405 Nebraska St · Norman, OK 73069

$197,000

3 bd · 2.0 ba · 1,300 sqft · SingleFamily public records · 3 Days on market

Built 1938 6,970 sqft lot Est $207k · 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 +14.9/30.0
• ARV discount +9.6/15.0
• DSCR +4.6/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• 1% rule +3.1/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Original knotty pine paneling & kitchen cabinets possibly wood floors under carpet. Workshop in back, ally access, storm shelter, covered patio. Newer roof 2006. New electrical box breakers & wiring, 2006 A/C replaced, washer, dryer, frig added, replaced water line from street to house.

Key facts

• Newer roof
• Newer hvac system
• New gas line

Tags

• UPDATED HALL BATHROOM
• NEWER HVAC SYSTEM
• NEWER ROOF
• CLEANED GAS FIREPLACE
• NEW GAS LINE
• PRIVATE PRIMARY SUITE

Property features AI

Finance

• Other: Living area reported as 1,300 (assessor); Lot approximately 0.16 acres
• Financial info: Loan qualifying available; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 1-car garage
• Utilities: Storm shelter (below ground, outdoors)
• Home design: Single family residence; One story; Faces south; Residential property
• Construction: Frame construction; Composition roof; Conventional foundation; Built status: existing
• Exterior features: Covered patio; Open deck; Porch; Workshop; Wood fencing; Interior lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: One living area; Dining area; Study/office; Gas log fireplace; No in-law plan

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $197k.

Deal economics

• At list price, monthly cash flow is $57 ($685/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 $159k (19.3% below list).
• Recommended offer: $159k (19.3% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: Adams Es (math 16% / reading 20%, grade F, #534 of 845 statewide, top 64%, 550 students, 0% FRL); Whittier Ms (math 25% / reading 32%, grade F, #57 of 345 statewide, top 18%, 1,016 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.
• Market conditions: Rents rising fast (+7.7%/yr); 253 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).
• This rent runs 32% of the median local income ($59k/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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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 $96k; list at $197k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — 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 $158,966 (19.3% below list)

Questions for the listing agent

1. Built in 1938 — 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: 0.81% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.24%
• DSCR: 1.06
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $206,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
607 Nebraska St	0.17mi	3/1.0	1,342 (+3%)	2mo	$182,000	$136	81
725 Hartman Dr	0.35mi	3/1.0	1,310 (+1%)	0mo	$93,000	$71	78
502 Kansas St	0.12mi	3/1.0	1,370 (+5%)	4mo	$174,800	$128	78
1203 Barbour St	0.54mi	3/2.0	1,309 (+1%)	0mo	$215,000	$164	74
409 W Daws St	0.12mi	2/1.0 (-1)	1,184 (-9%)	2mo	$192,500	$163	69
609 Utah St	0.36mi	3/1.5	1,383 (+6%)	6mo	$189,000	$137	66
416 W Mosier St	0.54mi	3/2.0	1,350 (+4%)	4mo	$214,999	$159	65
320 N Peters Ave	0.38mi	3/2.0	1,409 (+8%)	6mo	$345,000	$245	63
751 Iowa St	0.30mi	3/1.0	1,148 (-12%)	2mo	$172,460	$150	61
1202 Glenwood Ave	0.51mi	3/1.5	1,221 (-6%)	4mo	$250,000	$205	61
1312 Salsbury St	0.62mi	3/1.5	1,230 (-5%)	3mo	$205,000	$167	58
1313 Dorchester Dr	0.52mi	3/1.0	1,117 (-14%)	2mo	$159,500	$143	46

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 · 7.66% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.63×
• Total profit: $-20,560
• Equity at exit: $29,373

10-year hold

• IRR: 4.5%
• Equity multiple: 1.39×
• Total profit: $21,732
• Equity at exit: $17,033

Cash invested: $55,160 (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 73069

• Rents YoY: 7.7%
• Active inventory: 253
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,590 high
• Mortgage (P&I): −$1,033
• Tax from tax record: −$84 /mo · $1,003/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $57

Break-even live

Break-even rent $1,517

Max offer price $197,000

Occupancy floor 91%

Sensitivity live

Price	-10% $169	-5% $113	+0% $57	+5% $1	+10% $-54
Rent	-10% $-69	-5% $-6	+0% $57	+5% $120	+10% $183
Rate	-1.0pp $156	-0.5pp $107	base $57	+0.5pp $6	+1.0pp $-46

