510 Hanging Elm Dr · Norman, OK 73071

$200,000

3 bd · 2.0 ba · 1,356 sqft · SingleFamily public records · 2 Days on market

Built 1975 8,276 sqft lot Est $210k · at est.

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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 +13.6/30.0
• ARV discount +9.7/15.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

Key facts

• Built in shelving
• French doors
• Walk in closet

Tags

• BUILT IN SHELVING
• FRENCH DOORS
• GRANITE COUNTERTOPS
• SUBWAY TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• WALK IN CLOSET

Property features AI

Finance

• Other: Located in Woodcrest Estates 6 addition; Active listing, occupied
• Financial info: Loan qualification: Yes
• HOA & community: No mandatory association dues

Exterior

• Parking: 2-car garage
• Utilities: Public utilities
• Home design: Single-family residence; One-level home; Existing property
• Construction: Brick and frame construction; Composition roof (replaced/updated in 2021); Slab foundation
• Exterior features: Interior lot; Below-ground storm shelter

Interior

• Bedrooms: 3 bedrooms
• Flooring: Combination of floor types
• Bathrooms: 2 full bathrooms
• Interior features: Combo flooring throughout; One living area; One fireplace (other style); No study

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $9 ($112/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (19.7% below list).
• Recommended offer: $161k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Jefferson Es (math 32% / reading 32%, grade F, #213 of 845 statewide, top 28%, 368 students, 0% FRL); Norman North Hs (math 45% / reading 57%, grade D+, #2 of 447 statewide, top 0%, 2,401 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.
• Zoned-school proficiency averages 42% at this address vs 30% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Norman average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.8%/yr); 350 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).
• This rent runs 30% of the median local income ($64k/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 $1k of loan paydown is wiped out by about $6k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y ago 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.
• Current owner paid $120k; list at $200k implies a 67% 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 $160,654 (19.7% below list)

Questions for the listing agent

1. Built in 1975 — 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. 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?
4. 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.
5. 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.
6. 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: 0.80% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $210,180
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Hanging Elm Dr	0.00mi	3/2.0	1,356 (0%)	0mo	$205,000	$151	100
440 Elmcrest St	0.06mi	3/2.0	1,377 (+2%)	6mo	$205,350	$149	90
516 Elmcrest Dr	0.06mi	3/2.0	1,290 (-5%)	1mo	$200,000	$155	88
817 Shadowhill St	0.28mi	3/2.0	1,446 (+7%)	5mo	$160,000	$111	71
2407 Kiowa Way	0.59mi	3/1.5	1,344 (-1%)	4mo	$193,500	$144	66
2919 City View Ct	0.26mi	3/2.0	1,510 (+11%)	4mo	$244,000	$162	66
3028 Pinecrest St	0.46mi	3/2.0	1,241 (-8%)	0mo	$205,000	$165	64
808 Cavecreek St	0.26mi	3/2.0	1,555 (+15%)	4mo	$200,000	$129	60
128 Tecumseh Meadows Dr	0.57mi	3/2.0	1,457 (+7%)	2mo	$230,000	$158	59
228 Tecumseh Meadows Dr	0.68mi	3/2.0	1,472 (+9%)	4mo	$240,000	$163	50
2420 Hunting Horse Trl	0.63mi	3/2.0	1,162 (-14%)	0mo	$213,000	$183	47
904 Hunting Horse Trl	0.59mi	4/1.5 (+1)	1,217 (-10%)	7mo	$157,500	$129	42

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-32,187
• Equity at exit: $29,821

10-year hold

• IRR: -8.3%
• Equity multiple: 0.49×
• Total profit: $-28,787
• Equity at exit: $17,292

Cash invested: $56,000 (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: 350
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,607 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $9

