3524 NW 51st St #4 · Oklahoma City, OK 73112

$75,000

2 bd · 2.0 ba · 990 sqft · Condo public records · 130 Days on market

Built 1976 $76/sqft · 54% below area $28/mo HOA · 3% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom, 1.5 bath condo is located in a central city location. The ground-floor unit offers convenient access and includes one assigned parking space. The unit features a functional layout with natural light from multiple windows. The kitchen includes standard finishes and practical space for everyday use. New flooring has been installed throughout the unit. The bathroom configuration includes two vanity areas with a single shared tiled shower. The property offers a practical living option in a convenient location. The HOA fee is $335 per month and includes water and gas.

Key facts

• New flooring
• Natural light
• Two vanity areas

Tags

• CENTRAL CITY LOCATION
• GROUND-FLOOR UNIT
• ASSIGNED PARKING SPACE
• NATURAL LIGHT
• NEW FLOORING
• TWO VANITY AREAS

🏷️ Possibly a rental listed for sale. The $75,000 price doesn't fit this home's estimated sale value (~$163,455) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: schools F, 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.
• Market conditions: Rents rising fast (+4.8%/yr); 192 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); 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 $519 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 + 4.8% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 25y 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.

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 $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.49% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.90%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (median comp): $163,455
• List price: $75,000
• Delta: -54.12%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.8% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.63×
• Total profit: $13,215
• Equity at exit: $11,183

10-year hold

• IRR: 25.3%
• Equity multiple: 3.40×
• Total profit: $50,343
• Equity at exit: $6,485

Cash invested: $21,000 (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 73112

• Rents YoY: 4.8%
• Active inventory: 192
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,118 high
• Mortgage (P&I): −$393
• Tax from tax record: −$65 /mo · $784/yr
• Insurance: −$31
• HOA: −$28
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $366

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 62%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3541 NW 50th St Oklahoma City, OK	2.0	1.0	980	$949	$0.97	43d	1	0.06mi
3801 NW 51st St Oklahoma City, OK	2.0	1.0	818	$1,100	$1.34	23d	1	0.30mi
5509 N Independence Ave Oklahoma City, OK	1.0	1.0	850	$800	$0.94	23d	1	0.34mi
5560 N Portland Ave Oklahoma City, OK	1.0–2.0	1.0–2.0	955	$1,249	$1.31	1d	50	0.35mi
3160 Nimitz Blvd Oklahoma City, OK	3.0	1.0	1068	$1,195	$1.12	44d	1	0.46mi
3100 Northwest Expy Oklahoma City, OK	1.0–3.0	1.0–2.5	1029	$1,066	$1.04	1d	57	0.63mi
5113 N Brookline Ave Oklahoma City, OK	2.0	1.0	1100	$1,000	$0.91	2d	1	0.64mi
5113 N Brookline Ave Oklahoma City, OK	1.0	1.0	950	$950	$1.00	19d	1	0.64mi
5113 N Brookline Ave Oklahoma City, OK	1.0	1.0	850	$950	$1.12	43d	1	0.64mi
5113 N Brookline Ave Oklahoma City, OK	1.0	1.0	850	$950	$1.12	23d	1	0.64mi
3624 NW 42nd St Oklahoma City, OK	1.0–2.0	1.0–2.0	1050	$899	$0.86	2d	1	0.65mi
4600 N Hamilton Dr Oklahoma City, OK	2.0	1.0	708	$1,050	$1.48	43d	1	0.67mi
5505 N Brookline Ave Oklahoma City, OK	1.0	1.0	750	$1,469	$1.96	23d	1	0.69mi
3221 NW 39th Ter Oklahoma City, OK	3.0	1.0	1073	$1,350	$1.26	16d	1	0.83mi
4204 NW 51st St Unit 2 Oklahoma City, OK	2.0	2.0	1005	$1,495	$1.49	23d	1	0.85mi
6000 N Brookline Ave #48 Oklahoma City, OK	2.0	1.0	800	$1,385	$1.73	2d	1	0.97mi
6000 N Brookline Ave Oklahoma City, OK	2.0	1.0	880	$1,242	$1.41	23d	2	0.97mi
5660 N May Ave Oklahoma City, OK	1.0	1.0	780	$860	$1.10	23d	1	0.98mi
5660 N May Ave Oklahoma City, OK	1.0	1.0	700	$860	$1.23	14d	1	0.98mi
5660 N May Ave Oklahoma City, OK	1.0	1.0	700	$860	$1.23	43d	1	0.98mi
2720 NW 49th St Oklahoma City, OK	2.0	1.0	786	$1,200	$1.53	2d	1	0.99mi
6100 N Brookline Ave Oklahoma City, OK	2.0	2.0	1040	$1,900	$1.83	23d	1	1.02mi
6101 N May Ave Oklahoma City, OK	1.0–2.0	1.0–2.0	814	$1,070	$1.31	4d	6	1.03mi
6105 N Brookline Ave #34 Oklahoma City, OK	2.0	1.0	834	$1,100	$1.32	4d	1	1.04mi
2710 NW 57th St Oklahoma City, OK	3.0	1.0	900	$1,425	$1.58	3d	1	1.14mi
5418 N Meridian Ave Oklahoma City, OK	2.0	1.0–2.0	690	$940	$1.36	2d	14	1.21mi
3037 NW 65th St Oklahoma City, OK	3.0	1.5	1063	$1,495	$1.41	43d	1	1.22mi
4200 N Meridian Ave Oklahoma City, OK	1.0–2.0	1.0–2.0	801	$1,289	$1.61	4d	29	1.24mi
3615 N Tulsa Ave Oklahoma City, OK	1.0	1.0	700	$775	$1.11	43d	1	1.30mi
3025 NW 67th St Oklahoma City, OK	3.0	1.0	1071	$1,350	$1.26	43d	1	1.34mi
4020 N Meridian Ave Oklahoma City, OK	2.0	1.0	700	$849	$1.21	23d	1	1.35mi
6300 N Meridian Ave Unit 6312-102 Oklahoma City, OK	1.0	1.0	700	$700	$1.00	21d	1	1.41mi
6300 N Meridian Ave Unit 6306-201 Oklahoma City, OK	1.0	1.0	700	$700	$1.00	4d	1	1.41mi
6300 N Meridian Ave Unit 6322-204 Oklahoma City, OK	2.0	2.0	944	$860	$0.91	14d	1	1.41mi
3929 NW 32nd St Oklahoma City, OK	3.0	1.0	1050	$1,300	$1.24	43d	1	1.42mi
6300 N Meridian Ave Oklahoma City, OK	2.0	1.0–2.0	773	$860	$1.11	2d	19	1.43mi
2477 NW 40th St Oklahoma City, OK	2.0	1.0	1011	$1,150	$1.14	43d	1	1.43mi
3912 NW 32nd St Oklahoma City, OK	2.0	1.0	894	$1,099	$1.23	43d	1	1.43mi
2449 NW 42nd St Oklahoma City, OK	3.0	1.0	1070	$1,200	$1.12	43d	1	1.44mi
3141 NW 32nd St Oklahoma City, OK	2.0	1.0	1010	$1,025	$1.01	21d	1	1.45mi

