1617 NE 15th St · Oklahoma City, OK 73117

$90,000

1 bd · 2.0 ba · 1,267 sqft · MultiFamily public records · 57 Days on market

Built 1928 6,251 sqft lot $71/sqft · 56% below area

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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
• Appreciation +6.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming investment opportunity centrally located near downtown OKC! This duplex feature two 1-bedroom units with great potential. Each side offers a cozy layout. The spacious backyard provides room for outdoor living and entertaining. With some remodeling, this property can truly shine. Sold as-is. Can be sold as a package with multi-family mls #'s 1204192, 1203920 and single family mls #1204240. Seller is a licensed real estate broker #16124. Buyer to verify all information.

Key facts

• Spacious backyard
• Centrally located
• Outdoor living

Tags

• CENTRALLY LOCATED
• SPACIOUS BACKYARD
• OUTDOOR LIVING

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 75 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $1,748/mo this rent would consume 90% of the median local household income ($23k/yr) (locally 681% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($622 loan paydown + $2k appreciation (2.4% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 4 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

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• 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 $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.94% ✓
• Cap rate: 16.15%
• Cash-on-cash: 35.22%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $204,249
• List price: $90,000
• Delta: -55.94%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

2.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.0%
• Equity multiple: 3.19×
• Total profit: $55,239
• Equity at exit: $37,543

10-year hold

• IRR: 40.5%
• Equity multiple: 6.33×
• Total profit: $134,193
• Equity at exit: $55,679

Cash invested: $25,200 (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 73117

• Home prices YoY: 1.3%
• Active inventory: 75
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,748 high
• Mortgage (P&I): −$472
• Tax from tax record: −$132 /mo · $1,582/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $740

Break-even live

Break-even rent $812

Max offer price $90,000

Occupancy floor 53%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,748
Total (2 units)			$1,748

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 N Jordan Ave Oklahoma City, OK	2.0	1.0	1080	$1,000	$0.93	14d	1	0.13mi
1609 NE 18th St Oklahoma City, OK	2.0	1.0	899	$900	$1.00	4d	1	0.20mi
1444 NE 13th St Unit 1446 Oklahoma City, OK	2.0	2.0	1167	$1,199	$1.03	17d	1	0.22mi
1220 NE 17th St Oklahoma City, OK	2.0	1.0	1100	$1,195	$1.09	43d	1	0.43mi
2200 N Kelham Ave Oklahoma City, OK	—	1.0	1194	$1,100	$0.92	43d	1	0.46mi
1200 NE 17th St Unit B Oklahoma City, OK	2.0	1.0	1002	$2,100	$2.10	43d	1	0.48mi
1445 NE 10th St Oklahoma City, OK	2.0	1.0	1011	$1,195	$1.18	17d	1	0.49mi
1148 N Lottie Ave Oklahoma City, OK	2.0	1.0	1040	$1,150	$1.11	3d	1	0.50mi
2143 NE 19th St Oklahoma City, OK	2.0	1.0	1265	$945	$0.75	43d	1	0.61mi
2128 N Stonewall Ave Unit 1 Oklahoma City, OK	2.0	1.0	960	$800	$0.83	3d	1	0.66mi
1436 NE 8th St Oklahoma City, OK	2.0	1.0	1048	$1,095	$1.04	43d	1	0.66mi
943 East Dr Oklahoma City, OK	1.0	1.0	900	$995	$1.11	4d	1	0.68mi
939 East Dr Oklahoma City, OK	2.0	1.0	1039	$1,100	$1.06	23d	1	0.69mi
2148 N Stonewall Ave Oklahoma City, OK	2.0	1.0	1055	$875	$0.83	4d	1	0.69mi
2225 Glen Ellyn St Oklahoma City, OK	2.0	1.0	1095	$925	$0.84	43d	1	0.71mi
1904 NE 25th St Oklahoma City, OK	2.0	1.0	939	$950	$1.01	4d	1	0.78mi
1217 Carverdale Dr Oklahoma City, OK	2.0	2.0	1323	$1,300	$0.98	43d	1	0.79mi
1921 NE 25th St Unit 3 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	20d	1	0.81mi
1931 NE 25th St Unit 10 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	23d	1	0.82mi
912 NE 21st St Oklahoma City, OK	2.0	1.0	1521	$1,350	$0.89	21d	1	0.86mi
1709 N Page Ave Oklahoma City, OK	2.0	1.0	967	$895	$0.93	23d	1	0.87mi
2709 N Fonshill Ave Oklahoma City, OK	2.0	1.0	949	$1,100	$1.16	23d	1	0.89mi
2501 NE 16th St Oklahoma City, OK	2.0	1.0	941	$1,100	$1.17	43d	1	0.90mi
735 NE 14th St Oklahoma City, OK	2.0	1.0	1216	$1,299	$1.07	4d	1	0.92mi
737 NE 14th St Oklahoma City, OK	2.0	2.0	1216	$1,299	$1.07	43d	1	0.92mi
1427 NE 28th St Oklahoma City, OK	1.0	1.0	876	$695	$0.79	43d	1	0.96mi
2036 NE Grand Blvd Oklahoma City, OK	2.0	1.0	1092	$995	$0.91	2d	1	1.09mi
2620 NE 19th St Oklahoma City, OK	2.0	1.0	900	$995	$1.11	43d	1	1.10mi
736 NE 26th St Oklahoma City, OK	2.0	1.0	927	$1,050	$1.13	2d	1	1.22mi
714 NE 27th St Unit 4 Oklahoma City, OK	2.0	1.0	950	$845	$0.89	23d	1	1.30mi
1701 NE 34th St Oklahoma City, OK	2.0	1.5	900	$1,000	$1.11	43d	1	1.39mi