Break-even live

Break-even rent $1,595

Max offer price $200,000

Occupancy floor 94%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
612 Cavecreek St Norman, OK	3.0	2.0	1527	$1,750	$1.15	3d	1	0.17mi
816 Sequoyah Trl Norman, OK	3.0	2.0	1367	$1,525	$1.12	3d	1	0.32mi
912 Cavecreek St Norman, OK	3.0	2.0	1527	$1,695	$1.11	2d	1	0.34mi
343 Woodcrest Dr Norman, OK	3.0	2.0	1470	$1,495	$1.02	24d	1	0.39mi
200 Tecumseh Meadows Dr Norman, OK	3.0	2.0	1415	$1,695	$1.20	3d	1	0.60mi
3109 Queenston Ave Norman, OK	3.0	2.0	1344	$1,650	$1.23	14d	1	0.71mi
221 Dollina Ct Norman, OK	3.0	2.0	1662	$1,740	$1.05	3d	1	0.78mi
2609 Deer Chase Dr Norman, OK	3.0	2.0	1824	$1,920	$1.05	2d	1	0.83mi
1428 Princeton Cir Norman, OK	3.0	1.5	1231	$1,295	$1.05	3d	1	0.84mi
2700 Red Fish Rd Norman, OK	3.0	2.0	1411	$1,600	$1.13	3d	1	1.03mi
211 Skylark Ct #213 Norman, OK	2.0	1.5	1050	$1,050	$1.00	20d	1	1.09mi
213 Skylark Ct Norman, OK	2.0	1.5	1000	$1,050	$1.05	20d	1	1.09mi
3101 Red Cedar Way Norman, OK	3.0	2.0	1565	$1,865	$1.19	3d	1	1.10mi
805 Grickle Dr Norman, OK	3.0	2.0	1405	$1,550	$1.10	3d	1	1.19mi
316 Falcon Ct Unit 2 Norman, OK	2.0	1.0	975	$875	$0.90	24d	1	1.25mi
2909 Lerkim Ln Norman, OK	3.0	2.0	1464	$1,750	$1.20	3d	1	1.27mi
1505 Shrill Ct Norman, OK	3.0	2.0	1818	$2,195	$1.21	24d	1	1.28mi
916 Ringwood St Norman, OK	3.0	2.0	1601	$1,850	$1.16	3d	1	1.30mi
1640 High Cir Norman, OK	3.0	2.0	1215	$1,200	$0.99	14d	1	1.38mi

Listing history 11 events

1. 2026-05-14
   status Pending
2. 2026-05-12
   listed $200,000 Active
3. 2017-11-01
   soldstatus $120,000
4. 2017-10-31
   soldstatus $119,900 Sold 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

5. 2017-10-02
   status Pending 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

6. 2017-09-25
   status Active 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

7. 2017-09-14
   historical 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

8. 2017-08-25
   status Pending 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

9. 2017-08-23
   listed $119,900 Active 705-char remark

   Show marketing remark (705 chars)

   BACK ON MARKET. Once you see this one, you can stop looking. Amazing price for 3 bed 2 Bath in Norman w/ so many UPDATES! New Roof this summer, New Concrete Drive, Freshly painted & updated kitchen w/ modern appliances. HVAC is Lenox Brand replaced within past few years. Nice fireplace in living. On a quiet street tucked away in the neighborhood. The large backyard has a storage shed & concrete patio. Short stroll to Vineyard Park and plenty of tree lined streets in the neighborhood. Great Norman area, easy access to University of Oklahoma & just about 3 miles to i-35. Also easy access for commuting to Tinker Air Force Base. See updated disclosure for seller completed repairs.

10. 2006-04-05
    soldstatus $92,000
11. 1997-02-03
    soldstatus $66,000

ⓘ 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: $1,532 · $128/mo
• Projected year-2 tax: $1,800 · $150/mo
• Expected delta: +$268/yr (+$22/mo · 17.5%)

ⓘ 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 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: $19,278
• − Mortgage interest: −$11,203
• − Property taxes: −$1,532
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$5,818
• Taxable loss: −$3,359
• Est. tax savings @ 24.0%: +$806
• After-tax cash flow: $918/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

+203.0% since first listed

11 events — show timeline

• 2026-05-14 Pending — MLSOK
• 2026-05-12 Listed $200,000 MLSOK
• 2017-11-01 Sold (Public Records) $120,000 Public Records
• 2017-10-31 Sold (MLS) $119,900 MLSOK
• 2017-10-02 Pending — MLSOK
• 2017-09-25 Relisted — MLSOK
• 2017-09-14 Listing Removed — MLSOK
• 2017-08-25 Pending — MLSOK
• 2017-08-23 Listed $119,900 MLSOK
• 2006-04-05 Sold (Public Records) $92,000 Public Records
• 1997-02-03 Sold (Public Records) $66,000 Public Records

Property tax history

+0.4%/yr

Latest (2024): $1,532 · +3.0% YoY. Source: county tax records.