203 3rd St · Elgin, OK 73538

$299,000

4 bd · 2.0 ba · 1,816 sqft · SingleFamily public records · 367 Days on market

Built 2024 ↓ 5% since listing

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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 +11.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• DSCR +3.2/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0

Listing remarks

Step into brand-new luxury living with this stunning 3-bedroom, 2-bath home boasting 1,900 sq. ft. of modern elegance! The open-concept design is perfect for entertaining, featuring a spacious living and dining area that flows seamlessly into a gorgeous kitchen with granite countertops and stainless steel appliances. The private home office is perfect for working or studying in style. Enjoy an oversized 2-car garage with plenty of room for storage and convenience. Bonus: The seller is offering $5,000 toward the buyer at closing! Experience the perfect blend of modern comfort and small-town charm in beautiful Elgin. This move-in-ready home won’t last long—schedule your private sh

Key facts

• Open floor plan
• New construction
• Spacious office

Tags

• NEW CONSTRUCTION
• OPEN FLOOR PLAN
• SPACIOUS OFFICE
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Home warranty included

Exterior

• Parking: 2 total parking spaces; 2 covered spaces; 2-car garage with garage door opener
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-family residence; New construction; One level; Brick veneer exterior; Slab foundation; Public-maintained road frontage on a city street; Zoned R-1 (single family)
• Construction: Brick veneer construction; Composition roof; Slab foundation; New construction
• Exterior features: Covered patio; Patio; Fenced (other type); Composition roof

Interior

• Kitchen: Cooktop; Microwave; Dishwasher; Disposal; Range hood; Granite counters; Pantry; Breakfast bar
• Bedrooms: No specific bedroom level information provided
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric cooling components; Ceiling fans
• Interior features: Breakfast bar; Walk-in closets; Pantry; Granite counters; Double-pane windows
• Laundry & utility: Washer hookup; Electric water heater

🏗️ New construction. The $299,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $285,112.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (31.3% below list).
• Recommended offer: $206k (31.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#17 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Elgin (rural): math 29% / reading 36% proficiency, ranked #38 of 270 in OK (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elgin Es (math 36% / reading 33%, grade F, #168 of 845 statewide, top 24%, 945 students, 0% FRL); Elgin Ms (math 26% / reading 34%, grade F, #49 of 345 statewide, top 15%, 791 students, 0% FRL); Elgin Hs (math 27% / reading 47%, grade F, #42 of 447 statewide, top 10%, 771 students, 0% FRL) — zoned schools average 0% FRL vs 29% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 96 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 133 units permitted in Comanche County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Comanche County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,509 (31.3% 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. It's been on market 367 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.72% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $285,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 3rd St	0.00mi	3/2.0 (-1)	1,900 (+5%)	1mo	$299,000	$157	86
508 2nd St	0.21mi	4/2.0	1,700 (-6%)	2mo	$295,000	$174	78
115 6th St	0.22mi	3/2.0 (-1)	1,800 (-1%)	14mo	$297,900	$166	72
119 6th St	0.22mi	3/2.0 (-1)	1,800 (-1%)	17mo	$299,900	$167	69
220 Glover Cir	0.59mi	4/2.5	1,750 (-4%)	2mo	$256,000	$146	63
305 Marilyn Glover Dr	0.48mi	3/2.0 (-1)	1,800 (-1%)	16mo	$255,000	$142	58
1110 Apple Creek Dr	0.72mi	4/2.0	1,900 (+5%)	2mo	$299,000	$157	57
1206 Alma Dr	0.74mi	4/2.0	1,800 (-1%)	12mo	$285,000	$158	54
1206 1st	0.72mi	3/2.0 (-1)	1,700 (-6%)	10mo	$225,000	$132	42
1114 NW Alma Dr	0.68mi	3/2.0 (-1)	1,700 (-6%)	14mo	$238,000	$140	41
312 Marilyn Glover Dr	0.55mi	4/2.0	1,600 (-12%)	17mo	$250,000	$156	40
1113 Hershel Dr	0.65mi	3/2.0 (-1)	1,556 (-14%)	12mo	$231,000	$148	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.85×
• Total profit: $147,659
• Equity at exit: $256,851

10-year hold

• IRR: 20.5%
• Equity multiple: 6.52×
• Total profit: $440,519
• Equity at exit: $553,910

Cash invested: $79,831 (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 73538

