601 SE 39th St · Oklahoma City, OK 73129

$55,000

2 bd · 1.0 ba · 757 sqft · Other public records · 5 Days on market

Built 1939 8,150 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks

This 2-bedroom, 1-bath home offers potential for buyers looking to renovate, update, or customize a property to fit their vision. Conveniently located with easy access to Downtown Oklahoma City, I-35, Tinker Air Force Base, shopping, dining, and major employment centers. The property is being sold as-is and presents an excellent opportunity for investors, remodelers, or buyers seeking a project. Buyers are encouraged to perform their own inspections and due diligence regarding the property's condition and suitability for their intended use. Whether you're looking to add to your investment portfolio or create a home tailored to your preferences, this property offers a chance to unlock its po

Key facts

• Access to i-35
• Access to shopping
• Access to dining

Tags

• ACCESS TO I-35
• ACCESS TO SHOPPING
• ACCESS TO DINING
• CENTRALLY LOCATED AREA

Property features AI

Finance

• Other: Listing status: Active; Occupied: No; Legal addition: Tappan Heights Add; Lot size approximately 0.1871 acres; Living area recorded as 1,221 (assessor)
• Financial info: Loan qualification possible (buyer may qualify); Not assumable
• HOA & community: No mandatory association dues

Exterior

• Utilities: Homestead not claimed
• Home design: Single-family residence; One level; Existing property
• Construction: Frame construction; Composition roof; Combination foundation; Built (existing) — year not provided
• Exterior features: Open patio; Interior lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central gas cooling/heating
• Interior features: One living area; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $55k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($983 rent vs $55k).
• Cap rate 15.8% vs local median 3.7% in Oklahoma City — 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 80/100 on livability (#3 in OK, #1,635 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Oklahoma City (urban): math 7% / reading 10% proficiency, ranked #254 of 270 in OK (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cesar Chavez Es (math 4% / reading 3%, grade F, #797 of 845 statewide, top 95%, 630 students, 0% FRL); Douglass Hs (math 2% / reading 2%, grade F, #445 of 447 statewide, top 100%, 556 students, 0% FRL) — zoned schools average 0% FRL vs 82% district-wide (82 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 84 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($380 loan paydown + $961 appreciation (1.8% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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.
6. 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.
7. 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: 1.79% ✓
• Cap rate: 15.79%
• Cash-on-cash: 33.92%
• DSCR: 2.51
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.6%
• Equity multiple: 3.00×
• Total profit: $30,782
• Equity at exit: $20,944

10-year hold

• IRR: 38.9%
• Equity multiple: 5.90×
• Total profit: $75,386
• Equity at exit: $29,595

Cash invested: $15,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73129

• Home prices YoY: 0.7%
• Active inventory: 84
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $983 high
• Mortgage (P&I): −$288
• Tax from tax record: −$30 /mo · $357/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $435

Break-even live

Break-even rent $432

Max offer price $55,000

Occupancy floor 51%

Sensitivity live

Price	-10% $466	-5% $451	+0% $435	+5% $420	+10% $404
Rent	-10% $358	-5% $396	+0% $435	+5% $474	+10% $513
Rate	-1.0pp $463	-0.5pp $449	base $435	+0.5pp $421	+1.0pp $407

