21208 Palomino Rd · Omaha, NE 68022

$285,000

3 bd · 2.0 ba · 1,668 sqft · Other public records · 11 Days on market

Built 1975 10,454 sqft lot

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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 +9.4/30.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• DSCR +2.6/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sensational! Completely Redone New Roof, Gutters, AC, Furnace, Windows, Carpet, paint hardwood floors, kitchen. 2 new baths. Hard to find true 4 bed huge deck, fully fenced yard, black appliances, Must See! Just Move In! Less Than Most Apartments

Key facts

• Remodeled kitchen
• Corner lot
• New sewer line

Tags

• REMODELED KITCHEN
• PRIVACY-FENCED BACKYARD
• CORNER LOT
• NEW SEWER LINE
• NEW ROOF
• NEW HVAC SYSTEM

Property features AI

Exterior

• Parking: Attached garage (1 covered space, garage door opener)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Split-entry levels; Not new (built in 1975)
• Construction: Vinyl siding and brick exterior; Block foundation; Built in 1975
• Exterior features: Daylight basement windows; Deck; Wood full privacy fence; Paved roads with curb and gutter; Corner lot in a subdivided neighborhood

Interior

• Kitchen: Dining area with sliding glass door to deck; Range; Refrigerator; Dishwasher; Microwave; Disposal; Luxury vinyl plank flooring in kitchen
• Bedrooms: Master bedroom on main floor with ceiling fan and wall-to-wall carpeting; Two additional main-floor bedrooms with ceiling fans and wall-to-wall carpeting; Basement bedroom with egress window and wall-to-wall carpeting
• Flooring: Luxury vinyl plank; Carpet; Concrete
• Bathrooms: Two bathrooms: one full and one three-quarter; One main-level bathroom and one below-grade bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Ceiling fans; Sliding doors; Gas log fireplace (1)
• Laundry & utility: Laundry area with concrete floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $285k.

Deal economics

• At list price, monthly cash flow is $-205 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (25.1% below list).
• Recommended offer: $213k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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.
• Elkhorn Public Schools (urban): math 77% / reading 76% proficiency, ranked #1 of 111 in NE (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Arbor View Elementary School (math 72% / reading 72%, grade A-, #27 of 502 statewide, top 7%, 489 students, 15% FRL); Elkhorn Middle School (math 68% / reading 61%, grade A-, #10 of 128 statewide, top 8%, 607 students, 20% FRL); Elkhorn High School (math 77% / reading 72%, grade B+, #10 of 261 statewide, top 4%, 741 students, 16% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 793 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,539 units permitted in Douglas County in 2024 (2,583 in 5+ unit buildings).
• This rent is only 17% of the median local income ($148k/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 $9k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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 $157k; list at $285k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $213,412 (25.1% 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. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 5.43%
• Cash-on-cash: -3.08%
• DSCR: 0.86
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.25% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.29×
• Total profit: $-56,544
• Equity at exit: $42,494

10-year hold

• IRR: -10.8%
• Equity multiple: 0.31×
• Total profit: $-54,684
• Equity at exit: $24,642

Cash invested: $79,800 (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 68022

• Home prices YoY: -33.9%
• Rents YoY: 4.2%
• Active inventory: 793
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,134 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$278 /mo · $3,333/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-205

Break-even live

Break-even rent $2,394

Max offer price $248,769

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4115 N 213th Cir Elkhorn, NE	3.0	1.0	1628	$1,900	$1.17	2d	1	0.13mi
3333 N 212th Avenue Plz Elkhorn, NE	3.0	1.0–2.0	1113	$2,926	$2.63	1d	13	0.43mi
17551 Pinkney St Omaha, NE	1.0–3.0	1.0–2.0	1024	$2,010	$1.96	1d	23	0.96mi
19910 Lake Plz Elkhorn, NE	1.0–3.0	1.0–2.5	1401	$2,693	$1.92	1d	13	1.35mi
1702 N 205th St Elkhorn, NE	3.0	2.5	1452	$2,028	$1.40	1d	8	1.45mi

Listing history 8 events

1. 2026-06-15
   status $285,000 Pending 11 DOM
2. 2026-06-15
   days on market $285,000 Active 11 DOM
3. 2026-06-13
   days on market $285,000 Active 9 DOM
4. 2026-06-10
   days on market $285,000 Active 6 DOM
5. 2026-06-09
   statusdays on market $285,000 Active 5 DOM
6. 2026-06-08
   days on market $285,000 New 4 DOM
7. 2026-06-07
   remarks 699-char remark
8. 2026-06-07
   listed $285,000 New 3 DOM

ⓘ 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: $3,333 · $278/mo
• Projected year-2 tax: $4,930 · $411/mo
• Expected delta: +$1,598/yr (+$133/mo · 47.9%)

ⓘ 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 2/10 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: $25,609
• − Mortgage interest: −$15,964
• − Property taxes: −$3,333
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$8,291
• Taxable loss: −$7,501
• Est. tax savings @ 24.0%: +$1,800
• After-tax cash flow: $-661/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: Elkhorn Public Schools
• NCES district ID: 3170110
• Math proficiency: 77% ▼ -7.00%
• Reading proficiency: 76% ▼ -6.00%
• Median HH income: $96,478
• Composite: 69.21/100
• National rank: #318
• State rank: #1 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): 36,538
• Household income: $148,111
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 651.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 6% Asian 4% Hispanic / Latino 4% Black 1%
• Common ancestry: Portuguese 3% Romanian 3% Iranian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Other Indo-European 1% Other Asian/Pacific 1% Spanish 1%

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: ▼ -102.67%
• Current HPI: 200.1245
• Rent YoY: ▲ 4.25%
• 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

+185.3% since first listed

13 events — show timeline

• 2026-06-04 Listed $285,000 GPRMLS
• 2018-02-20 Sold (Public Records) $157,000 Public Records
• 2018-02-16 Sold (MLS) $156,500 GPRMLS
• 2018-01-25 Pending — GPRMLS
• 2017-12-18 Sold (Public Records) $110,000 Public Records
• 2017-12-15 Listed $165,000 GPRMLS
• 2010-04-07 Listing Removed — GPRMLS
• 2009-10-08 Listed $119,000 GPRMLS
• 2007-05-21 Listing Removed — GPRMLS
• 2006-10-14 Listed $120,000 GPRMLS
• 2004-11-15 Sold (MLS) $97,000 GPRMLS
• 2004-10-20 Listing Removed — GPRMLS
• 2004-09-27 Listed $99,900 GPRMLS

Property tax history

+3.0%/yr

Latest (2025): $3,333 · +0.5% YoY. Source: county tax records.