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: $49,250
• Closing costs: $5,910
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 N Flood Ave Norman, OK	3.0	1.0	1200	$1,600	$1.33	5d	1	0.15mi
751 Iowa St Norman, OK	3.0	1.0	1148	$1,600	$1.39	5d	1	0.28mi
712 Dakota St Norman, OK	3.0	1.0	1353	$1,395	$1.03	5d	1	0.30mi
1202 Glenwood St Norman, OK	3.0	1.5	1221	$1,600	$1.31	16d	1	0.48mi
1005 W Eufaula St Norman, OK	2.0	2.0	1100	$1,350	$1.23	5d	1	0.60mi
106 W Mosier St Norman, OK	4.0	2.0	1762	$2,150	$1.22	25d	1	0.62mi
101 Maple Ln Norman, OK	3.0	1.0	1164	$1,700	$1.46	25d	1	0.68mi
809 Woods Ave Norman, OK	3.0	2.0	1556	$1,550	$1.00	25d	1	0.70mi
203 W Dale St Norman, OK	3.0	2.0	997	$1,395	$1.40	25d	1	0.75mi
471 Elm Ave Norman, OK	2.0	2.0	976	$1,500	$1.54	25d	1	0.76mi
1104 W Robinson St Norman, OK	3.0	1.0	995	$1,250	$1.26	13d	1	0.76mi
523 E Main St #1 Norman, OK	2.0	2.0	1144	$1,400	$1.22	12d	1	0.80mi
1205 Westlawn Dr Norman, OK	3.0	1.5	1440	$1,600	$1.11	25d	1	0.81mi
1008 Woods Ave Norman, OK	3.0	1.5	1690	$1,500	$0.89	13d	1	0.83mi
1607 Denison Dr Norman, OK	3.0	1.5	1357	$1,595	$1.18	25d	1	0.84mi
1215 Westlawn Dr Norman, OK	3.0	2.0	1795	$2,195	$1.22	16d	1	0.86mi
1505 Huntington Way Norman, OK	3.0	1.0	1035	$1,300	$1.26	16d	1	0.90mi
101 E Haddock St Norman, OK	3.0	1.0	1146	$1,425	$1.24	16d	1	0.91mi
227 W Ridge Rd Norman, OK	3.0	2.0	1172	$1,420	$1.21	16d	1	0.93mi
1713 Iowa St Norman, OK	3.0	1.5	1030	$1,400	$1.36	13d	1	0.93mi
321 E Duffy St Unit A Norman, OK	2.0	1.0	1650	$1,450	$0.88	5d	1	0.93mi
1510 Huntington Way Norman, OK	3.0	1.0	1176	$1,550	$1.32	22d	1	0.95mi
930 Miller Ave Norman, OK	2.0	2.0	1050	$1,545	$1.47	5d	1	1.03mi
222 McCullough Norman, OK	3.0	2.0	1175	$3,300	$2.81	25d	1	1.03mi
241 Emelyn St Norman, OK	3.0	2.0	910	$1,500	$1.65	5d	1	1.04mi
1219 Leslie Ln Norman, OK	4.0	2.5	1875	$2,495	$1.33	16d	1	1.05mi
212 S Mercedes Dr Norman, OK	3.0	1.5	1066	$1,400	$1.31	25d	1	1.08mi
1530 Melrose Dr Norman, OK	3.0	1.0	1266	$1,400	$1.11	25d	1	1.09mi
800 Lexington St Norman, OK	3.0	2.0	1056	$1,259	$1.19	3d	1	1.10mi
306 S Mercedes Dr Norman, OK	3.0	1.5	1048	$1,600	$1.53	25d	1	1.12mi
1205 W Brooks St Norman, OK	3.0	1.0	1153	$1,700	$1.47	13d	1	1.16mi
202 Thompson Dr Norman, OK	3.0	1.5	942	$1,600	$1.70	25d	1	1.18mi
208 Thompson Dr Norman, OK	2.0	1.5	982	$1,400	$1.43	25d	1	1.18mi
214 Thompson Dr Norman, OK	3.0	1.5	922	$1,600	$1.74	25d	1	1.18mi
316 Falcon Ct Unit 2 Norman, OK	2.0	1.0	975	$875	$0.90	25d	1	1.19mi
1230 Caddell Ln Norman, OK	4.0	2.0	1484	$2,100	$1.42	25d	1	1.22mi
1712 W Boyd St Norman, OK	3.0	1.0	936	$2,600	$2.78	16d	1	1.22mi
1524 Rowena Ln Norman, OK	3.0	1.0	1025	$1,699	$1.66	25d	1	1.28mi
1641 Marian Dr Norman, OK	3.0	1.0	1190	$1,500	$1.26	16d	1	1.30mi
301 Hal Muldrow Dr Norman, OK	1.0–2.0	1.0–2.0	857	$1,100	$1.28	3d	6	1.31mi

