4242 S 178th St · Omaha, NE 68135

$279,000

2 bd · 2.0 ba · 1,433 sqft · Other public records · 5 Days on market

Built 2001 4,356 sqft lot $195/sqft · 61% above area Est $319k · 13% under $105/mo HOA · 5% of rent

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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).

• ARV discount +13.2/15.0
• Cash flow +7.5/30.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic 3-bedroom townhome in a highly desirable Millard school neighborhood. This meticulously cared-for home blends comfort and convenience. Step out to the deck overlooking a mature tree line, making the backyard private and relaxing. You will be greeted with an open floor plan filled with natural light and neutral colors throughout. Updated s/s appliances, quartz countertops, backsplash, and lighting. LVP flooring to baths, entry, and kitchen. The primary bedroom has a walk-in closet and ¾ bath with double vanity. There is a great lower level, walk out rec room perfect for additional entertainment or living space. All appliances stay including W/ D, new furnace 4/26. Very near

Key facts

• $105 HOA
• 2 garage spots
• Built 2001

Property features AI

Finance

• HOA & community: Association: Wood Creek Townhomes; Monthly association fee of $105 covering grounds maintenance and snow removal

Exterior

• Parking: Attached 2-car garage; Two covered parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential townhouse; Split-entry levels; Property is attached; Built in 2001; Below-grade finished living space
• Construction: Masonite and brick exterior; Concrete perimeter foundation; Shingle roof (not explicitly listed but typical for construction materials listed)
• Exterior features: Patio; Deck; Sprinkler system; Window coverings

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Microwave; Disposal; Kitchen with luxury vinyl plank and window covering
• Bedrooms: Primary bedroom on main floor with ceiling fan and walk-in closet; Second bedroom on main floor with ceiling fan; Third bedroom in basement with ceiling fan
• Flooring: Carpet (primary living areas noted); Luxury vinyl plank in kitchen
• Bathrooms: Two bathrooms total — one full bath and one 3/4 bath; Primary bath with double sinks and 3/4 configuration
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Sliding doors; Living room fireplace (direct-vent gas); One fireplace total; Window coverings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $279k.

Deal economics

• At list price, monthly cash flow is $-353 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (24.9% below list).
• Recommended offer: $210k (24.9% below list) — sets the bar for 1% rule.
• Cap rate 4.8% 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.
• Millard Public Schools (urban): math 58% / reading 60% proficiency, ranked #13 of 111 in NE (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Rohwer Elementary School (math 67% / reading 73%, grade A-, #38 of 502 statewide, top 7%, 463 students, 18% FRL); Russell Middle School (math 63% / reading 63%, grade B+, #15 of 128 statewide, top 11%, 779 students, 16% FRL); Millard West High School (math 70% / reading 69%, grade B, #13 of 261 statewide, top 7%, 2,309 students, 14% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 244 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent is only 18% of the median local income ($144k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y ago 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.
• Current owner paid $175k; list at $279k implies a 59% gain — meaningful room to come down on a strong offer.

Recommended offer $209,667 (24.9% 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. 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?
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: 0.75% ✗
• Cap rate: 4.78%
• Cash-on-cash: -5.42%
• DSCR: 0.76
• GRM: 11.1

CMA / ARV

• ARV (median comp): $319,261
• List price: $279,000
• Delta: -12.61%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -25.2%
• Equity multiple: 0.14×
• Total profit: $-66,948
• Equity at exit: $41,600

10-year hold

• IRR: -20.1%
• Equity multiple: -0.08×
• Total profit: $-84,197
• Equity at exit: $24,123

Cash invested: $78,120 (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 68135

• Home prices YoY: -18.1%
• Rents YoY: 3.3%
• Active inventory: 244
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,097 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$325 /mo · $3,899/yr
• Insurance: −$116
• HOA: −$105
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-353

Break-even live

Break-even rent $2,543

Max offer price $216,662

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17971 Oak Plz Omaha, NE	1.0–2.0	1.0–2.5	1101	$2,665	$2.42	2d	15	0.94mi
17011 Wright Plz Omaha, NE	3.0	1.0–2.0	964	$1,885	$1.95	2d	15	1.40mi

HOA detail

• Monthly dues: $105 · $1,260/yr

Listing history 7 events

1. 2026-05-05
   status Pending 926-char remark
2. 2026-04-17
   listed $279,000 New 926-char remark
3. 2019-06-03
   soldstatus $175,000
4. 2001-05-02
   soldstatus $119,900
5. 2001-03-10
   soldstatus $119,900
6. 2001-03-02
   historical
7. 2001-02-01
   listed $119,900

ⓘ 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: $3,899 · $325/mo
• Projected year-2 tax: $4,827 · $402/mo
• Expected delta: +$928/yr (+$77/mo · 23.8%)

ⓘ 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 · 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: $25,160
• − Mortgage interest: −$15,628
• − Property taxes: −$3,899
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,013
• − Management: −$2,013
• − HOA: −$1,260
• − Depreciation: −$8,116
• Taxable loss: −$9,164
• Est. tax savings @ 24.0%: +$2,199
• After-tax cash flow: $-2,035/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: Millard Public Schools
• NCES district ID: 3173740
• Math proficiency: 58% ▼ -7.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $81,146
• Composite: 53.23/100
• National rank: #1500
• State rank: #13 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

• Census place: Omaha, NE
• County: Douglas County · 538,646 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 30,523
• Household income: $143,676
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 104.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 625,245 people
• By 2030: 661,613 · +5.8%
• By 2040: 732,395 · +17.1%
• By 2050: 801,988 · +28.3%
• By 2075: 968,637 · +54.9%
• By 2100: 1,101,871 · +76.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Asian 6% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 3% Italian 3% Portuguese 3%
• Foreign-born: 6% · China, Canada, Vietnam
• Languages at home: 93% English-only · Other Indo-European 2% Chinese 2% Other Asian/Pacific 2%

Political lean MEDSL · Douglas

• 2024 margin: D (+10.2) · D 54.4% · R 44.2% · Other 1.4%
• 2008→2024 swing: +5.5pp toward D · 2008: 4.6pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.3 2016: D+1.4 2012: R+4.3 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.72%
• Current HPI: 228.9775
• Rent YoY: ▲ 3.31%
• 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

+132.7% since first listed

7 events — show timeline

• 2026-05-05 Pending — GPRMLS
• 2026-04-17 Listed $279,000 GPRMLS
• 2019-06-03 Sold (Public Records) $175,000 Public Records
• 2001-05-02 Sold (MLS) $119,900 GPRMLS
• 2001-03-10 Sold (Public Records) $119,900 Public Records
• 2001-03-02 Listing Removed — GPRMLS
• 2001-02-01 Listed $119,900 GPRMLS

Property tax history

+3.7%/yr

Latest (2025): $3,899 · +22.8% YoY. Source: county tax records.