1405 NE 22nd St · Oklahoma City, OK 73111

$40,000

2 bd · 1.0 ba · 1,180 sqft · SingleFamily public records · 2 Days on market

Built 1949 6,700 sqft lot ↓ 20% since listing

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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

Value-add opportunity in an established Oklahoma City neighborhood. This property offers a solid footprint and strong upside for a full renovation or redevelopment strategy. Ideal for buyers looking to reimagine a home and unlock potential through updates. Convenient location with easy access to downtown, major roadways, and nearby amenities. Property is being sold as-is.

Key facts

• Nearby amenities
• Major roadways
• Full renovation

Tags

• FULL RENOVATION
• CONVENIENT LOCATION
• EASY ACCESS TO DOWNTOWN
• MAJOR ROADWAYS
• NEARBY AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 24.8% 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: Thelma R. Parks Es (math 2% / reading 2%, grade F, #802 of 845 statewide, top 100%, 472 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); 81 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1949 — 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: 2.75% ✓
• Cap rate: 24.85%
• Cash-on-cash: 66.26%
• DSCR: 3.95
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $145,140
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2204 N Jordan Ave	0.22mi	2/1.0	1,121 (-5%)	3mo	$57,500	$51	79
1600 E Madison St	0.23mi	3/1.0 (+1)	1,134 (-4%)	5mo	$95,000	$84	74
2200 N Rhode Island Ave	0.35mi	3/1.0 (+1)	1,190 (+1%)	6mo	$154,900	$130	72
2139 N Stonewall Ave	0.36mi	2/1.0	1,134 (-4%)	7mo	$205,000	$181	71
2221 N Lottie Ave	0.16mi	2/1.0	1,024 (-13%)	2mo	$45,000	$44	68
2131 N Jordan Ave	0.22mi	2/1.0	1,031 (-13%)	2mo	$88,000	$85	67
1744 NE 20th St	0.42mi	2/1.0	1,308 (+11%)	2mo	$114,999	$88	61
2605 N Kate Ave	0.27mi	3/1.0 (+1)	1,320 (+12%)	2mo	$93,500	$71	60
2715 N Missouri Ave	0.56mi	3/1.0 (+1)	1,141 (-3%)	6mo	$140,000	$123	58
1450 NE 16th Ter	0.50mi	3/1.0 (+1)	1,096 (-7%)	4mo	$135,000	$123	57
1435 NE 27th St	0.38mi	3/2.0 (+1)	1,275 (+8%)	6mo	$210,000	$165	55
1637 NE 32nd St	0.75mi	3/1.5 (+1)	1,235 (+5%)	2mo	$157,900	$128	49

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: 64.5%
• Equity multiple: 3.85×
• Total profit: $31,954
• Equity at exit: $5,964

10-year hold

• IRR: 68.6%
• Equity multiple: 7.67×
• Total profit: $74,699
• Equity at exit: $3,458

Cash invested: $11,200 (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: 81
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,100 high
• Mortgage (P&I): −$210
• Tax from tax record: −$24 /mo · $285/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $618

Break-even live

Break-even rent $317

Max offer price $40,000

Occupancy floor 39%

Sensitivity live

Price	-10% $641	-5% $630	+0% $618	+5% $607	+10% $596
Rent	-10% $532	-5% $575	+0% $618	+5% $662	+10% $705
Rate	-1.0pp $639	-0.5pp $629	base $618	+0.5pp $608	+1.0pp $598

