1120 Delmar St Unit 5B · Papillion, NE 68046

$160,000

2 bd · 2.0 ba · 1,630 sqft · Condo public records · 90 Days on market

Built 1968 $302/mo HOA · 18% 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).

• Cash flow +10.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +4.2/5.0
• DSCR +3.1/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live the good life! Sunbathe by the Pool while the Lawn Service Takes Care of the Yard! Beautiful, Updated Townhome Includes; Coveted 1 Car Garage, formal dining Rm, Living Rm w/Patio Access, Large Master BR w/His & Hers Closets, 2nd BR has Walk-in closet, Both Baths Boast Gorgeous marble Flooring. Sunny Lower Level w/Family Rm & Office(or 3rd non-conforming BR). Dues include trash, water, sewer, pool access, & maintenance. Great location close to Schools, Offutt & Shadow Lake.

Key facts

• Monarch grove regime
• New electrical panel
• $302 HOA

Tags

• PAPILLION CONDO OPPORTUNITY
• MONARCH GROVE REGIME
• NEW ELECTRICAL PANEL

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Association: Monarch Grove; Monthly association fee of $302; Association covers exterior maintenance, grounds maintenance, pool access and maintenance, snow removal, insurance, common area maintenance, water and trash

Exterior

• Parking: Detached covered garage/parking for 1 vehicle
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Residential condominium; Attached property; Two levels; Not new (built 1968)
• Construction: Vinyl siding; Composition roof; Block foundation; Built in 1968
• Exterior features: Patio; City lot in a subdivided, paved area; Window coverings

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Microwave; Ceramic tile flooring in kitchen
• Bedrooms: Primary bedroom on 2nd floor with 9'+ ceilings, carpeting, and window coverings; Second bedroom on 2nd floor with 9'+ ceilings, carpeting, window coverings and a walk-in closet; Basement office (8' x 14') with wall-to-wall carpeting
• Flooring: Carpet; Laminate; Ceramic tile
• Bathrooms: Two bathrooms total: one full and one half; one bath on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: No fireplaces; Window coverings
• Laundry & utility: Utilities: electricity, natural gas, public water and public sewer available

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-76 ($-911/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (8.4% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $147k (8.4% below list) — sets the bar for cash-flow.
• 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: Carriage Hill Elementary Sch (math 43% / reading 45%, grade F, #317 of 502 statewide, top 63%, 383 students, 39% 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 17% 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 $1k of loan paydown is wiped out by about $5k 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 90 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $9k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; list at $160k implies a 116% gain — meaningful room to come down on a strong offer.

Recommended offer $146,584 (8.4% 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 90 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 5.72%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -21.7%
• Equity multiple: 0.26×
• Total profit: $-33,024
• Equity at exit: $23,857

10-year hold

• IRR: -20.2%
• Equity multiple: 0.02×
• Total profit: $-43,972
• Equity at exit: $13,834

Cash invested: $44,800 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$839
• Tax from tax record: −$198 /mo · $2,376/yr
• Insurance: −$67
• HOA: −$302
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $-76

Break-even live

Break-even rent $1,779

Max offer price $146,584

Occupancy floor 100%

Sensitivity live

Price	-10% $15	-5% $-31	+0% $-76	+5% $-121	+10% $-167
Rent	-10% $-209	-5% $-142	+0% $-76	+5% $-9	+10% $57
Rate	-1.0pp $5	-0.5pp $-35	base $-76	+0.5pp $-117	+1.0pp $-160

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1260 Golden Gate Dr Unit 213 Papillion, NE	2.0	1.5	1180	$1,325	$1.12	24d	1	0.26mi
313 Devon Dr Papillion, NE	2.0	1.0–2.0	1042	$2,185	$2.10	3d	60	0.27mi
1264 Golden Gate Dr Unit 323 Papillion, NE	2.0	1.5	1180	$1,325	$1.12	15d	1	0.28mi
1512 Bristol St Papillion, NE	2.0	1.0–2.0	927	$1,740	$1.88	3d	11	0.45mi
1214 Applewood Dr Papillion, NE	1.0–3.0	1.0–2.0	941	$1,715	$1.82	3d	7	0.94mi
11020 S 97th St Papillion, NE	3.0	3.0	1833	$2,850	$1.55	3d	1	1.19mi
10532 S 97th Ct Papillion, NE	2.0	1.0–2.0	975	$2,101	$2.15	3d	32	1.43mi
7088 Flint Dr Papillion, NE	1.0–3.0	1.0–2.5	1158	$2,607	$2.25	2d	11	1.44mi

