505 W Pawnee St · Cleveland, OK 74020

$115,000

3 bd · 1.0 ba · 1,560 sqft · SingleFamily public records · 78 Days on market

Built 1918 0.39 ac lot Est $181k · 36% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

No Money Down with USDA Financing! Adorable Home in the Heart of Town This charming residence offers a welcoming blend of comfort and convenience, ideally situated in a central location. Key Features Bedrooms/Bathroom: 3 beds, 1 bath Living & dining: Cozy living room; spacious dining area for gatherings Kitchen: Large, well-appointed kitchen ready for culinary creativity Garage/Workshop: Attached garage with a versatile workshop space HVAC system and hot water heater are relatively new Roof replaced within the last 3 years Why You’ll Love It: Perfect for first-time buyers seeking affordable, move-in-ready living Attractive option for investors looking for a solid

Key facts

• Attached garage
• New hot water heater
• Roof replaced

Tags

• WELL APPOINTED KITCHEN
• ATTACHED GARAGE
• VERSATILE WORKSHOP SPACE
• NEW HVAC SYSTEM
• NEW HOT WATER HEATER
• ROOF REPLACED

Property features AI

Exterior

• Parking: Attached garage (1 car) with side-facing garage
• Security: No safety shelter
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Single-story; Faces south; Entry/foundation: crawlspace
• Construction: Built with vinyl siding and wood frame; Asphalt/fiberglass roof
• Exterior features: Covered porch

Interior

• Kitchen: Oven; Range; Stove
• Bedrooms: Bedroom count not provided
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (gas); Central air conditioning
• Interior features: Laminate countertops; Electric oven & range connections; Vinyl windows; No additional interior features listed
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 6.4% in Cleveland — 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 67/100 on livability (#93 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, schools D-.
• Cleveland (town): math 21% / reading 19% proficiency, ranked #169 of 270 in OK (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 86 active listings in the ZIP; 3 units permitted in Pawnee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Pawnee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $35k; list at $115k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.46% ✓
• Cap rate: 12.91%
• Cash-on-cash: 23.64%
• DSCR: 2.05
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $180,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 N 7th Ave	0.19mi	3/2.0	1,560 (0%)	3mo	$178,000	$114	85
413 W Pogue St	0.40mi	3/2.0	1,432 (-8%)	0mo	$170,000	$119	63
709 N D Ave	0.39mi	3/2.0	1,476 (-5%)	7mo	$155,000	$105	63
208 N Swan	0.54mi	3/1.0	1,598 (+2%)	10mo	$155,000	$97	63
606 N B Ave	0.36mi	3/1.0	1,360 (-13%)	1mo	$138,500	$102	61
1301 Jodebo St	0.52mi	3/2.0	1,647 (+6%)	2mo	$136,000	$83	61
703 N D Ave	0.35mi	3/1.5	1,360 (-13%)	2mo	$168,000	$124	58
1004 W Pawnee St	0.35mi	3/2.0	1,368 (-12%)	3mo	$165,000	$121	57
634 Hickory Dr	0.56mi	3/2.0	1,476 (-5%)	8mo	$195,000	$132	54
200 S Division St	0.29mi	2/1.0 (-1)	1,380 (-12%)	12mo	$129,900	$94	52
202 W Ponca Ave	0.50mi	3/2.0	1,398 (-10%)	6mo	$247,000	$177	50
200 S Vine Ave	0.55mi	4/1.5 (+1)	1,714 (+10%)	11mo	$198,000	$116	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.0%
• Equity multiple: 4.20×
• Total profit: $103,005
• Equity at exit: $103,601

10-year hold

• IRR: 36.3%
• Equity multiple: 9.43×
• Total profit: $271,487
• Equity at exit: $223,420

Cash invested: $32,200 (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 74020

• Home prices YoY: 6.9%
• Active inventory: 86
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,684 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$45 /mo · $541/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $634

Break-even live

Break-even rent $881

Max offer price $115,000

Occupancy floor 57%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $115,000 Active 78 DOM
2. 2026-06-17
   days on market $115,000 Active 77 DOM
3. 2026-06-16
   days on market $115,000 Active 76 DOM
4. 2026-06-15
   days on market $115,000 Active 75 DOM
5. 2026-06-13
   days on market $115,000 Active 73 DOM
6. 2026-06-10
   days on market $115,000 Active 70 DOM
7. 2026-06-09
   days on market $115,000 Active 69 DOM
8. 2026-06-08
   days on market $115,000 Active 68 DOM
9. 2026-06-07
   days on market $115,000 Active 67 DOM
10. 2026-06-03
    days on market $115,000 Active 63 DOM
11. 2026-06-02
    days on market $115,000 Active 62 DOM
12. 2026-06-01
    days on market $115,000 Active 61 DOM
13. 2026-05-31
    days on market $115,000 Active 60 DOM
14. 2026-04-01
    listed $115,000 Active
15. 2026-03-27
    historical
16. 2026-02-02
    price $115,000
17. 2025-10-02
    listed $129,000 Active
18. 2004-04-30
    soldstatus $35,000

ⓘ 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: $541 · $45/mo
• Projected year-2 tax: $1,035 · $86/mo
• Expected delta: +$494/yr (+$41/mo · 91.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,211
• − Mortgage interest: −$6,442
• − Property taxes: −$541
• − Insurance: −$575
• − Repairs & maintenance: −$1,617
• − Management: −$1,617
• − Depreciation: −$3,345
• Taxable income: $6,074
• Est. tax owed @ 24.0%: −$1,458
• After-tax cash flow: $6,156/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: Cleveland
• NCES district ID: 4008040
• Math proficiency: 21% ▼ -6.00%
• Reading proficiency: 19% ▼ -11.00%
• Median HH income: $45,642
• Composite: 17.52/100
• National rank: #9049
• State rank: #169 of 270 in OK

Livability — Cleveland

• Score: 67/100
• State rank: #93
• US rank: #10844

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment C- Housing A+ Health & safety C+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleveland, OK
• Population (ZIP): 7,365

Population outlook (Pawnee County) Hauer SSP2

• Today (2025): 16,219 people
• By 2030: 16,028 · -1.2%
• By 2040: 15,724 · -3.1%
• By 2050: 15,563 · -4.0%
• By 2075: 15,905 · -1.9%
• By 2100: 16,058 · -1.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 12% Native American 6% Hispanic / Latino 4% Black 1%
• Common ancestry: Slovak 2% Lithuanian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Pawnee

• 2024 margin: Solid R (+58.9) · D 19.7% · R 78.6% · Other 1.7%
• 2008→2024 swing: -21.4pp toward R · 2008: -37.4pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+57.5 2016: R+53.2 2012: R+40.0 2008: R+37.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.01%
• Current HPI: 218.04
• Rent YoY: —
• Metro: —
• 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

+228.6% since first listed

5 events — show timeline

• 2026-04-01 Listed $115,000 MLS Technology, Inc.
• 2026-03-27 Listing Removed — MLS Technology, Inc.
• 2026-02-02 Price Changed $115,000 MLS Technology, Inc.
• 2025-10-02 Listed $129,000 MLS Technology, Inc.
• 2004-04-30 Sold (Public Records) $35,000 Public Records