For many in Omaha, the dream of owning a detached single-family home feels increasingly out of reach. However, the property at 4721 N 42nd St, Omaha, NE 68111 provides a textbook example of an accessible entry point into the market.
Priced at $145,000, this 1910-built bungalow offers a strategic balance between historic charm, functional utility, and financing flexibility. Today, we dive into the data to see why this listing is a prime candidate for first-time buyers and “buy-and-hold” investors.
| Feature | Detail |
| Address | 4721 N 42nd St, Omaha, NE 68111 |
| Price | $145,000 ($146/sqft) |
| Beds/Baths | 3 Bedrooms / 1 Bathroom |
| Style | Classic Bungalow (Built 1910) |
| Garage | 1-Car Detached + Off-Street Parking |
| Lot Size | 6,098.4 Sq. Ft. (Chain Link Fenced) |
The Financing Edge: FHA & VA Eligibility
One of the most important “hidden” details in this listing is the inclusion of FHA and VA loan terms, along with Private Financing and Seller Assistance.
- Why this matters: Many homes in this price bracket are sold “Cash Only” because of their condition. The fact that this home qualifies for FHA and VA loans suggests it meets a higher standard of habitability.
- Low Down Payment: For a first-time buyer, an FHA loan means you could potentially secure this home with as little as 3.5% down (~$5,075). This makes homeownership much more attainable than a conventional 20% down payment.
Location Analysis: The “Park & Country Club” Hub
In real estate, proximity to green space is a proven driver of long-term value. This bungalow is strategically positioned near:
- Fontenelle Park: Access to walking trails and recreational space.
- Omaha Country Club: Proximity to high-end areas often provides a “halo effect” on nearby property values.
- Urban Connectivity: Quick access to downtown Omaha ensures that commuting for work or dining is efficient, keeping rental demand high.
Practicality Over Size: The 991 Sq. Ft. Strategy
While 991 sq. ft. might sound modest, the Bungalow architectural style is famous for having zero wasted space.
- The Functional Layout: With all three bedrooms and the primary living areas on a single level (with a 727 sq. ft. unfinished basement below), the home feels cohesive and easy to maintain.
- Efficiency: Smaller square footage means lower utility bills—a critical factor for budget-conscious homeowners in Nebraska’s cold winters.
Outdoor Value: The Fenced Yard & Garage
Finding a sub-$150k home that includes both a fenced yard and a 1-car garage is a significant win.
- The Garage Asset: In Omaha, a garage isn’t just for parking; it’s protection against hail and snow, which reduces car maintenance costs.
- Security: The chain-link fencing around the 6,000+ sq. ft. lot makes it “pet-ready” and “family-ready” from day one, saving the new owner thousands in fencing costs.
Value Analysis: Tax Assessment & Potential
- Tax Assessed Value: $96,900
- Annual Taxes: $1,620
- Market Trend: The list price of $145k reflects the current 2026 market demand in the 68111 zip code, where renovated bungalows are increasingly holding their value.
The 727 sq. ft. unfinished basement offers a massive “Value-Add” opportunity. Finishing even half of this space for a laundry suite or a recreation room would instantly build equity and increase the home’s total livable area to over 1,300 sq. ft.
The Verdict: Who Should Move Fast?
- The First-Time Buyer: If you are tired of renting and have a stable job but limited cash for a down payment, the FHA/VA eligibility and Seller Assistance make this a perfect start.
- The “House Hacker”: With three bedrooms, you could live in one and rent out the others, potentially covering the $985/mo estimated mortgage entirely.
- The Simple Investor: A clean, functional bungalow near a park is a “stable asset” that will always have a pool of qualified tenants.
Epathgo Final Thought: Don’t let the “Bungalow” label deceive you. This is a high-utility property in a location that is seeing renewed interest. With the financing options available, the barrier to entry has never been lower.
Disclaimer: Analysis is for educational purposes on epathgo.com. Always verify school boundaries and conduct a professional home inspection before purchasing.
Listed on Zillow