealistic, cap rate and cash-on-cash numbers. Despite the fact that this property will have more than the assumed amount of start up costs in our calculation, it still presents a great opportunity at this price.
Property #2 is in Omaha's most desirable zip code. This 3000+ square foot home is listed below the median price and is in great shape. It may take a large offer to land this property, however, as it's only on the market to seek backup offers at the moment. Property #14 needs plenty of work but it appears to be cosmetic in nature. At just $115,000, it looks very attractive as a potential rental.
Reading Resources
- How 'bidding wars' are dramatically impacting valuations for Omaha homeowners
- It's a tight market for home buyers in Omaha, and it's not expected to improve soon
- Realtor.com: 2022 Housing Market Predictions
- Florida Atlantic University's School of Business: 100 Top Housing Markets Ranked by Most Overpriced
- The Best Markets For Real Estate Investment In 2022
- Federal Housing Finance Agency's House Price Indexes
| Median List Price | Median Sqft | Median Lot Size(SqFt) | Median HOA Fee |
|---|---|---|---|
| $385,990 | 2,170 | 6,359 | $98 |
| Score** | Property | ZipX** | Type | Cap Rate* | SqFt | Cash-On-Cash Return* | Price |
|---|---|---|---|---|---|---|---|
| 47.42 | 2219 Evans St | 1.33 | single family | 9.22 | 2371 | 19.41 | $139,900 |
| 44.64 | 3340 N 207th Ter | 2.28 | single family | 3.31 | 3352 | -9.24 | $375,000 |
| 44.50 | 20502 Ohio St | 2.28 | single family | 3.6 | 2646 | -7.79 | $350,000 |
| 43.62 | 17718 Frances St | 2.15 | single family | 3.6 | 3458 | -7.82 | $430,000 |
| 42.64 | 16501 Loop St | 1.87 | single family | 3.5 | 3748 | -8.32 | $355,000 |
| 42.27 | 5816 S 167th Ave | 1.98 | single family | 3.37 | 3542 | -8.96 | $420,000 |
| 41.89 | 412 N 163rd St | 2.09 | single family | 4.12 | 3731 | -5.18 | $399,000 |
| 41.42 | 2920 N 169th St | 1.94 | single family | 3.05 | 3912 | -10.55 | $420,000 |
| 40.91 | 1215 N 121st St | 1.90 | single family | 4.54 | 3326 | -3.07 | $329,500 |
| 40.50 | 2111 S 166th St | 2.15 | single family | 3.57 | 2254 | -7.96 | $270,000 |
| 39.99 | 17026 Decatur St | 2.09 | single family | 3.01 | 3679 | -10.73 | $437,100 |
| 38.15 | 9506 S 183rd Ave | 1.87 | single family | 4.8 | 3218 | -1.81 | $408,217 |
| 38.02 | 533 S 196th Ave | 2.28 | single family | 2.86 | 4033 | -11.49 | $565,000 |
| 37.57 | 4022 Wirt St | 1.00 | single family | 7.78 | 1960 | 10.87 | $115,000 |
| 37.28 | 14866 Harvey Oaks Ave | 1.74 | single family | 4.44 | 3158 | -3.58 | $315,000 |
| 36.68 | 5902 N 166th St | 1.94 | single family | 3.08 | 4510 | -9.96 | $599,000 |
| 36.30 | 2512 N 176th St | 1.94 | single family | 3.19 | 3521 | -9.86 | $485,000 |
| 36.23 | 15704 S St | 1.98 | single family | 3.93 | 2351 | -6.16 | $315,000 |
| 36.03 | 15109 Taylor St | 1.94 | single family | 2.96 | 3805 | -10.99 | $475,000 |
| 35.63 | 16055 Gold Plz | 2.15 | single family | 4.21 | 2462 | -4.75 | $325,000 |
| 35.38 | 18709 Josephine St | 1.87 | single family | 2.96 | 3484 | -10.97 | $475,000 |
| 34.26 | 16563 Elm St | 2.15 | single family | N/A | 2724 | N/A | $420,000 |
| 34.24 | 6418 S 99th St | 1.65 | single family | 3.6 | 3772 | -7.77 | $390,000 |
| 34.13 | 16902 Western Ave | 2.09 | single family | 5.47 | 2312 | 1.55 | $299,900 |
| 33.95 | 3716 N 19th St | 1.33 | single family | 7.35 | 1504 | 8.71 | $111,000 |