HOA detail condo

• Monthly dues: $302 · $3,624/yr
• Likely covers: watersewertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-04-30
   status Pending
2. 2026-04-16
   price $160,000
3. 2026-01-30
   listed $169,000 New
4. 2026-01-27
   historical
5. 2025-12-06
   price $169,000
6. 2025-11-15
   status Back On Market
7. 2025-11-07
   status Pending
8. 2025-10-21
   listed $174,000 New
9. 2012-09-14
   soldstatus $74,000
10. 2012-08-31
    soldstatus $73,500 498-char remark

    Show marketing remark (498 chars)

    Live the good life! Sunbathe by the Pool while the Lawn Service Takes Care of the Yard! Beautiful, Updated Townhome Includes; Coveted 1 Car Garage, formal dining Rm, Living Rm w/Patio Access, Large Master BR w/His & Hers Closets, 2nd BR has Walk-in closet, Both Baths Boast Gorgeous marble Flooring. Sunny Lower Level w/Family Rm & Office(or 3rd non-conforming BR). Dues include trash, water, sewer, pool access, & maintenance. Great location close to Schools, Offutt & Shadow Lake.

11. 2012-08-09
    historical 498-char remark

    Show marketing remark (498 chars)

    Live the good life! Sunbathe by the Pool while the Lawn Service Takes Care of the Yard! Beautiful, Updated Townhome Includes; Coveted 1 Car Garage, formal dining Rm, Living Rm w/Patio Access, Large Master BR w/His & Hers Closets, 2nd BR has Walk-in closet, Both Baths Boast Gorgeous marble Flooring. Sunny Lower Level w/Family Rm & Office(or 3rd non-conforming BR). Dues include trash, water, sewer, pool access, & maintenance. Great location close to Schools, Offutt & Shadow Lake.

12. 2012-06-29
    listed $75,000 498-char remark

    Show marketing remark (498 chars)

    Live the good life! Sunbathe by the Pool while the Lawn Service Takes Care of the Yard! Beautiful, Updated Townhome Includes; Coveted 1 Car Garage, formal dining Rm, Living Rm w/Patio Access, Large Master BR w/His & Hers Closets, 2nd BR has Walk-in closet, Both Baths Boast Gorgeous marble Flooring. Sunny Lower Level w/Family Rm & Office(or 3rd non-conforming BR). Dues include trash, water, sewer, pool access, & maintenance. Great location close to Schools, Offutt & Shadow Lake.

13. 2004-08-30
    soldstatus $90,000
14. 2004-05-20
    soldstatus $89,850
15. 2004-04-01
    historical
16. 2003-04-09
    listed $89,850
17. 2003-04-08
    historical
18. 2003-01-06
    listed $84,950
19. 2001-04-05
    soldstatus $730,000

ⓘ 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: $2,376 · $198/mo
• Projected year-2 tax: $2,768 · $231/mo
• Expected delta: +$392/yr (+$33/mo · 16.5%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,199
• − Mortgage interest: −$8,962
• − Property taxes: −$2,376
• − Insurance: −$800
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − HOA: −$3,624
• − Depreciation: −$4,655
• Taxable loss: −$3,450
• Est. tax savings @ 24.0%: +$828
• After-tax cash flow: $-83/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

-78.1% since first listed

19 events — show timeline

• 2026-04-30 Pending — GPRMLS
• 2026-04-16 Price Changed $160,000 GPRMLS
• 2026-01-30 Listed $169,000 GPRMLS
• 2026-01-27 Listing Removed — GPRMLS
• 2025-12-06 Price Changed $169,000 GPRMLS
• 2025-11-15 Relisted — GPRMLS
• 2025-11-07 Pending — GPRMLS
• 2025-10-21 Listed $174,000 GPRMLS
• 2012-09-14 Sold (Public Records) $74,000 Public Records
• 2012-08-31 Sold (MLS) $73,500 GPRMLS
• 2012-08-09 Listing Removed — GPRMLS
• 2012-06-29 Listed $75,000 GPRMLS
• 2004-08-30 Sold (Public Records) $90,000 Public Records
• 2004-05-20 Sold (MLS) $89,850 GPRMLS
• 2004-04-01 Listing Removed — GPRMLS
• 2003-04-09 Listed $89,850 GPRMLS
• 2003-04-08 Listing Removed — GPRMLS
• 2003-01-06 Listed $84,950 GPRMLS
• 2001-04-05 Sold (Public Records) $730,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $2,376 · +10.7% YoY. Source: county tax records.