1120 Delmar St Unit 5B

Papillion, NE 68046

$160,000D

2 bd · 2.0 ba · 1,630 sqft · Built 1968 · Condo · Pending · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,683/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$265
• HOA: −$302
• Vac / Maint / Mgmt: −$353
• Net cashflow: $-76/mo
• Annual: $-911/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• 1% rule: 1.05%
• Cash to close: $44,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $160k.
• 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).
• It's been on market 90 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $147k (8.4% below list) — sets the bar for cash-flow.
• 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.
• 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 4d 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).
• Sarpy County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?