2404 E Madison St · Oklahoma City, OK 73111

$65,000

2 bd · 1.0 ba · 1,325 sqft · SingleFamily public records · 1 Days on market

Built 1940 6,700 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
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

NE Oklahoma City property with lots of potential. Fixer upper, short distance to interstate highway, medical center, and downtown. Seller has no information or knowledge about property condition. Buyer to verify any and all info.

Key facts

• Medical center
• Interstate highway
• Downtown

Tags

• NE OKLAHOMA CITY
• INTERSTATE HIGHWAY
• MEDICAL CENTER
• DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 15.3% 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: M.L. King Jr. Es (math 12% / reading 8%, grade F, #711 of 845 statewide, top 87%, 450 students, 0% FRL); Classen Ms of Advanced Studies (math 35% / reading 46%, grade F, #6 of 345 statewide, top 1%, 855 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: Rents rising (+2.1%/yr); 83 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• This rent runs 33% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1940 — 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: 1.72% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.14%
• DSCR: 2.43
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $162,975
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 E Madison St	0.02mi	3/2.0 (+1)	1,262 (-5%)	4mo	$160,000	$127	79
2127 NE 19th St	0.44mi	2/1.5	1,271 (-4%)	3mo	$67,500	$53	68
2213 E Madison St	0.12mi	3/2.5 (+1)	1,435 (+8%)	4mo	$165,000	$115	67
1744 NE 20th St	0.72mi	2/1.0	1,308 (-1%)	2mo	$114,999	$88	63
2103 NE 26th St	0.35mi	3/1.0 (+1)	1,179 (-11%)	2mo	$110,000	$93	58
2101 NE 27 St	0.39mi	3/1.0 (+1)	1,242 (-6%)	12mo	$100,500	$81	57
2324 Hardin Dr	0.25mi	3/2.0 (+1)	1,198 (-10%)	14mo	$193,000	$161	52
2729 NE 19th St	0.51mi	3/2.0 (+1)	1,399 (+6%)	13mo	$189,900	$136	47
2133 NE 16th Ter	0.62mi	3/2.0 (+1)	1,386 (+5%)	14mo	$245,000	$177	43
1748 NE 20th St	0.71mi	3/2.0 (+1)	1,375 (+4%)	12mo	$135,000	$98	42
2200 N Rhode Island Ave	0.69mi	3/1.0 (+1)	1,190 (-10%)	6mo	$154,900	$130	40
2715 N Missouri Ave	0.63mi	3/1.0 (+1)	1,141 (-14%)	7mo	$140,000	$123	37

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

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: 26.2%
• Equity multiple: 2.07×
• Total profit: $19,528
• Equity at exit: $9,692

10-year hold

• IRR: 33.3%
• Equity multiple: 3.91×
• Total profit: $53,005
• Equity at exit: $5,620

Cash invested: $18,200 (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 73111

• Home prices YoY: -13.6%
• Rents YoY: 2.1%
• Active inventory: 83
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,118 high
• Mortgage (P&I): −$341
• Tax from tax record: −$28 /mo · $336/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $487

Break-even live

Break-even rent $501

Max offer price $65,000

Occupancy floor 51%

Sensitivity live

Price	-10% $524	-5% $506	+0% $487	+5% $469	+10% $451
Rent	-10% $399	-5% $443	+0% $487	+5% $532	+10% $576
Rate	-1.0pp $520	-0.5pp $504	base $487	+0.5pp $471	+1.0pp $453

