3608 Peregrine Dr · Norman, OK 73072

$179,900

3 bd · 2.0 ba · 1,078 sqft · SingleFamily public records · 1 Days on market

Built 1983 6,534 sqft lot Est $180k · 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 +7.5/15.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +3.7/5.0
• 1% rule +3.6/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Bedroom, 2 Bath, 2 Car Garage. Carpet to be replaced.

Key facts

• 6,534 sq ft lot
• 2 garage spots
• Built 1983

Tags

• TRADITIONAL BRICK DESIGN

Property features AI

Finance

• Other: Homestead exemption applied
• Financial info: Loan financing available; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 2-car garage
• Home design: Single-family residence; One level; Residential property
• Construction: Brick and frame construction; Composition roof; Slab foundation; Built (existing property)
• Exterior features: Covered porch; Interior lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: One living area; Masonry fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $9 ($103/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 $154k (14.2% below list).
• Recommended offer: $154k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: Madison Es (math 22% / reading 17%, grade F, #479 of 845 statewide, top 63%, 347 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 fast (+4.8%/yr); 377 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $90k; list at $180k implies a 100% 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 $154,409 (14.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.86% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.21%
• DSCR: 1.01
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $180,026
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
700 Black Hawk Dr	0.10mi	3/2.0	1,196 (+11%)	1mo	$200,000	$167	77
3601 Black Hawk Dr	0.08mi	3/2.0	1,206 (+12%)	4mo	$195,000	$162	73
808 Hawks Nest Dr	0.18mi	2/2.0 (-1)	989 (-8%)	3mo	$175,000	$177	70
724 Peregrine Dr	0.15mi	2/2.0 (-1)	984 (-9%)	14mo	$160,000	$163	62
809 Coopers Hawk Dr	0.18mi	3/2.0	1,239 (+15%)	6mo	$190,000	$153	62
828 Golden Eagle Dr	0.27mi	3/2.0	1,232 (+14%)	3mo	$200,000	$162	61
824 Hawks Nest Dr	0.22mi	2/2.0 (-1)	1,030 (-4%)	22mo	$174,900	$170	59
720 Peregrine Dr	0.14mi	2/2.0 (-1)	985 (-9%)	23mo	$168,000	$171	55

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 · 4.77% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-25,800
• Equity at exit: $26,824

10-year hold

• IRR: -2.7%
• Equity multiple: 0.80×
• Total profit: $-9,839
• Equity at exit: $15,554

Cash invested: $50,372 (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 73072

• Rents YoY: 4.8%
• Active inventory: 377
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,544 high
• Mortgage (P&I): −$943
• Tax from tax record: −$193 /mo · $2,314/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $9

Break-even live

Break-even rent $1,533

Max offer price $179,900

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 Peregrine Dr Norman, OK	3.0	2.0	1030	$1,450	$1.41	3d	1	0.19mi
4403 12th Ave SE Norman, OK	1.0–2.0	1.0–2.0	950	$2,581	$2.72	1d	23	0.73mi
3903 Lleyton Dr Norman, OK	3.0	2.0	1300	$1,750	$1.35	17d	1	1.08mi
3903 Lleyton Dr Norman, OK	3.0	2.0	1300	$1,750	$1.35	23d	1	1.08mi
3417 Shadow St Norman, OK	3.0	2.0	1378	$1,500	$1.09	3d	1	1.10mi
1600 Ann Branden Blvd Norman, OK	1.0–3.0	1.0–2.0	1052	$1,829	$1.74	1d	14	1.13mi
1900 Renaissance Dr Norman, OK	1.0–3.0	1.0–2.0	883	$1,220	$1.38	23d	1	1.19mi
1900 Renaissance Dr Norman, OK	2.0–3.0	2.0	1015	$1,205	$1.19	1d	2	1.19mi
3400 Lyric St Norman, OK	3.0	2.0	1387	$1,850	$1.33	1d	1	1.30mi
3320 Ridgecrest Cir Unit 3322 Norman, OK	2.0	2.0	1375	$1,295	$0.94	14d	1	1.32mi
3318 Ridgecrest Cir Unit 3318 Norman, OK	2.0	2.0	1275	$1,295	$1.02	3d	1	1.34mi
3927 24th Ave SE Norman, OK	1.0–2.0	1.0–2.0	818	$1,200	$1.47	1d	1	1.49mi

Listing history 2 events

1. 2026-06-19
   remarks 367-char remark
2. 2026-06-19
   listed $179,900 Active 1 DOM

ⓘ 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: $2,314 · $193/mo
• Projected year-2 tax: $2,314 · $193/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 5% 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: $18,529
• − Mortgage interest: −$10,077
• − Property taxes: −$2,314
• − Insurance: −$900
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$5,233
• Taxable loss: −$2,960
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $814/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): 50,881
• Household income: $78,546
• Rent vs Own: 44.2% rent · 55.8% own
• Severe rent burden: 2491.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 10% Hispanic / Latino 8% Asian 6% Native American 4% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 2%
• Foreign-born: 7% · China, Canada, Dominican Republic
• Languages at home: 89% English-only · Spanish 4% Chinese 3% Other Indo-European 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: ▼ -190.27%
• Current HPI: 221.8007
• Rent YoY: ▲ 4.77%
• 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

+233.1% since first listed

7 events — show timeline

• 2026-06-18 Listed $179,900 MLSOK
• 2015-01-12 Sold (Public Records) $90,000 Public Records
• 2015-01-09 Sold (MLS) $90,000 MLSOK
• 2015-01-09 Sold (MLS) $90,000 MLSOK
• 2014-07-21 Listed $99,500 MLSOK
• 2004-06-18 Sold (Public Records) $85,000 Public Records
• 1996-01-23 Sold (Public Records) $54,000 Public Records

Property tax history

+5.5%/yr

Latest (2024): $2,314 · +38.9% YoY. Source: county tax records.