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4101 S Shields Blvd Apt 3B Oklahoma City, OK	3.0	2.0	957	$1,025	$1.07	5d	1	0.43mi
4101 S Shields Blvd Unit Shields 3B Oklahoma City, OK	3.0	2.0	957	$1,050	$1.10	25d	1	0.43mi
109 SE 42nd St Apt A Oklahoma City, OK	2.0	1.0	800	$799	$1.00	18d	1	0.54mi
101 SE 42nd St Unit B Oklahoma City, OK	2.0	1.0	740	$645	$0.87	45d	1	0.56mi
4908 S Stiles Ave Oklahoma City, OK	2.0	1.0	600	$1,000	$1.67	45d	1	0.71mi
1413 SE 39th St Oklahoma City, OK	3.0	1.0	1004	$1,125	$1.12	45d	1	0.76mi
220 SW 34th St Oklahoma City, OK	1.0	1.0	625	$725	$1.16	45d	1	0.95mi
407 SE 25th St Oklahoma City, OK	3.0	1.0	896	$1,275	$1.42	45d	1	0.96mi
3913 S Harvey Ave Unit 2 Oklahoma City, OK	1.0	1.0	568	$900	$1.58	45d	1	0.99mi
3312 S Harvey Ave Oklahoma City, OK	2.0	1.0	840	$1,100	$1.31	21d	1	1.03mi
317 SE 24th St Oklahoma City, OK	2.0	1.0	917	$950	$1.04	5d	1	1.05mi
3906 S Hudson Ave Oklahoma City, OK	1.0	1.0	700	$750	$1.07	25d	1	1.06mi
1528 SE 47th Pl Oklahoma City, OK	3.0	1.0	1092	$1,300	$1.19	5d	1	1.14mi
1528 SE 49th Ter Oklahoma City, OK	3.0	1.0	912	$1,100	$1.21	25d	1	1.19mi
630 SE 21st St Oklahoma City, OK	3.0	2.0	1000	$1,095	$1.09	45d	1	1.22mi
526 SE 21st St Oklahoma City, OK	3.0	1.0	1054	$1,150	$1.09	5d	1	1.22mi
5113 S Sage Ave Oklahoma City, OK	3.0	1.5	996	$1,025	$1.03	3d	1	1.22mi
1501 SE 52nd St Oklahoma City, OK	3.0	2.0	1012	$1,200	$1.19	25d	1	1.24mi
316 SW 27th St Unit 4 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	13d	1	1.28mi
316 SW 27th St Unit 8 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	45d	1	1.28mi
3618 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$850	$1.12	45d	1	1.28mi
3616 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$775	$1.02	45d	1	1.28mi
726 SE 20th St Oklahoma City, OK	2.0	1.0	672	$1,095	$1.63	45d	1	1.30mi
116 SW 23rd St Oklahoma City, OK	1.0	1.0	700	$650	$0.93	45d	1	1.32mi
3407 S Lee Ave Oklahoma City, OK	2.0	1.0	900	$980	$1.09	45d	1	1.33mi
115 SW 23rd St Oklahoma City, OK	1.0	1.0	750	$575	$0.77	17d	1	1.34mi
404 SW 26th St Unit 6 Oklahoma City, OK	1.0	1.0	600	$645	$1.07	13d	1	1.37mi
632 SW 44th St Oklahoma City, OK	2.0	1.0	958	$1,000	$1.04	5d	1	1.41mi

Listing history 4 events

1. 2026-06-21
   days on market $55,000 Active 5 DOM
2. 2026-06-18
   days on market $55,000 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $55,000 Active 1 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 OK · Resets to sale price

• Current annual tax: $357 · $30/mo
• Projected year-2 tax: $495 · $41/mo
• Expected delta: +$138/yr (+$11/mo · 38.5%)

ⓘ 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 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,794
• − Mortgage interest: −$3,081
• − Property taxes: −$357
• − Insurance: −$275
• − Repairs & maintenance: −$944
• − Management: −$944
• − Depreciation: −$1,600
• Taxable income: $4,594
• Est. tax owed @ 24.0%: −$1,102
• After-tax cash flow: $4,121/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: Oklahoma City
• NCES district ID: 4022770
• Math proficiency: 7% ▼ -5.00%
• Reading proficiency: 10% ▼ -6.00%
• Median HH income: $35,606
• Composite: 7.0/100
• National rank: #9970
• State rank: #254 of 270 in OK

Livability — Oklahoma City

• Score: 80/100
• State rank: #3
• US rank: #1635

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment C Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oklahoma City, OK
• County: Oklahoma County · 771,644 people
• City population: 498,656
• Metro: Oklahoma City, OK
• Population (ZIP): 20,014
• Household income: $46,670
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 611.0

Population outlook (Oklahoma County) Hauer SSP2

• Today (2025): 911,875 people
• By 2030: 982,413 · +7.7%
• By 2040: 1,130,468 · +24.0%
• By 2050: 1,288,422 · +41.3%
• By 2075: 1,711,482 · +87.7%
• By 2100: 2,088,448 · +129.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 57% Two or more races 26% White 26% Black 9% Native American 7% Asian 1%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 24% · Canada, Dominican Republic
• Languages at home: 54% English-only · Spanish 44% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Oklahoma

• 2024 margin: Toss-up / Even · D 48.0% · R 49.7% · Other 2.3%
• 2008→2024 swing: +15.1pp toward D · 2008: -16.8pp · 2024: -1.7pp
• All cycles: 2024: R+1.7 2020: R+1.1 2016: R+10.5 2012: R+16.7 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.75%
• Current HPI: 250.8581
• Rent YoY: —
• Metro: Oklahoma City, OK
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

1 event — show timeline

• 2026-06-16 Listed $55,000 MLSOK

Property tax history

+8.7%/yr

Latest (2025): $357 · +4.4% YoY. Source: county tax records.