HOA detail condo

• Monthly dues: $28 · $336/yr
• Likely covers: watergasparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 43 events

1. 2026-06-18
   days on market $75,000 Active 130 DOM
2. 2026-06-17
   days on market $75,000 Active 129 DOM
3. 2026-06-16
   days on market $75,000 Active 128 DOM
4. 2026-06-15
   days on market $75,000 Active 127 DOM
5. 2026-06-13
   days on market $75,000 Active 125 DOM
6. 2026-06-09
   days on market $75,000 Active 121 DOM
7. 2026-06-08
   days on market $75,000 Active 120 DOM
8. 2026-06-07
   days on market $75,000 Active 119 DOM
9. 2026-06-05
   days on market $75,000 Active 116 DOM
10. 2026-06-03
    days on market $75,000 Active 115 DOM
11. 2026-06-02
    days on market $75,000 Active 114 DOM
12. 2026-06-01
    days on market $75,000 Active 113 DOM
13. 2026-05-31
    days on market $75,000 Active 112 DOM
14. 2026-04-15
    status Active 585-char remark

    Show marketing remark (585 chars)

    This 2 bedroom, 1.5 bath condo is located in a central city location. The ground-floor unit offers convenient access and includes one assigned parking space. The unit features a functional layout with natural light from multiple windows. The kitchen includes standard finishes and practical space for everyday use. New flooring has been installed throughout the unit. The bathroom configuration includes two vanity areas with a single shared tiled shower. The property offers a practical living option in a convenient location. The HOA fee is $335 per month and includes water and gas.

15. 2026-03-24
    status Pending 585-char remark

    Show marketing remark (585 chars)

    This 2 bedroom, 1.5 bath condo is located in a central city location. The ground-floor unit offers convenient access and includes one assigned parking space. The unit features a functional layout with natural light from multiple windows. The kitchen includes standard finishes and practical space for everyday use. New flooring has been installed throughout the unit. The bathroom configuration includes two vanity areas with a single shared tiled shower. The property offers a practical living option in a convenient location. The HOA fee is $335 per month and includes water and gas.

