401 SE 12th Ave #239 · Norman, OK 73071

$84,999

1 bd · 2.0 ba · 928 sqft · Condo public records · 11 Days on market

Built 1976 $225/mo HOA · 23% of rent

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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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention future students, owners and investors!! This lower-level, owner-occupied 2bed 1.5bath condo is located near both pools, mailboxes and plenty of parking. You'll enjoy the beautiful ceramic tile flooring throughout, granite counters, new cabinetry, along with the reassurance that new roofs, siding & paint has been installed for every building in 2025! The University of Oklahoma is within biking distance as well as many restaurants, grocery & shopping areas! Schedule your showing today! Buyer(s) to verify all listing information.

Key facts

• New siding
• New roofs
• New paint

Tags

• CERAMIC TILE FLOORING
• GRANITE COUNTERS
• NEW CABINETRY
• NEW ROOFS
• NEW SIDING
• NEW PAINT

Property features AI

Finance

• Other: Private fenced outdoor pool with pool cover; Association-maintained complex (Cottonwood Condominiums)
• Financial info: Accepts cash and conventional financing; Loan qualification possible
• HOA & community: Mandatory association dues; Association fee includes garbage, common area maintenance, exterior maintenance, and partial utilities

Exterior

• Utilities: Electricity available
• Home design: Condominium (residential); Lower-level unit; Existing property
• Construction: Brick and frame construction; Other roof (roof year 2025); Slab foundation
• Exterior features: Covered porch; Campus area setting; Interior lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Electric heating
• Interior features: Living area; Dining area; No fireplace; No in-law plan

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $-23 ($-273/yr) — negative.
• To cash-flow at today's rent, offer at most $81k (4.7% below list).
• Meets the 1% rule at list price ($962 rent vs $85k).
• Recommended offer: $81k (4.7% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 3.6% in Norman — 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 85/100 on livability (#1 in OK, #557 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Norman (suburban): math 27% / reading 32% proficiency, ranked #61 of 270 in OK (top 23%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kennedy Es (math 8% / reading 8%, grade F, #741 of 845 statewide, top 89%, 487 students, 0% FRL); Irving Ms (math 14% / reading 20%, grade F, #193 of 345 statewide, top 60%, 788 students, 0% FRL); Norman Hs (math 27% / reading 44%, grade F, #46 of 447 statewide, top 10%, 2,137 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.8%/yr); 356 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• 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 $80,976 (4.7% 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. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-15,282
• Equity at exit: $12,674

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-15,418
• Equity at exit: $7,349

Cash invested: $23,800 (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 73071

• Rents YoY: 2.8%
• Active inventory: 356
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $962 high
• Mortgage (P&I): −$446
• Tax from tax record: −$77 /mo · $923/yr
• Insurance: −$35
• HOA: −$225
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $-23

Break-even live

Break-even rent $991

Max offer price $80,976

Occupancy floor 97%

Sensitivity live

Price	-10% $25	-5% $1	+0% $-23	+5% $-47	+10% $-71
Rent	-10% $-99	-5% $-61	+0% $-23	+5% $15	+10% $53
Rate	-1.0pp $20	-0.5pp $-1	base $-23	+0.5pp $-45	+1.0pp $-67

