3822 S 189th St · Omaha, NE 68130

$410,000

4 bd · 2.5 ba · 3,608 sqft · Other public records · 1 Days on market

Built 2005 9,148 sqft lot $13/mo HOA

---

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 +12.0/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.8/5.0
• 1% rule +3.5/10.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully maintained 5-bedroom, 4-bathroom home perfectly situated on a desirable corner lot! From the moment you arrive, you’ll notice the pride of ownership throughout — from the meticulously maintained lawn and landscaping to the spotless interior that has been professionally cleaned twice per month. Inside, you’ll find a spacious and functional layout with room for everyone, featuring generous living spaces, abundant natural light, and a seamless flow perfect for both everyday living and entertaining. The 2-car garage provides convenience and extra storage, while the curb appeal truly sets this home apart. This home has been exceptionally cared f

Key facts

• 9,148 sq ft lot
• 2 garage spots
• Built 2005

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $150

Exterior

• Parking: Attached garage with 2 built-in, covered parking spaces (2 total)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Not new / not a model
• Construction: Built in 2005; Block foundation
• Exterior features: Patio; Corner lot; Lot up to 1/4 acre

Interior

• Kitchen: Range; Refrigerator; Dishwasher; Disposal
• Bedrooms: Master bedroom on 2nd floor; Additional bedrooms on 2nd floor; one bedroom in the basement
• Bathrooms: Four total bathrooms (2 full, 1 half, 1 quarter); At least one bathroom on the main level and additional bathrooms on upper and below-grade levels
• Interior features: Finished basement; No fireplaces; Range, Refrigerator, Dishwasher, Disposal
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $410k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $392k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $348k (15.2% below list).
• Recommended offer: $348k (15.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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 fast (+5.1%/yr); 103 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 runs 31% of the median local income ($134k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $222k; list at $410k implies a 85% gain — meaningful room to come down on a strong offer.

Recommended offer $347,560 (15.2% 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: 0.85% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.14% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.43×
• Total profit: $-65,098
• Equity at exit: $61,132

10-year hold

• IRR: -3.8%
• Equity multiple: 0.72×
• Total profit: $-31,868
• Equity at exit: $35,449

Cash invested: $114,800 (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 68130

• Rents YoY: 5.1%
• Active inventory: 103
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,476 medium
• Mortgage (P&I): −$2,150
• Tax from tax record: −$512 /mo · $6,141/yr
• Insurance: −$171
• HOA: −$13
• Vacancy / Maint / Mgmt: −$730
• Net cashflow: $-100

Break-even live

Break-even rent $3,602

Max offer price $392,351

Occupancy floor 98%

Sensitivity live

Price	-10% $132	-5% $16	+0% $-100	+5% $-216	+10% $-332
Rent	-10% $-374	-5% $-237	+0% $-100	+5% $37	+10% $175
Rate	-1.0pp $107	-0.5pp $4	base $-100	+0.5pp $-206	+1.0pp $-314

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4606 S 184th Plz Omaha, NE	4.0	4.5	4250	$5,750	$1.35	45d	1	0.75mi
18802 O St Omaha, NE	4.0	4.0	2665	$2,700	$1.01	4d	1	0.98mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: landscaping

Listing history 4 events

1. 2026-05-14
   status Pending
2. 2026-05-13
   listed $410,000 New
3. 2005-05-17
   soldstatus $222,000
4. 2005-02-01
   soldstatus $99,000

ⓘ 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: $6,141 · $512/mo
• Projected year-2 tax: $7,093 · $591/mo
• Expected delta: +$952/yr (+$79/mo · 15.5%)

ⓘ 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 · 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: $41,707
• − Mortgage interest: −$22,966
• − Property taxes: −$6,141
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,337
• − Management: −$3,337
• − HOA: −$156
• − Depreciation: −$11,927
• Taxable loss: −$8,206
• Est. tax savings @ 24.0%: +$1,969
• After-tax cash flow: $771/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: Douglas County · 538,646 people
• City population: 552,986
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 21,722
• Household income: $133,570
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 400.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 5% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Iranian 3% Portuguese 3%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 1% Chinese 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: ▼ -122.54%
• Current HPI: 208.1448
• Rent YoY: ▲ 5.14%
• 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

+314.1% since first listed

4 events — show timeline

• 2026-05-14 Pending — GPRMLS
• 2026-05-13 Listed $410,000 GPRMLS
• 2005-05-17 Sold (Public Records) $222,000 Public Records
• 2005-02-01 Sold (Public Records) $99,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $6,141 · -3.6% YoY. Source: county tax records.