828 NW 113th St

Oklahoma City, OK 73114

$215,000C-

2 bd · 2.0 ba · 904 sqft · Built 1984 · MultiFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,106/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $369/mo
• Annual: $4,429/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.36%
• DSCR: 1.33
• 1% rule: 0.98%
• Cash to close: $60,200

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $369 ($4k/yr) — positive. Per door: $185/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (2.0% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $211k (2.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: John Marshall Hs (math 2% / reading 8%, grade F, #430 of 447 statewide, top 99%, 829 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: Rents rising (+3.5%/yr); 145 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Cap rate 8.4% 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.
• At $2,106/mo this rent would consume 46% of the median local household income ($55k/yr) (locally 1035% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.