Listing history 24 events

1. 2026-06-18
   days on market $90,000 Active 57 DOM
2. 2026-06-17
   days on market $90,000 Active 56 DOM
3. 2026-06-16
   days on market $90,000 Active 55 DOM
4. 2026-06-15
   days on market $90,000 Active 54 DOM
5. 2026-06-13
   days on market $90,000 Active 52 DOM
6. 2026-06-09
   days on market $90,000 Active 48 DOM
7. 2026-06-08
   days on market $90,000 Active 47 DOM
8. 2026-06-07
   days on market $90,000 Active 46 DOM
9. 2026-06-05
   days on market $90,000 Active 43 DOM
10. 2026-06-03
    days on market $90,000 Active 42 DOM
11. 2026-06-02
    days on market $90,000 Active 41 DOM
12. 2026-06-01
    days on market $90,000 Active 40 DOM
13. 2026-05-31
    days on market $90,000 Active 39 DOM
14. 2026-04-22
    listed $90,000 Active 481-char remark

    Show marketing remark (481 chars)

    Charming investment opportunity centrally located near downtown OKC! This duplex feature two 1-bedroom units with great potential. Each side offers a cozy layout. The spacious backyard provides room for outdoor living and entertaining. With some remodeling, this property can truly shine. Sold as-is. Can be sold as a package with multi-family mls #'s 1204192, 1203920 and single family mls #1204240. Seller is a licensed real estate broker #16124. Buyer to verify all information.

15. 2026-01-31
    historical
16. 2025-12-19
    price $100,000
17. 2025-12-15
    price $110,000
18. 2025-12-04
    listed $130,000 Active
19. 2024-10-23
    soldstatus $95,000
20. 2024-10-23
    soldstatus $95,000
21. 2019-08-02
    historical
22. 2019-07-22
    listed $60,000 Active
23. 2007-12-19
    historical
24. 2001-02-23
    listed $25,000

ⓘ 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: $1,582 · $132/mo
• Projected year-2 tax: $1,582 · $132/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 5/10 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: $20,976
• − Mortgage interest: −$5,041
• − Property taxes: −$1,582
• − Insurance: −$450
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − Depreciation: −$2,618
• Taxable income: $7,929
• Est. tax owed @ 24.0%: −$1,903
• After-tax cash flow: $6,973/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): 6,225
• Household income: $23,413
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 681.0

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 0.56)
• Race & ethnicity: Black 63% White 16% Two or more races 13% Hispanic / Latino 12% Asian 2%
• Hispanic origin (detail): Mexican 10%
• Foreign-born: 10% · Canada, Guatemala, China
• Languages at home: 87% English-only · Spanish 8% Other Indo-European 1% 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: ▲ 2.42%
• Current HPI: 192.3185
• Rent YoY: —
• 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

+260.0% since first listed

11 events — show timeline

• 2026-04-22 Listed $90,000 MLSOK
• 2026-01-31 Listing Removed — MLSOK
• 2025-12-19 Price Changed $100,000 MLSOK
• 2025-12-15 Price Changed $110,000 MLSOK
• 2025-12-04 Listed $130,000 MLSOK
• 2024-10-23 Sold (Public Records) $95,000 Public Records
• 2024-10-23 Sold (Public Records) $95,000 Public Records
• 2019-08-02 Listing Removed — MLSOK
• 2019-07-22 Listed $60,000 MLSOK
• 2007-12-19 Listing Removed — MLSOK
• 2001-02-23 Listed $25,000 MLSOK