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 12th Ave SE Norman, OK	1.0–2.0	1.0–2.0	842	$835	$0.99	5d	2	0.07mi
717 Biloxi Dr Norman, OK	2.0	2.0	1000	$975	$0.97	25d	1	0.34mi
1149 W Brooks St Norman, OK	1.0–4.0	1.0–2.0	1025	$879	$0.86	3d	7	0.40mi
1616 Alameda St Norman, OK	1.0–2.0	1.0–1.5	975	$785	$0.81	25d	8	0.40mi
1616 Alameda St Norman, OK	2.0	1.0–1.5	925	$938	$1.01	12d	1	0.40mi
300 Chalmette Dr Unit A Norman, OK	2.0	1.0	975	$875	$0.90	5d	1	0.44mi
1120 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	16d	1	0.45mi
1106 Arkansas St Norman, OK	1.0	1.0	568	$725	$1.28	25d	1	0.47mi
1008 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	16d	1	0.52mi
1812 E Alameda St Norman, OK	1.0	1.0	906	$925	$1.02	16d	1	0.53mi
1900 Dover St Norman, OK	2.0	1.0	975	$1,200	$1.23	23d	1	0.54mi
1900 Dover St Unit A Norman, OK	2.0	1.0	948	$1,095	$1.16	5d	1	0.54mi
1812 Alameda St #221 Norman, OK	1.0	1.0	906	$925	$1.02	22d	1	0.56mi
1115 Biloxi Dr Norman, OK	1.0–2.0	1.0	818	$825	$1.01	13d	3	0.59mi
829 Russell Cir Norman, OK	2.0	1.0	825	$1,000	$1.21	25d	1	0.59mi
828 Russell Cir Norman, OK	2.0	1.0	768	$1,050	$1.37	4d	1	0.62mi
826 Russell Cir Unit 826 Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
824 Russell Cir Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
833 Owl St Norman, OK	2.0	1.0	810	$1,000	$1.23	25d	1	0.64mi
1400 E Lindsey St Norman, OK	2.0	2.5	896	$889	$0.99	25d	1	0.66mi
2023 Delaware Ln Norman, OK	2.0	1.0	720	$1,000	$1.39	25d	1	0.68mi
101 Crestland Dr Norman, OK	2.0	1.5	1100	$1,249	$1.14	3d	2	0.69mi
1703 E Lindsey St Norman, OK	2.0	2.0	1101	$1,100	$1.00	25d	1	0.69mi
2035 Delaware Ln Norman, OK	2.0	1.0	783	$1,000	$1.28	25d	1	0.71mi
819 E Lindsey St Norman, OK	2.0	1.0	700	$850	$1.21	3d	1	0.74mi
1300 12th Ave NE Norman, OK	2.0–3.0	1.0–2.0	925	$959	$1.04	3d	4	0.77mi
2021 Alameda St Norman, OK	2.0	1.0–2.0	875	$1,074	$1.23	3d	10	0.77mi
1502 E Lindsey St Norman, OK	1.0–2.0	1.0–2.0	755	$799	$1.06	4d	1	0.78mi
414 Ferrill St #416 Norman, OK	2.0	1.0	800	$875	$1.09	5d	1	0.78mi
1744 Classen Blvd Unit 2 Norman, OK	1.0	1.0	550	$750	$1.36	5d	1	0.83mi
1301 Eastgate Dr Norman, OK	2.0	2.5	950	$935	$0.98	5d	1	0.83mi
1417 Concord Dr #1419 Norman, OK	2.0	2.0	1056	$1,150	$1.09	25d	1	0.84mi
930 Miller Ave Norman, OK	2.0	2.0	1050	$1,545	$1.47	5d	1	0.85mi
2258 Donna Dr Norman, OK	2.0	1.0	930	$900	$0.97	5d	1	0.89mi
2227 Donna Dr Norman, OK	2.0	1.0	841	$1,000	$1.19	25d	1	0.89mi
2227 Donna Dr Norman, OK	2.0	1.0	841	$1,000	$1.19	23d	1	0.89mi
900 23rd St SE Unit 08-2318 Norman, OK	2.0	2.0	875	$945	$1.08	25d	1	0.93mi
900 23rd St SE Unit 18-928 Norman, OK	2.0	2.0	875	$995	$1.14	25d	1	0.93mi
203 E Brooks St Norman, OK	1.0	1.0	605	$1,000	$1.65	25d	1	1.07mi
1322 Glen Oaks Ct Norman, OK	2.0	1.5	844	$1,000	$1.18	5d	1	1.13mi

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-03
   days on market $84,999 Active 11 DOM
2. 2026-06-02
   days on market $84,999 Active 10 DOM
3. 2026-06-01
   days on market $84,999 Active 9 DOM
4. 2026-05-31
   days on market $84,999 Active 8 DOM
5. 2026-05-23
   listed $84,999 Active
6. 2022-11-22
   soldstatus $80,000
7. 2004-10-13
   soldstatus $35,000
8. 2000-12-21
   soldstatus $27,000
9. 1998-07-01
   soldstatus $23,500

ⓘ 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: $923 · $77/mo
• Projected year-2 tax: $923 · $77/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,549
• − Mortgage interest: −$4,761
• − Property taxes: −$923
• − Insurance: −$425
• − Repairs & maintenance: −$924
• − Management: −$924
• − HOA: −$2,700
• − Depreciation: −$2,473
• Taxable loss: −$1,581
• Est. tax savings @ 24.0%: +$379
• After-tax cash flow: $106/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: Norman
• NCES district ID: 4021720
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $48,940
• Composite: 25.67/100
• National rank: #7395
• State rank: #61 of 270 in OK

Livability — Norman

• Score: 85/100
• State rank: #1
• US rank: #557

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norman, OK
• County: Cleveland County · 239,547 people
• City population: 123,141
• Metro: Oklahoma City, OK
• Population (ZIP): 43,798
• Household income: $64,007
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1903.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 323,621 people
• By 2030: 349,070 · +7.9%
• By 2040: 400,168 · +23.7%
• By 2050: 454,101 · +40.3%
• By 2075: 602,926 · +86.3%
• By 2100: 734,485 · +127.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 8% Hispanic / Latino 8% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Serbian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Cleveland

• 2024 margin: R (+14.9) · D 41.4% · R 56.4% · Other 2.2%
• 2008→2024 swing: +9.1pp toward D · 2008: -24.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+14.1 2016: R+21.7 2012: R+25.9 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.04%
• Current HPI: 249.3797
• Rent YoY: ▲ 2.80%
• 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

+261.7% since first listed

5 events — show timeline

• 2026-05-23 Listed $84,999 MLSOK
• 2022-11-22 Sold (Public Records) $80,000 Public Records
• 2004-10-13 Sold (Public Records) $35,000 Public Records
• 2000-12-21 Sold (Public Records) $27,000 Public Records
• 1998-07-01 Sold (Public Records) $23,500 Public Records

Property tax history

+9.9%/yr

Latest (2024): $923 · +4.8% YoY. Source: county tax records.