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 NE 22nd St Oklahoma City, OK	2.0	1.0	728	$1,100	$1.51	24d	1	0.03mi
1439 NE 24th St Oklahoma City, OK	3.0	1.0	874	$1,025	$1.17	16d	1	0.16mi
2312 N Everest Ave Oklahoma City, OK	3.0	1.0	1100	$1,299	$1.18	44d	1	0.20mi
2225 Glen Ellyn St Oklahoma City, OK	2.0	1.0	1095	$925	$0.84	44d	1	0.28mi
2148 N Stonewall Ave Oklahoma City, OK	2.0	1.0	1055	$875	$0.83	4d	1	0.32mi
2128 N Stonewall Ave Unit 1 Oklahoma City, OK	2.0	1.0	960	$800	$0.83	3d	1	0.33mi
1609 NE 18th St Oklahoma City, OK	2.0	1.0	899	$900	$1.00	4d	1	0.37mi
1722 NE 20th St Oklahoma City, OK	2.0	1.0	800	$1,070	$1.34	44d	1	0.37mi
2709 N Fonshill Ave Oklahoma City, OK	2.0	1.0	949	$1,100	$1.16	24d	1	0.38mi
1438 NE 27th St Oklahoma City, OK	3.0	1.0	736	$1,000	$1.36	44d	1	0.38mi
1727 NE 19th St Oklahoma City, OK	3.0	1.0	892	$995	$1.12	44d	1	0.40mi
1220 NE 17th St Oklahoma City, OK	2.0	1.0	1100	$1,195	$1.09	44d	1	0.41mi
1812 NE 24th St Oklahoma City, OK	3.0	1.0	1071	$1,175	$1.10	3d	1	0.41mi
1801 N Jordan Ave Oklahoma City, OK	2.0	1.0	1080	$1,000	$0.93	15d	1	0.42mi
1200 NE 17th St Unit B Oklahoma City, OK	2.0	1.0	1002	$2,100	$2.10	44d	1	0.44mi
2908 N Fonshill Ave Oklahoma City, OK	3.0	2.0	1325	$1,225	$0.92	44d	1	0.45mi
1427 NE 28th St Oklahoma City, OK	1.0	1.0	876	$695	$0.79	44d	1	0.45mi
1450 NE 16th Ter Oklahoma City, OK	3.0	1.0	1096	$1,295	$1.18	44d	1	0.47mi
1904 NE 25th St Oklahoma City, OK	2.0	1.0	939	$950	$1.01	4d	1	0.54mi
943 East Dr Oklahoma City, OK	1.0	1.0	900	$995	$1.11	4d	1	0.58mi
1921 NE 25th St Unit 3 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	20d	1	0.58mi
939 East Dr Oklahoma City, OK	2.0	1.0	1039	$1,100	$1.06	24d	1	0.59mi
1931 NE 25th St Unit 10 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	24d	1	0.61mi
935 NE 16th St Oklahoma City, OK	1.0	1.0	727	$795	$1.09	44d	1	0.63mi
1444 NE 13th St Unit 1446 Oklahoma City, OK	2.0	2.0	1167	$1,199	$1.03	17d	1	0.65mi
1637 Bishop Bobby L Williams Dr Oklahoma City, OK	2.0	1.0	820	$1,150	$1.40	44d	1	0.72mi
2300 Granada Blvd Oklahoma City, OK	3.0	1.0	999	$1,000	$1.00	12d	1	0.72mi
2107 Hardin Dr Oklahoma City, OK	3.0	1.0	999	$875	$0.88	44d	1	0.72mi
2112 NE 23rd St Oklahoma City, OK	3.0	1.0	1117	$1,070	$0.96	17d	1	0.76mi
736 NE 26th St Oklahoma City, OK	2.0	1.0	927	$1,050	$1.13	3d	1	0.77mi
800 East Dr Unit 1 Oklahoma City, OK	1.0	1.0	752	$900	$1.20	3d	1	0.77mi
2132 NE 19th St Oklahoma City, OK	2.0	1.0	850	$950	$1.12	44d	1	0.79mi
2143 NE 19th St Oklahoma City, OK	2.0	1.0	1265	$945	$0.75	44d	1	0.81mi
2200 Hardin Dr Oklahoma City, OK	3.0	1.0	1091	$1,025	$0.94	44d	1	0.81mi
714 NE 27th St Unit 4 Oklahoma City, OK	2.0	1.0	950	$845	$0.89	24d	1	0.84mi
701 Culbertson Dr Oklahoma City, OK	1.0	1.0	700	$825	$1.18	3d	1	0.84mi
1148 N Lottie Ave Oklahoma City, OK	2.0	1.0	1040	$1,150	$1.11	3d	1	0.84mi
2020 NE 30th St Oklahoma City, OK	3.0	1.0	1056	$1,150	$1.09	44d	1	0.86mi
1633 NE 11th St Oklahoma City, OK	3.0	2.0	1284	$1,945	$1.51	2d	1	0.86mi
1621 NE 33rd St Oklahoma City, OK	3.0	2.0	1500	$1,975	$1.32	44d	1	0.88mi

Listing history 5 events

1. 2026-02-27
   status Pending
2. 2026-02-26
   price $40,000
3. 2026-02-25
   listed $50,000 Active
4. 2026-02-15
   historical
5. 2026-02-09
   listed $50,000 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: $285 · $24/mo
• Projected year-2 tax: $360 · $30/mo
• Expected delta: +$75/yr (+$6/mo · 26.3%)

ⓘ 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 6 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $13,194
• − Mortgage interest: −$2,241
• − Property taxes: −$285
• − Insurance: −$200
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$1,164
• Taxable income: $7,194
• Est. tax owed @ 24.0%: −$1,727
• After-tax cash flow: $5,695/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

-20.0% since first listed

5 events — show timeline

• 2026-02-27 Pending — MLSOK
• 2026-02-26 Price Changed $40,000 MLSOK
• 2026-02-25 Listed $50,000 MLSOK
• 2026-02-15 Listing Removed — MLSOK
• 2026-02-09 Listed $50,000 MLSOK

Property tax history

+5.5%/yr

Latest (2025): $285 · +4.1% YoY. Source: county tax records.