600 NW 4th St #205

Oklahoma City, OK 73102

$199,000D

2 bd · 2.0 ba · 1,254 sqft · Built 1982 · Condo · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,792/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$371
• Vac / Maint / Mgmt: −$376
• Net cashflow: $-331/mo
• Annual: $-3,971/yr
• Cap rate: 4.30%
• Cash-on-cash: -7.13%
• DSCR: 0.68
• 1% rule: 0.90%
• Cash to close: $55,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $199k. Condition is rated good.
• At list price, monthly cash flow is $-331 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (24.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (10.0% below list).
• It's been on market 132 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (24.1% below list) — sets the bar for cash-flow.
• In year one you build about $327 of equity ($1k loan paydown + $-1k appreciation (-0.5% local appreciation)).
• 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 W Rex Charter Elementary (math 38% / reading 36%, grade F, #132 of 845 statewide, top 19%, 735 students, 0% FRL, charter); Taft Ms (math 2% / reading 5%, grade F, #330 of 345 statewide, top 96%, 1,045 students, 0% FRL); Northwest Classen Hs (math 5% / reading 10%, grade F, #420 of 447 statewide, top 95%, 1,702 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.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents flat; 22 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• 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.
• This rent runs 36% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 132 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some areas of the interior walls show slight discoloration
• Minor: Landscaping — Some areas of the landscaping appear slightly overgrown