11860 S 115th St · Papillion, NE 68046

$389,000

4 bd · 2.5 ba · 2,053 sqft · SingleFamily · 6 Days on market

Built 2024 7,928 sqft lot Est $365k · 6% over $58/mo HOA · 2% of rent ↓ 22% since listing

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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 +10.8/30.0
• Schools +5.0/10.0
• ARV discount +4.6/15.0
• Livability +4.2/5.0
• DSCR +3.1/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

Key facts

• Quartz countertops
• Gourmet kitchen
• Private study

Tags

• PRIVATE STUDY
• GOURMET KITCHEN
• QUARTZ COUNTERTOPS
• OVERSIZED ISLAND
• EXPANSIVE PRIMARY SUITE
• LUXURIOUS EN SUITE BATH

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $700 covering common area maintenance

Exterior

• Parking: Attached 2-car garage with garage door opener; Two covered parking spaces
• Utilities: Public water; Public sewer; Electricity available; Natural gas available
• Home design: Single-family residence; Two levels; Not new / not a model
• Construction: Stone and vinyl siding exterior; Composition roof; Concrete perimeter foundation; Built in 2024
• Exterior features: Porch; Patio; Sprinkler system; Full wood fencing; Public sidewalk; Level lot; Subdivided

Interior

• Kitchen: Pantry; Luxury vinyl plank in kitchen; Range; Refrigerator; Dishwasher; Microwave; Garbage disposal
• Bedrooms: Master bedroom on 2nd floor; Additional bedrooms on 2nd floor
• Flooring: Luxury vinyl plank
• Bathrooms: Three total bathrooms: one full, one three-quarter, one half; Main level bathroom included; Below-grade bathroom available
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Ceiling fans; Pantry; Electric fireplace (1)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $389k.

Deal economics

• At list price, monthly cash flow is $-180 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (28.5% below list).
• Recommended offer: $278k (28.5% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.6% in Papillion — 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 (#4 in NE, #482 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F.
• Papillion La Vista Community Schools (suburban): math 54% / reading 58% proficiency, ranked #23 of 111 in NE (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Ashbury Elementary School (math 57% / reading 52%, grade C, #161 of 502 statewide, top 38%, 279 students, 7% FRL); Liberty Middle School (math 60% / reading 67%, grade B+, #13 of 128 statewide, top 10%, 499 students, 18% FRL); Papillion La Vista South Hs (math 59% / reading 61%, grade C+, #48 of 261 statewide, top 18%, 1,965 students, 20% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: Rents rising (+1.5%/yr); 616 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,612 units permitted in Sarpy County in 2024 (364 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Recommended offer $278,207 (28.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.72% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.98%
• DSCR: 0.91
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $365,434
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11854 S 114th Ave	0.06mi	4/3.0	2,219 (+8%)	1mo	$374,990	$169	81
11955 S 114th Ave	0.14mi	4/3.0	2,191 (+7%)	0mo	$400,990	$183	80
11861 S 114th Ave	0.09mi	4/3.0	2,219 (+8%)	1mo	$364,990	$164	80
11902 S 114th Ave	0.06mi	4/3.0	2,219 (+8%)	3mo	$369,990	$167	79
11862 S 114th Ave	0.06mi	4/3.0	2,219 (+8%)	3mo	$371,990	$168	79
11913 S 114th Ave	0.10mi	4/3.0	2,219 (+8%)	1mo	$385,000	$174	79
11901 S 114th Ave	0.09mi	4/3.0	2,219 (+8%)	2mo	$393,990	$178	78
11857 S 114th Ave	0.09mi	4/3.0	2,219 (+8%)	3mo	$371,990	$168	78
11904 S 118th St	0.22mi	3/2.5 (-1)	1,823 (-11%)	3mo	$492,520	$270	64
10706 Portage Dr	0.67mi	3/2.5 (-1)	1,986 (-3%)	2mo	$385,000	$194	57
11952 S 107 Ave	0.64mi	4/3.0	2,297 (+12%)	2mo	$450,000	$196	46
12404 Fenwick St	0.75mi	3/2.0 (-1)	1,904 (-7%)	2mo	$501,463	$263	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.52% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.28×
• Total profit: $-78,703
• Equity at exit: $58,001

10-year hold

• IRR: -17.9%
• Equity multiple: 0.08×
• Total profit: $-100,127
• Equity at exit: $33,634

Cash invested: $108,920 (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 68046

• Home prices YoY: -34.3%
• Rents YoY: 1.5%
• Active inventory: 616
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,782 medium
• Mortgage (P&I): −$2,040
• Tax from tax record: −$117 /mo · $1,408/yr
• Insurance: −$162
• HOA: −$58
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $-180

Break-even live

Break-even rent $3,009

Max offer price $357,281

Occupancy floor —

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11710 S 113th Ave Papillion, NE	3.0	2.5	1996	$2,800	$1.40	23d	1	0.31mi
12002 Edgewater Dr Papillion, NE	5.0	4.5	2500	$3,200	$1.28	43d	1	0.41mi
12219 S 111th Ave Papillion, NE	4.0	4.0	2600	$3,100	$1.19	2d	1	0.50mi
12354 Edgewater Dr Papillion, NE	4.0	3.0	2400	$3,000	$1.25	2d	1	0.52mi