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2313 NE 23rd St Oklahoma City, OK	3.0	2.5	1500	$1,095	$0.73	45d	1	0.07mi
2308 NE 21st St Oklahoma City, OK	3.0	1.0	1400	$1,250	$0.89	4d	1	0.21mi
2112 NE 23rd St Oklahoma City, OK	3.0	1.0	1117	$1,070	$0.96	18d	1	0.27mi
2300 Granada Blvd Oklahoma City, OK	3.0	1.0	999	$1,000	$1.00	13d	1	0.31mi
2604 NE 21st St Oklahoma City, OK	3.0	1.0	1260	$995	$0.79	25d	1	0.32mi
2200 Hardin Dr Oklahoma City, OK	3.0	1.0	1091	$1,025	$0.94	45d	1	0.33mi
2036 NE Grand Blvd Oklahoma City, OK	2.0	1.0	1092	$995	$0.91	4d	1	0.36mi
2107 Hardin Dr Oklahoma City, OK	3.0	1.0	999	$875	$0.88	45d	1	0.38mi
2616 NE Success St Oklahoma City, OK	3.0	2.0	1312	$1,350	$1.03	25d	1	0.42mi
2143 NE 19th St Oklahoma City, OK	2.0	1.0	1265	$945	$0.75	45d	1	0.43mi
2620 NE 19th St Oklahoma City, OK	2.0	1.0	900	$995	$1.11	45d	1	0.48mi
1931 NE 25th St Unit 10 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	25d	1	0.50mi
1921 NE 25th St Unit 3 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	21d	1	0.52mi
2705 NE 18th St Oklahoma City, OK	3.0	2.0	1399	$1,000	$0.71	23d	1	0.53mi
1709 N Page Ave Oklahoma City, OK	2.0	1.0	967	$895	$0.93	25d	1	0.54mi
1904 NE 25th St Oklahoma City, OK	2.0	1.0	939	$950	$1.01	5d	1	0.55mi
2501 NE 16th St Oklahoma City, OK	2.0	1.0	941	$1,100	$1.17	45d	1	0.56mi
2020 NE 30th St Oklahoma City, OK	3.0	1.0	1056	$1,150	$1.09	45d	1	0.56mi
1812 NE 24th St Oklahoma City, OK	3.0	1.0	1071	$1,175	$1.10	4d	1	0.65mi
1501 NE Grand Blvd Oklahoma City, OK	3.0	1.0	1204	$1,200	$1.00	5d	1	0.71mi
2520 NE 14th St Oklahoma City, OK	3.0	1.0	1070	$1,099	$1.03	45d	1	0.73mi
1321 Bellevidere Dr Oklahoma City, OK	3.0	2.0	1000	$1,200	$1.20	25d	1	0.73mi
1727 NE 19th St Oklahoma City, OK	3.0	1.0	892	$995	$1.12	45d	1	0.77mi
1217 Carverdale Dr Oklahoma City, OK	2.0	2.0	1323	$1,300	$0.98	45d	1	0.88mi
1609 NE 18th St Oklahoma City, OK	2.0	1.0	899	$900	$1.00	5d	1	0.89mi
2105 NE 12th St Oklahoma City, OK	3.0	2.0	1180	$1,650	$1.40	23d	1	0.90mi
1801 N Jordan Ave Oklahoma City, OK	2.0	1.0	1080	$1,000	$0.93	16d	1	0.93mi
1912 N Overbrook Dr Oklahoma City, OK	3.0	1.0	1150	$1,200	$1.04	45d	1	0.99mi
1701 NE 34th St Oklahoma City, OK	2.0	1.5	900	$1,000	$1.11	45d	1	1.02mi
1621 NE 33rd St Oklahoma City, OK	3.0	2.0	1500	$1,975	$1.32	45d	1	1.04mi
2908 N Fonshill Ave Oklahoma City, OK	3.0	2.0	1325	$1,225	$0.92	45d	1	1.04mi
2709 N Fonshill Ave Oklahoma City, OK	2.0	1.0	949	$1,100	$1.16	25d	1	1.05mi
1427 NE 28th St Oklahoma City, OK	1.0	1.0	876	$695	$0.79	45d	1	1.06mi
1450 NE 16th Ter Oklahoma City, OK	3.0	1.0	1096	$1,295	$1.18	45d	1	1.13mi
1633 NE 11th St Oklahoma City, OK	3.0	2.0	1284	$1,945	$1.51	3d	1	1.19mi
2135 N Lottie Ave Oklahoma City, OK	3.0	2.0	1602	$1,600	$1.00	45d	1	1.20mi
2312 N Everest Ave Oklahoma City, OK	3.0	1.0	1100	$1,299	$1.18	45d	1	1.21mi
1444 NE 13th St Unit 1446 Oklahoma City, OK	2.0	2.0	1167	$1,199	$1.03	18d	1	1.22mi
2225 Glen Ellyn St Oklahoma City, OK	2.0	1.0	1095	$925	$0.84	45d	1	1.30mi
1220 NE 17th St Oklahoma City, OK	2.0	1.0	1100	$1,195	$1.09	45d	1	1.30mi

Listing history 2 events

1. 2026-01-10
   status Pending
2. 2025-12-31
   listed $65,000 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: $336 · $28/mo
• Projected year-2 tax: $585 · $49/mo
• Expected delta: +$249/yr (+$21/mo · 74.2%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,419
• − Mortgage interest: −$3,641
• − Property taxes: −$336
• − Insurance: −$325
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$1,891
• Taxable income: $5,079
• Est. tax owed @ 24.0%: −$1,219
• After-tax cash flow: $4,631/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): 10,727
• Household income: $40,340
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 804.0

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: Predominantly Black (76%)
• Race & ethnicity: Black 76% White 13% Two or more races 7% Hispanic / Latino 6% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -34.64%
• Current HPI: 220.6395
• Rent YoY: ▲ 2.13%
• 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

2 events — show timeline

• 2026-01-10 Pending — MLSOK
• 2025-12-31 Listed $65,000 MLSOK

Property tax history

+5.5%/yr

Latest (2025): $336 · +4.2% YoY. Source: county tax records.