17832 Josephine St · Omaha, NE 68136

$275,000

3 bd · 2.0 ba · 1,462 sqft · SingleFamily public records · 3 Days on market

Built 2003 5,314 sqft lot $188/sqft · at area comps Est $288k · at est.

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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 +9.8/30.0
• ARV discount +9.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• 1% rule +3.0/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this beautifully updated, meticulously maintained home in Hickory Ridge owned by the same family from the time it was built in 2003! From the moment you step inside, you'll love the open, airy feel and fresh new carpet throughout. The kitchen is both stylish and functional, featuring a pantry, new flooring, stainless steel appliances, gas range, plus brand-new dishwasher and microwave. The spacious primary suite offers double sinks and a relaxing tub. The inviting family room is perfect for cozy nights. Step outside to a large, fenced backyard with a generous deck, ideal for entertaining or unwinding. Major updates include roof (2025), AC (2021), furnace (2022), and a new sliding

Key facts

• Pantry
• Generous deck
• Stylish kitchen

Tags

• UPDATED HOME
• FENCED BACKYARD
• GENEROUS DECK
• STYLISH KITCHEN
• PANTRY
• STAINLESS STEEL APPLIANCES

Property features AI

Exterior

• Parking: Attached garage with two built-in, covered spaces and garage door opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Split entry; Not new (built in 2003); Lot included in price; Lot approximately 0.12 acre
• Construction: Vinyl siding; Block foundation; Composition/Concrete roof; Built in 2003
• Exterior features: Deck; Wood full fencing; Shed(s); Public sidewalk

Interior

• Kitchen: Pantry; Sliding glass door; Range; Refrigerator; Dishwasher; Microwave; Garbage disposal
• Bedrooms: Primary bedroom on main floor with ceiling fan; Second bedroom on main floor; Third bedroom on main floor with ceiling fan
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: Two full bathrooms on the main level; Primary bath with double sinks
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Pantry; Sliding doors; Fireplace in family room; Has basement with egress window
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (11.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (20.0% below list).
• Recommended offer: $220k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: Wheeler Elementary School (math 70% / reading 68%, grade A-, #58 of 502 statewide, top 12%, 657 students, 18% FRL); Beadle Middle School (math 63% / reading 59%, grade B+, #17 of 128 statewide, top 13%, 1,012 students, 13% 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 15% FRL track the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 255 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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).

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.
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

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

Recommended offer $220,013 (20.0% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.80% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.73%
• DSCR: 0.88
• GRM: 10.4

CMA / ARV

• ARV (median comp): $287,915
• List price: $275,000
• Delta: -4.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7518 S 178 Cir	0.21mi	3/2.0	1,462 (0%)	4mo	$270,000	$185	87
17733 Lillian St	0.21mi	3/2.0	1,488 (+2%)	2mo	$275,000	$185	86
7112 S 177 St	0.20mi	3/2.5	1,488 (+2%)	6mo	$274,000	$184	81
7520 S 180th Ave	0.30mi	3/2.5	1,476 (+1%)	2mo	$305,000	$207	81
18060 Lillian St	0.32mi	3/2.0	1,480 (+1%)	4mo	$290,000	$196	80
7113 S 178 Ave	0.07mi	3/2.0	1,337 (-8%)	4mo	$275,000	$206	79
17512 Gertrude Cir	0.38mi	3/2.0	1,424 (-3%)	1mo	$285,000	$200	77
7212 S 176th St	0.34mi	3/2.0	1,507 (+3%)	3mo	$295,000	$196	77
17905 Gertrude Cir	0.11mi	3/2.0	1,668 (+14%)	2mo	$294,900	$177	70
18039 Sunridge St	0.24mi	3/2.0	1,655 (+13%)	1mo	$320,000	$193	66
18708 Hayes Cir	0.72mi	3/2.0	1,490 (+2%)	2mo	$360,000	$242	61
17515 Greenleaf Dr	0.74mi	2/2.0 (-1)	1,383 (-5%)	3mo	$364,770	$264	49

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.31×
• Total profit: $-53,166
• Equity at exit: $41,003

10-year hold

• IRR: -10.1%
• Equity multiple: 0.35×
• Total profit: $-49,965
• Equity at exit: $23,777

Cash invested: $77,000 (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 68136

• Home prices YoY: -5.2%
• Rents YoY: 4.1%
• Active inventory: 255
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,200 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$356 /mo · $4,278/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $-175

Break-even live

Break-even rent $2,422

Max offer price $244,069

Occupancy floor —

Sensitivity live

Price	-10% $-19	-5% $-97	+0% $-175	+5% $-253	+10% $-331
Rent	-10% $-349	-5% $-262	+0% $-175	+5% $-88	+10% $-1
Rate	-1.0pp $-37	-0.5pp $-105	base $-175	+0.5pp $-246	+1.0pp $-319

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18002 Margo St Omaha, NE	3.0	2.0	1643	$2,200	$1.34	45d	1	0.19mi
18192 Hayes Ct Unit 18192 Omaha, NE	2.0	2.0	1059	$1,950	$1.84	16d	1	0.44mi
5964 S 186th Ave Omaha, NE	3.0	2.0	1370	$2,100	$1.53	16d	1	0.93mi
18906 Birch Ave Omaha, NE	3.0	2.0	1621	$2,300	$1.42	12d	1	0.96mi
18217 Cary St Omaha, NE	3.0	1.0–2.0	1031	$2,625	$2.54	4d	94	0.99mi
6121 S 190th Ter Omaha, NE	3.0	2.0	1232	$2,100	$1.70	12d	1	1.06mi
19224 Olive Plz Gretna, NE	2.0	2.0	1149	$1,645	$1.43	4d	1	1.15mi
16556 Monroe St Omaha, NE	3.0	3.0	1742	$2,150	$1.23	45d	1	1.18mi
6601 S 194th Ter Plz Omaha, NE	1.0–3.0	1.0–2.0	1083	$2,613	$2.41	4d	16	1.35mi

Listing history 2 events

1. 2026-05-04
   status Pending 918-char remark
2. 2026-05-01
   listed $275,000 New 918-char remark

ⓘ 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: $4,278 · $356/mo
• Projected year-2 tax: $4,758 · $396/mo
• Expected delta: +$480/yr (+$40/mo · 11.2%)

ⓘ 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 ≥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: $26,402
• − Mortgage interest: −$15,404
• − Property taxes: −$4,278
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$8,000
• Taxable loss: −$6,880
• Est. tax savings @ 24.0%: +$1,651
• After-tax cash flow: $-450/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

• County: Sarpy County · 161,202 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 22,163
• Household income: $133,472
• Rent vs Own: 10.8% rent · 89.2% own
• Severe rent burden: 166.0

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 (86%)
• Race & ethnicity: White 86% Asian 6% Hispanic / Latino 5% Two or more races 3% Black 2%
• Common ancestry: Romanian 5% Portuguese 2% Italian 2%
• Foreign-born: 7% · Vietnam, Canada, China
• Languages at home: 91% English-only · Vietnamese 3% Spanish 3% Other Asian/Pacific 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: ▼ -12.33%
• Current HPI: 226.8096
• Rent YoY: ▲ 4.12%
• 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

+9.1% since first listed

4 events — show timeline

• 2026-06-02 Sold (Public Records) $300,053 Public Records
• 2026-06-01 Sold (MLS) $291,000 GPRMLS
• 2026-05-04 Pending — GPRMLS
• 2026-05-01 Listed $275,000 GPRMLS

Property tax history

+2.6%/yr

Latest (2025): $4,278 · +4.7% YoY. Source: county tax records.