• Home prices YoY: 22.9%
• Active inventory: 96
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,055 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$128 /mo · $1,530/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-118

Break-even live

Break-even rent $2,204

Max offer price $264,278

Occupancy floor —

Sensitivity live

Price	-10% $43	-5% $-37	+0% $-118	+5% $-199	+10% $-279
Rent	-10% $-280	-5% $-199	+0% $-118	+5% $-37	+10% $44
Rate	-1.0pp $26	-0.5pp $-45	base $-118	+0.5pp $-192	+1.0pp $-267

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: $71,278
• Closing costs: $8,553
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
313 Marilyn Glover Dr Elgin, OK	3.0	2.0	1600	$1,650	$1.03	25d	1	0.51mi
107 Oak St Elgin, OK	4.0	1.0	1300	$1,295	$1.00	13d	1	0.65mi
1205 Alma Dr Elgin, OK	4.0	2.0	1800	$1,900	$1.06	13d	1	0.76mi
1201 Kensington Ln Elgin, OK	2.0–3.0	2.0–2.5	1414	$1,700	$1.20	25d	1	0.78mi
1534 Stonehouse Dr Elgin, OK	3.0	2.0	1700	$1,975	$1.16	25d	1	0.81mi
1517 Stonehouse Dr Elgin, OK	4.0	2.0	1565	$1,700	$1.09	23d	1	0.90mi

Listing history 10 events

1. 2026-05-19
   status Pending
2. 2026-04-20
   historical Active Under Contract
3. 2026-04-10
   status Active
4. 2026-04-10
   price $299,000
5. 2025-12-01
   price $304,000
6. 2025-10-06
   status Active
7. 2025-10-06
   price $308,000
8. 2025-06-27
   status Active
9. 2025-06-27
   price $310,000
10. 2025-02-28
    listed $314,000 Active

ⓘ 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: $1,530 · $128/mo
• Projected year-2 tax: $2,691 · $224/mo
• Expected delta: +$1,161/yr (+$97/mo · 75.9%)

ⓘ 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 8/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥108°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: $24,661
• − Mortgage interest: −$15,971
• − Property taxes: −$1,530
• − Insurance: −$1,426
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − Depreciation: −$8,294
• Taxable loss: −$6,505
• Est. tax savings @ 24.0%: +$1,561
• After-tax cash flow: $146/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: Elgin
• NCES district ID: 4010710
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 36% ▼ -5.00%
• Median HH income: $65,900
• Composite: 29.77/100
• National rank: #6432
• State rank: #38 of 270 in OK

Livability — Elgin

• Score: 73/100
• State rank: #17
• US rank: #5411

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elgin, OK
• County: Comanche County · 96,361 people
• City population: 7,128
• Metro: Lawton, OK
• Population (ZIP): 7,128
• Household income: $91,324
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 70.0

Population outlook (Comanche County) Hauer SSP2

• Today (2025): 124,518 people
• By 2030: 124,231 · -0.2%
• By 2040: 122,193 · -1.9%
• By 2050: 120,368 · -3.3%
• By 2075: 120,492 · -3.2%
• By 2100: 123,113 · -1.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 13% Native American 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Slovak 5% Romanian 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Comanche

• 2024 margin: Strong R (+23.3) · D 37.4% · R 60.7% · Other 1.9%
• 2008→2024 swing: -5.8pp toward R · 2008: -17.5pp · 2024: -23.3pp
• All cycles: 2024: R+23.3 2020: R+20.1 2016: R+23.7 2012: R+17.0 2008: R+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 45.70%
• Current HPI: 245.4249
• Rent YoY: —
• Metro: Lawton, 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

-4.8% since first listed

10 events — show timeline

• 2026-05-19 Pending — LBRMLS
• 2026-04-20 Contingent — LBRMLS
• 2026-04-10 Relisted — LBRMLS
• 2026-04-10 Price Changed $299,000 LBRMLS
• 2025-12-01 Price Changed $304,000 LBRMLS
• 2025-10-06 Relisted — LBRMLS
• 2025-10-06 Price Changed $308,000 LBRMLS
• 2025-06-27 Relisted — LBRMLS
• 2025-06-27 Price Changed $310,000 LBRMLS
• 2025-02-28 Listed $314,000 LBRMLS

Property tax history

+41.3%/yr

Latest (2025): $1,530 · +551.1% YoY. Source: county tax records.