332 S Adams St · Papillion, NE 68046

$119,000

1 bd · 1.0 ba · 540 sqft · SingleFamily public records · 1 Days on market

Built 1950 3,485 sqft lot Est $151k · 21% 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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.3/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

CONTRACT PENDING-Why Pay to rent an apartment when you could live the ultimate tiny home life in this cutie? Perfectly located right in the heart of old Papillion, walking distance from shopping, dining, night life, Parks and of course Dairy Queen. This is NOT a flip! Sellers have loved this home for many years. Major updates from top to bottom. Inside was gutted down to the studs and totally redone. The only thing original inside this home are the Hardwood floors in the living room and bedroom. New wiring throughout, electrical box, plumbing. sewer lines out front. remodeled kitchen, newer appliances, windows and doors replaced in 2020. HVAC, water heater and roof also 2020. All quality u

Key facts

• Off street parking
• Remodeled kitchen
• Newer appliances

Tags

• WALKING DISTANCE FROM SHOPPING
• REMODELED KITCHEN
• NEWER APPLIANCES
• FENCED BACKYARD
• OFF STREET PARKING
• BACK ALLEY ACCESS

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Phone available; Cable available
• Home design: Single-family residence; Residential property; Not new / not a model; One story (living area above grade)
• Construction: Masonite siding; Composition roof; Block foundation; Built in 1950
• Exterior features: Chain link fence; Shed(s); City lot with alley access; Lot roughly 44 x 132 (about 0.08 acre)

Interior

• Kitchen: Pantry; Laminate flooring; Range; Refrigerator; Microwave
• Bedrooms: Master bedroom on main floor with wood flooring, ceiling fan, and walk-in closet (approx. 13.1' x 9.0')
• Flooring: Wood flooring; Laminate flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Cap rate 8.3% 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: Trumble Park Elementary School (math 57% / reading 56%, grade C+, #157 of 502 statewide, top 31%, 376 students, 35% FRL); Papillion Middle School (math 51% / reading 60%, grade B-, #30 of 128 statewide, top 23%, 659 students, 29% FRL); Papillion La Vista South Hs (math 59% / reading 61%, grade C+, #48 of 261 statewide, top 18%, 1,965 students, 20% FRL).
• Market conditions: Rents rising (+1.5%/yr); 616 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,612 units permitted in Sarpy County in 2024 (364 in 5+ unit buildings).
• This rent is only 13% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $48k; list at $119k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $151,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
332 S Adams St	0.00mi	1/1.5	540 (0%)	1mo	$151,025	$280	97

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: -7.2%
• Equity multiple: 0.74×
• Total profit: $-8,688
• Equity at exit: $17,743

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,203
• Equity at exit: $10,289

Cash invested: $33,320 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,224 high
• Mortgage (P&I): −$624
• Tax from tax record: −$99 /mo · $1,182/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $195

Break-even live

Break-even rent $977

Max offer price $119,000

Occupancy floor 79%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 Cody Cir Papillion, NE	1.0	1.0	364	$1,000	$2.75	23d	1	0.54mi
313 Devon Dr Papillion, NE	2.0	1.0–2.0	1042	$1,708	$1.64	2d	60	0.81mi
806 1/2 Janes View St Papillion, NE	1.0–2.0	1.0–2.0	800	$875	$1.09	3d	8	0.87mi
1341 W 6th St Papillion, NE	1.0–2.0	1.0–2.0	1302	$1,246	$0.96	3d	35	1.00mi
1512 Bristol St Papillion, NE	2.0	1.0–2.0	927	$1,485	$1.60	2d	11	1.03mi
10532 S 97th Ct Papillion, NE	2.0	1.0–2.0	975	$1,644	$1.69	3d	32	1.08mi
1427 Grandview Ave Papillion, NE	1.0	1.0	750	$1,050	$1.40	2d	1	1.25mi
623 Fenwick Dr Papillion, NE	1.0–2.0	1.0	832	$1,100	$1.32	2d	6	1.28mi

Listing history 3 events

1. 2026-05-12
   status Pending
2. 2026-05-11
   listed $119,000 New
3. 2016-11-16
   soldstatus $47,500

ⓘ 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: $1,182 · $99/mo
• Projected year-2 tax: $2,059 · $172/mo
• Expected delta: +$876/yr (+$73/mo · 74.1%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,687
• − Mortgage interest: −$6,666
• − Property taxes: −$1,182
• − Insurance: −$595
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$3,462
• Taxable income: $432
• Est. tax owed @ 24.0%: −$104
• After-tax cash flow: $2,233/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

• Census place: Papillion, NE
• 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

+150.5% since first listed

3 events — show timeline

• 2026-05-12 Pending — GPRMLS
• 2026-05-11 Listed $119,000 GPRMLS
• 2016-11-16 Sold (Public Records) $47,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,182 · +5.6% YoY. Source: county tax records.