7119 S 205th St · Omaha, NE 68028

$338,990

4 bd · 2.5 ba · 2,053 sqft · SingleFamily · 120 Days on market

Built 2025 6,098 sqft lot $23/mo HOA · 1% of rent ↓ 11% since listing

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Why this score? — see what drove the F 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 +8.0/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

!!RED TAG SALE JANUARY 2ND - 25TH!! 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 B

Key facts

• Open concept
• Gourmet kitchen
• Cozy great room

Tags

• OPEN CONCEPT
• SPACIOUS STUDY
• COZY GREAT ROOM
• GOURMET KITCHEN
• OVERSIZED ISLAND
• ENSUITE BATHROOM

🏗️ New construction. The $338,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $390,070.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $339k.

Deal economics

• At list price, monthly cash flow is $-392 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $321k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (26.6% below list).
• Recommended offer: $249k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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.
• Gretna Public Schools (suburban): math 64% / reading 64% proficiency, ranked #6 of 111 in NE (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Gretna Elementary School (math 63% / reading 70%, grade B+, #74 of 502 statewide, top 15%, 463 students, 13% FRL); Gretna Middle School (math 60% / reading 57%, grade B, #21 of 128 statewide, top 17%, 728 students, 14% FRL); Gretna High School (math 63% / reading 64%, grade B-, #37 of 261 statewide, top 14%, 1,729 students, 11% FRL).
• Market conditions: Rents rising (+1.9%/yr); 534 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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

• It's been on market 120 days — a 9% lower offer ($308k) is reasonable based on typical stale-listing flexibility.

Recommended offer $248,727 (26.6% 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. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.64% ✗
• Cap rate: 5.09%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• GRM: 13.1

CMA / ARV

• ARV (on-the-fly): $390,070
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7119 S 205th St	0.00mi	4/2.5	2,053 (0%)	1mo	$374,990	$183	100
7116 S 205th St	0.03mi	4/2.5	2,053 (0%)	1mo	$360,490	$176	97
7014 S 205th St	0.06mi	4/2.5	2,053 (0%)	1mo	$362,000	$176	96
7011 S 205th St	0.06mi	4/2.5	2,053 (0%)	1mo	$359,990	$175	96
20466 Emiline St	0.11mi	4/3.0	2,191 (+7%)	0mo	$392,990	$179	82
21116 Monroe St	0.63mi	3/2.5 (-1)	2,036 (-1%)	1mo	$396,000	$194	63
8020 S 200 St	0.69mi	3/2.5 (-1)	1,986 (-3%)	2mo	$378,000	$190	56
21051 Polk St	0.47mi	4/3.0	2,333 (+14%)	1mo	$398,000	$171	52
8012 S 200th St	0.67mi	3/2.5 (-1)	1,880 (-8%)	2mo	$389,000	$207	48
6302 S 200 St	0.59mi	3/2.5 (-1)	1,759 (-14%)	1mo	$450,000	$256	43
21059 Jefferson St	0.66mi	3/3.0 (-1)	1,761 (-14%)	2mo	$351,220	$199	37
21083 Jefferson St	0.70mi	3/3.0 (-1)	1,761 (-14%)	2mo	$351,030	$199	35

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 · 1.87% rent growth · sell at horizon

5-year hold

• IRR: -24.7%
• Equity multiple: 0.17×
• Total profit: $-91,169
• Equity at exit: $58,161

10-year hold

• IRR: -23.7%
• Equity multiple: -0.13×
• Total profit: $-123,481
• Equity at exit: $33,726

Cash invested: $109,220 (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 68028

• Home prices YoY: -31.0%
• Rents YoY: 1.9%
• Active inventory: 534
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,487 medium
• Mortgage (P&I): −$2,046
• Tax from tax record: −$126 /mo · $1,515/yr
• Insurance: −$163
• HOA: −$23
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $-392

Break-even live

Break-even rent $2,984

Max offer price $320,747

Occupancy floor —

Sensitivity live

Price	-10% $-172	-5% $-282	+0% $-392	+5% $-503	+10% $-613
Rent	-10% $-589	-5% $-491	+0% $-392	+5% $-294	+10% $-196
Rate	-1.0pp $-196	-0.5pp $-293	base $-392	+0.5pp $-493	+1.0pp $-596

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: $97,518
• Closing costs: $11,702
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20573 Margo St Gretna, NE	3.0	2.5	1500	$2,500	$1.67	21d	1	0.24mi
6108 Coventry Dr Elkhorn, NE	1.0–3.0	1.0–2.5	1220	$2,395	$1.96	3d	17	0.68mi
8121 S 198th Ave Gretna, NE	3.0	3.0	1982	$2,650	$1.34	45d	1	0.86mi
19714 Laci St Omaha, NE	3.0	2.0	1600	$2,200	$1.38	5d	1	0.98mi

HOA detail

• Monthly dues: $23 · $276/yr

Listing history 9 events

1. 2026-01-16
   status Pending
2. 2026-01-15
   price $338,990
3. 2026-01-02
   price $341,990
4. 2025-12-20
   price $346,990
5. 2025-12-12
   price $348,990
6. 2025-11-10
   price $349,990
7. 2025-10-27
   price $355,990
8. 2025-10-16
   price $365,990
9. 2025-09-18
   listed $381,990 New

ⓘ 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: $1,515 · $126/mo
• Projected year-2 tax: $5,865 · $489/mo
• Expected delta: +$4,349/yr (+$362/mo · 287.0%)

ⓘ 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 6 d/yr ≥103°F today · 14 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: $29,847
• − Mortgage interest: −$21,850
• − Property taxes: −$1,515
• − Insurance: −$1,950
• − Repairs & maintenance: −$2,388
• − Management: −$2,388
• − HOA: −$276
• − Depreciation: −$11,347
• Taxable loss: −$11,867
• Est. tax savings @ 24.0%: +$2,848
• After-tax cash flow: $-1,861/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: Gretna Public Schools
• NCES district ID: 3171220
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $89,845
• Composite: 58.21/100
• National rank: #1023
• State rank: #6 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

• County: Sarpy County · 161,202 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 17,529
• Household income: $143,604
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 339.0

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Iranian 3% Italian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

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: ▼ -108.83%
• Current HPI: 242.6423
• Rent YoY: ▲ 1.87%
• 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

-11.3% since first listed

9 events — show timeline

• 2026-01-16 Pending — GPRMLS
• 2026-01-15 Price Changed $338,990 GPRMLS
• 2026-01-02 Price Changed $341,990 GPRMLS
• 2025-12-20 Price Changed $346,990 GPRMLS
• 2025-12-12 Price Changed $348,990 GPRMLS
• 2025-11-10 Price Changed $349,990 GPRMLS
• 2025-10-27 Price Changed $355,990 GPRMLS
• 2025-10-16 Price Changed $365,990 GPRMLS
• 2025-09-18 Listed $381,990 GPRMLS

Property tax history

+179.0%/yr

Latest (2025): $1,515 · +68.7% YoY. Source: county tax records.