HOA detail

• Monthly dues: $58 · $696/yr

Listing history 15 events

1. 2026-05-05
   status Pending
2. 2026-05-01
   price $389,000
3. 2026-04-28
   listed $399,000 New
4. 2026-04-16
   status Pending
5. 2026-04-12
   historical
6. 2026-04-08
   listed $399,000 New
7. 2025-07-09
   soldstatus $380,790 Sold 971-char remark

   Show marketing remark (971 chars)

   MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

8. 2025-06-17
   status Pending 971-char remark

   Show marketing remark (971 chars)

   MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

9. 2025-06-13
   price $369,990 971-char remark

   Show marketing remark (971 chars)

   MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

10. 2025-05-22
    price $379,990 971-char remark

    Show marketing remark (971 chars)

    MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

11. 2025-05-02
    price $384,990 971-char remark

    Show marketing remark (971 chars)

    MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

12. 2025-04-09
    price $389,990 971-char remark

    Show marketing remark (971 chars)

    MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

13. 2025-01-14
    price $394,990 971-char remark

    Show marketing remark (971 chars)

    MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

14. 2025-01-08
    listed $389,990 New 971-char remark

    Show marketing remark (971 chars)

    MOVE-IN READY! D.R. Horton, America’s Builder, presents the Bellhaven. This beautiful open concept 2-story home has 4 large Bedrooms & 2.5 Bathrooms. Upon entering the Bellhaven you’ll find a spacious Study perfect for an office space. As you make your way through the Foyer, you’ll find a spacious and cozy Great Room complete with a fireplace. The Gourmet Kitchen with included Quartz countertops is perfect for entertaining with its Oversized Island overlooking the Dining and Living areas. Heading up to the second level, you’ll find the oversized Primary Bedroom featuring an ensuite bathroom and TWO large walk-in closets. The additional 3 Bedrooms, full Bathroom, and Laundry Room round out the rest of the upper level! All D.R. Horton Nebraska homes include our America’s Smart Home™ Technology. Photos may be similar but not necessarily of subject property, including interior and exterior colors, finishes and appliances.

15. 2024-09-05
    soldstatus $500,000

ⓘ 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: $1,408 · $117/mo
• Projected year-2 tax: $6,730 · $561/mo
• Expected delta: +$5,322/yr (+$443/mo · 377.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $33,385
• − Mortgage interest: −$21,790
• − Property taxes: −$1,408
• − Insurance: −$1,945
• − Repairs & maintenance: −$2,671
• − Management: −$2,671
• − HOA: −$696
• − Depreciation: −$11,316
• Taxable loss: −$9,112
• Est. tax savings @ 24.0%: +$2,187
• After-tax cash flow: $32/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: Papillion La Vista Community Schools
• NCES district ID: 3175270
• Math proficiency: 54% ▼ -2.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $72,684
• Composite: 49.92/100
• National rank: #1937
• State rank: #23 of 111 in NE

Livability — Papillion

• Score: 85/100
• State rank: #4
• US rank: #482

Category grades

Amenities D- Commute F Cost of living A Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sarpy County · 161,202 people
• City population: 35,085
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 35,085
• Household income: $116,907
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 565.0

Population outlook (Sarpy County) Hauer SSP2

• Today (2025): 211,769 people
• By 2030: 229,365 · +8.3%
• By 2040: 264,122 · +24.7%
• By 2050: 298,087 · +40.8%
• By 2075: 381,667 · +80.2%
• By 2100: 448,180 · +111.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 5% Slovak 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2%

Political lean MEDSL · Sarpy

• 2024 margin: R (+11.7) · D 43.5% · R 55.2% · Other 1.3%
• 2008→2024 swing: +4.2pp toward D · 2008: -15.9pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+11.2 2016: R+21.8 2012: R+23.6 2008: R+15.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.80%
• Current HPI: 223.4436
• Rent YoY: ▲ 1.52%
• 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

-22.2% since first listed

15 events — show timeline

• 2026-05-05 Pending — GPRMLS
• 2026-05-01 Price Changed $389,000 GPRMLS
• 2026-04-28 Listed $399,000 GPRMLS
• 2026-04-16 Pending — GPRMLS
• 2026-04-12 Listing Removed — GPRMLS
• 2026-04-08 Listed $399,000 GPRMLS
• 2025-07-09 Sold (MLS) $380,790 GPRMLS
• 2025-06-17 Pending — GPRMLS
• 2025-06-13 Price Changed $369,990 GPRMLS
• 2025-05-22 Price Changed $379,990 GPRMLS
• 2025-05-02 Price Changed $384,990 GPRMLS
• 2025-04-09 Price Changed $389,990 GPRMLS
• 2025-01-14 Price Changed $394,990 GPRMLS
• 2025-01-08 Listed $389,990 GPRMLS
• 2024-09-05 Sold (Public Records) $500,000 Public Records

Property tax history

+58.6%/yr

Latest (2025): $1,408 · +87.0% YoY. Source: county tax records.