Listing history 8 events

1. 2026-05-20
   status Pending
2. 2026-05-16
   listed $197,000 Active
3. 2008-10-24
   soldstatus $95,790 295-char remark

   Show marketing remark (295 chars)

   Original knotty pine paneling & kitchen cabinets possibly wood floors under carpet. Workshop in back, ally access, storm shelter, covered patio. Newer roof 2006. New electrical box breakers & wiring, 2006 A/C replaced, washer, dryer, frig added, replaced water line from street to house.

4. 2008-10-24
   soldstatus $96,000

   Show marketing remark (295 chars)

   Original knotty pine paneling & kitchen cabinets possibly wood floors under carpet. Workshop in back, ally access, storm shelter, covered patio. Newer roof 2006. New electrical box breakers & wiring, 2006 A/C replaced, washer, dryer, frig added, replaced water line from street to house.

5. 2008-08-21
   listed $99,500 295-char remark

   Show marketing remark (295 chars)

   Original knotty pine paneling & kitchen cabinets possibly wood floors under carpet. Workshop in back, ally access, storm shelter, covered patio. Newer roof 2006. New electrical box breakers & wiring, 2006 A/C replaced, washer, dryer, frig added, replaced water line from street to house.

6. 2005-10-27
   soldstatus $88,000
7. 2005-10-25
   soldstatus $88,000 247-char remark

   Show marketing remark (247 chars)

   ORIGINAL KNOTTY PINE PANELING AND KITCHEN CABINENTS. POSSIBILITY OF WOOD FLOORS UNDER CARPET, GREAT CONDITION-NEEDS UPDATE. 2 CAR GARAGE AND CARPORT. WORKSHOP IN BACK. NICE DRIVE, STORM SHELTER, COVERED PATIO. A ONE OWNER HOME IN GREAT CONDITION!

8. 2005-09-26
   listed $89,900 247-char remark

   Show marketing remark (247 chars)

   ORIGINAL KNOTTY PINE PANELING AND KITCHEN CABINENTS. POSSIBILITY OF WOOD FLOORS UNDER CARPET, GREAT CONDITION-NEEDS UPDATE. 2 CAR GARAGE AND CARPORT. WORKSHOP IN BACK. NICE DRIVE, STORM SHELTER, COVERED PATIO. A ONE OWNER HOME IN GREAT CONDITION!

ⓘ 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: $1,003 · $84/mo
• Projected year-2 tax: $1,773 · $148/mo
• Expected delta: +$770/yr (+$64/mo · 76.8%)

ⓘ 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 ≥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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,076
• − Mortgage interest: −$11,035
• − Property taxes: −$1,003
• − Insurance: −$985
• − Repairs & maintenance: −$1,526
• − Management: −$1,526
• − Depreciation: −$5,731
• Taxable loss: −$2,730
• Est. tax savings @ 24.0%: +$655
• After-tax cash flow: $1,340/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): 28,462
• Household income: $58,888
• Rent vs Own: 54.3% rent · 45.7% own
• Severe rent burden: 1704.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 15% Hispanic / Latino 14% Native American 4% Black 4% Asian 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 3% Italian 3% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 84% English-only · Spanish 10% 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: ▼ -252.79%
• Current HPI: 272.4754
• Rent YoY: ▲ 7.66%
• 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

+119.1% since first listed

8 events — show timeline

• 2026-05-20 Pending — MLSOK
• 2026-05-16 Listed $197,000 MLSOK
• 2008-10-24 Sold (Public Records) $96,000 Public Records
• 2008-10-24 Sold (MLS) $95,790 MLSOK
• 2008-08-21 Listed $99,500 MLSOK
• 2005-10-27 Sold (Public Records) $88,000 Public Records
• 2005-10-25 Sold (MLS) $88,000 MLSOK
• 2005-09-26 Listed $89,900 MLSOK

Property tax history

-2.0%/yr

Latest (2024): $1,003 · +3.2% YoY. Source: county tax records.