16. 2026-01-15
    listed $75,000 Active 585-char remark

    Show marketing remark (585 chars)

    This 2 bedroom, 1.5 bath condo is located in a central city location. The ground-floor unit offers convenient access and includes one assigned parking space. The unit features a functional layout with natural light from multiple windows. The kitchen includes standard finishes and practical space for everyday use. New flooring has been installed throughout the unit. The bathroom configuration includes two vanity areas with a single shared tiled shower. The property offers a practical living option in a convenient location. The HOA fee is $335 per month and includes water and gas.

17. 2025-02-03
    historical
18. 2025-01-02
    listed $80,000 Active
19. 2024-05-07
    soldstatus $103,500
20. 2022-09-06
    soldstatus $48,500
21. 2022-09-02
    soldstatus $48,347 Sold
22. 2022-07-28
    status Pending
23. 2022-07-15
    listed $36,000 Active
24. 2020-06-17
    soldstatus $30,000
25. 2020-06-16
    soldstatus $30,000 Sold
26. 2020-06-01
    status Pending
27. 2020-05-26
    status Active
28. 2020-05-13
    status Pending
29. 2020-04-07
    status Active
30. 2020-03-11
    status Pending
31. 2020-01-08
    status Active
32. 2019-12-31
    status Pending
33. 2019-12-10
    listed $40,000 Active
34. 2007-12-19
    historical
35. 2006-06-26
    soldstatus $29,000
36. 2006-06-23
    soldstatus $29,000
37. 2006-05-22
    listed $30,900
38. 2003-03-20
    listed $32,000
39. 2003-01-27
    historical
40. 2002-07-26
    listed $33,500
41. 2002-01-01
    soldstatus $33,500
42. 2001-06-19
    listed $35,000
43. 1983-11-01
    soldstatus $43,500

ⓘ 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: $784 · $65/mo
• Projected year-2 tax: $784 · $65/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 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: $13,421
• − Mortgage interest: −$4,201
• − Property taxes: −$784
• − Insurance: −$375
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − HOA: −$336
• − Depreciation: −$2,182
• Taxable income: $3,396
• Est. tax owed @ 24.0%: −$815
• After-tax cash flow: $3,573/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): 30,372
• Household income: $58,419
• Rent vs Own: 48.3% rent · 51.7% own
• Severe rent burden: 1555.0

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 0.65)
• Race & ethnicity: White 55% Hispanic / Latino 18% Black 13% Two or more races 12% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 82% English-only · Spanish 12% Other Indo-European 1% Vietnamese 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: ▼ -283.17%
• Current HPI: 253.682
• Rent YoY: ▲ 4.80%
• 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

+72.4% since first listed

30 events — show timeline

• 2026-04-15 Relisted — MLSOK
• 2026-03-24 Pending — MLSOK
• 2026-01-15 Listed $75,000 MLSOK
• 2025-02-03 Listing Removed — MLSOK
• 2025-01-02 Listed $80,000 MLSOK
• 2024-05-07 Sold (Public Records) $103,500 Public Records
• 2022-09-06 Sold (Public Records) $48,500 Public Records
• 2022-09-02 Sold (MLS) $48,347 MLSOK
• 2022-07-28 Pending — MLSOK
• 2022-07-15 Listed $36,000 MLSOK
• 2020-06-17 Sold (Public Records) $30,000 Public Records
• 2020-06-16 Sold (MLS) $30,000 MLSOK
• 2020-06-01 Pending — MLSOK
• 2020-05-26 Relisted — MLSOK
• 2020-05-13 Pending — MLSOK
• 2020-04-07 Relisted — MLSOK
• 2020-03-11 Pending — MLSOK
• 2020-01-08 Relisted — MLSOK
• 2019-12-31 Pending — MLSOK
• 2019-12-10 Listed $40,000 MLSOK
• 2007-12-19 Listing Removed — MLSOK
• 2006-06-26 Sold (Public Records) $29,000 Public Records
• 2006-06-23 Sold (MLS) $29,000 MLSOK
• 2006-05-22 Listed $30,900 MLSOK
• 2003-03-20 Listed $32,000 MLSOK
• 2003-01-27 Listing Removed — MLSOK
• 2002-07-26 Listed $33,500 MLSOK
• 2002-01-01 Sold (MLS) $33,500 MLSOK
• 2001-06-19 Listed $35,000 MLSOK
• 1983-11-01 Sold (Public Records) $43,500 Public Records

Property tax history

+6.5%/yr

Latest (2025): $784 · +9.6% YoY. Source: county tax records.