20213 Veterans Dr

Omaha, NE 68022

$265,000C-

3 bd · 1.5 ba · 1,255 sqft · Built 1998 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,259/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$335
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $60/mo
• Annual: $719/yr
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• 1% rule: 0.85%
• Cash to close: $74,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $265k. Condition is rated fair.
• At list price, monthly cash flow is $60 ($719/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (14.7% below list).
• It's been on market 29 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (14.7% below list) — sets the bar for 1% rule.
• 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.
• 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: West Dodge Station Elementary (math 72% / reading 82%, grade A, #15 of 502 statewide, top 3%, 491 students, 12% FRL); Elkhorn Grandview Middle School (math 81% / reading 74%, grade A+, #2 of 128 statewide, top 1%, 518 students, 15% 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); 1153 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• Douglas County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 7y 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 $173k; list at $265k implies a 53% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 4.0% 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Carpet in living areas — The carpet appears worn and could be replaced for a fresh look.
• Minor: Landscaping — The lawn needs trimming and the landscaping could be improved with some additional plants and shrubs.