11408 Windmill Rd · Oklahoma City, OK 73162

$166,000

3 bd · 2.0 ba · 2,417 sqft · SingleFamily public records · 6 Days on market

Built 1984 7,884 sqft lot Est $288k · 42% under $17/mo HOA · 1% of rent

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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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

This one hits differently because it is not trying to be perfect. This HUD home needs someone who gets it. Sold AS-IS, this 3bd, 2ba plus a study doesn't need to try hard. It has over 2400 sq ft of living space, built-ins in the living room and study, separate dining and breakfast nook, Putnam City Schools district, and large closets. The spacious primary bedroom features a large walk-in closet plus a second closet and double vanity in the primary bathroom. If you're looking for a home that gives you options—whether that’s spreading out, gathering, or making it your own, this one is worth a look. This is the kind of home that even if it may not check every box at first glance&md

Key facts

• Breakfast nook
• Separate dining
• Walk-in closet

Tags

• BUILT-INS IN THE LIVING ROOM
• SEPARATE DINING
• BREAKFAST NOOK
• LARGE CLOSETS
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $166k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Cap rate 8.9% 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.
• Putnam City (urban): math 12% / reading 16% proficiency, ranked #227 of 270 in OK (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Will Rogers Es (math 12% / reading 22%, grade F, #540 of 845 statewide, top 68%, 365 students, 0% FRL); Putnam City North Hs (math 18% / reading 29%, grade F, #218 of 447 statewide, top 49%, 1,579 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.6%/yr); 166 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 5.6% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $102k; list at $166k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $166,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.17% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.14%
• DSCR: 1.41
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $287,623
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11408 Windmill Rd	0.00mi	3/2.0	2,463 (+2%)	0mo	$168,000	$68	96
11608 Kings Cir	0.11mi	3/2.5	2,341 (-3%)	4mo	$205,000	$88	85
8317 NW 113th St	0.14mi	3/2.0	2,259 (-6%)	1mo	$269,000	$119	82
8400 NW 111th St	0.32mi	3/2.0	2,308 (-4%)	2mo	$274,000	$119	76
8037 Willow Creek Blvd	0.23mi	3/2.0	2,194 (-9%)	2mo	$249,000	$113	72
8600 NW 111th St	0.44mi	3/3.0	2,500 (+3%)	1mo	$438,000	$175	69
11920 Skyway Ave	0.57mi	3/2.0	2,476 (+2%)	1mo	$289,000	$117	68
8808 NW 114th St	0.62mi	3/2.0	2,408 (-0%)	3mo	$305,000	$127	68
8617 NW 113th Ct	0.45mi	3/2.0	2,286 (-5%)	3mo	$310,000	$136	67
8516 NW 111th St	0.42mi	4/2.0 (+1)	2,139 (-12%)	3mo	$327,500	$153	54
8316 NW 106th St	0.61mi	4/2.0 (+1)	2,597 (+7%)	1mo	$299,999	$116	54
8720 NW 109th Ter	0.73mi	4/2.0 (+1)	2,184 (-10%)	2mo	$369,900	$169	43

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 · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $909
• Equity at exit: $24,751

10-year hold

• IRR: 12.7%
• Equity multiple: 2.13×
• Total profit: $52,562
• Equity at exit: $14,353

Cash invested: $46,480 (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 73162

• Rents YoY: 5.6%
• Active inventory: 166
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,947 high
• Mortgage (P&I): −$871
• Tax from tax record: −$227 /mo · $2,725/yr
• Insurance: −$69
• HOA: −$17
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $354

Break-even live

Break-even rent $1,498

Max offer price $166,000

Occupancy floor 77%

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: $41,500
• Closing costs: $4,980
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8301 NW 112th St Oklahoma City, OK	3.0	2.0	1720	$1,625	$0.94	24d	1	0.15mi
11629 Kings Cir Oklahoma City, OK	4.0	2.0	2082	$1,950	$0.94	3d	1	0.19mi
8312 NW 112th St Oklahoma City, OK	3.0	2.0	2284	$1,700	$0.74	24d	1	0.20mi
8609 NW 113th Ct Oklahoma City, OK	3.0	2.0	1800	$2,000	$1.11	24d	1	0.45mi
12216 Sylvester Dr Oklahoma City, OK	3.0	2.0	2052	$1,845	$0.90	24d	1	0.54mi
12213 Sylvester Dr Oklahoma City, OK	4.0	3.0	2441	$2,050	$0.84	15d	1	0.57mi
12213 Sylvester Dr Oklahoma City, OK	4.0	3.0	2441	$2,050	$0.84	4d	1	0.57mi
12100 Blueway Ave Oklahoma City, OK	3.0	2.0	2496	$2,099	$0.84	2d	1	0.58mi
8521 NW 121st St Oklahoma City, OK	4.0	2.0	2417	$1,999	$0.83	2d	1	0.63mi
8816 NW 114th St Oklahoma City, OK	3.0	2.0	2013	$2,200	$1.09	4d	1	0.67mi
8821 NW 120th St Oklahoma City, OK	4.0	3.0	2880	$2,025	$0.70	24d	1	0.74mi
9113 NW 121st St Yukon, OK	4.0	2.0	1650	$1,986	$1.20	24d	1	1.08mi
7420 NW 126th St Oklahoma City, OK	3.0	2.0	1580	$1,600	$1.01	24d	1	1.12mi
12829 High Plains Ave Oklahoma City, OK	3.0	2.5	2006	$2,195	$1.09	2d	1	1.22mi
12721 Cortona Ter Yukon, OK	4.0	2.0	1650	$2,095	$1.27	24d	1	1.28mi
12836 Torretta Way Yukon, OK	4.0	2.0	2065	$2,070	$1.00	11d	1	1.45mi
12812 Torretta Way Yukon, OK	4.0	2.0	2065	$2,070	$1.00	4d	1	1.45mi
12709 Torretta Way Yukon, OK	4.0	2.5	1903	$2,210	$1.16	4d	1	1.45mi
7020 Talbot Canyon Rd Oklahoma City, OK	2.0	2.0	1914	$1,350	$0.71	20d	1	1.49mi

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 4 events

1. 2026-04-20
   status Pending
2. 2026-04-14
   listed $166,000 Active
3. 1986-09-01
   soldstatus $101,666
4. 1984-02-01
   soldstatus $88,000

ⓘ 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: $2,725 · $227/mo
• Projected year-2 tax: $2,725 · $227/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $23,360
• − Mortgage interest: −$9,299
• − Property taxes: −$2,725
• − Insurance: −$830
• − Repairs & maintenance: −$1,869
• − Management: −$1,869
• − HOA: −$204
• − Depreciation: −$4,829
• Taxable income: $1,736
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $3,833/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: Putnam City
• NCES district ID: 4025290
• Math proficiency: 12% ▼ -18.00%
• Reading proficiency: 16% ▼ -14.00%
• Median HH income: $46,657
• Composite: 12.61/100
• National rank: #9614
• State rank: #227 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): 28,728
• Household income: $88,031
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 913.0

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 0.59)
• Race & ethnicity: White 62% Black 14% Two or more races 11% Hispanic / Latino 8% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Italian 2% Serbian 1%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 90% English-only · Spanish 4% Vietnamese 2% Other Asian/Pacific 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: ▼ -172.35%
• Current HPI: 205.6639
• Rent YoY: ▲ 5.59%
• 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

+88.6% since first listed

4 events — show timeline

• 2026-04-20 Pending — MLSOK
• 2026-04-14 Listed $166,000 MLSOK
• 1986-09-01 Sold (Public Records) $101,666 Public Records
• 1984-02-01 Sold (Public Records) $88,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,725 · +5.7% YoY. Source: county tax records.