1615 N Land Ave Unit 1/2 · Oklahoma City, OK 73107

$315,000

1 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 67 Days on market

Built 1928 7,427 sqft lot $219/sqft · 72% above area Est $366k · 14% under

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Why this score? — see what drove the F 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).

• ARV discount +13.7/15.0
• Cash flow +6.6/30.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• Schools +0.7/10.0
• 1% rule +0.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

Key facts

• New siding
• Foundation work
• New exterior paint

Tags

• 4 UNIT MULTIFAMILY PROPERTY
• RARE 4 CAR GARAGE
• NEW ROOF
• FOUNDATION WORK
• NEW SIDING
• NEW EXTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/?-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $-513 ($-6k/yr) — negative. Per door: $-257/mo.
• To cash-flow at today's rent, offer at most $224k (28.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (45.1% below list).
• Recommended offer: $173k (45.1% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Emerson Alternative Ed. (Es) (math 24% / reading 24%, grade F, #354 of 845 statewide, top 47%, 64 students, 0% FRL); Taft Ms (math 2% / reading 5%, grade F, #330 of 345 statewide, top 96%, 1,045 students, 0% FRL); Northwest Classen Hs (math 5% / reading 10%, grade F, #420 of 447 statewide, top 95%, 1,702 students, 0% FRL) — zoned schools average 0% FRL vs 82% district-wide (82 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 221 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• This rent runs 36% of the median local income ($57k/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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 3 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 $83k; list at $315k implies a 280% gain — meaningful room to come down on a strong offer.

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 $172,900 (45.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.55% ✗
• Cap rate: 4.34%
• Cash-on-cash: -6.98%
• DSCR: 0.69
• GRM: 15.2

CMA / ARV

• ARV (median comp): $365,659
• List price: $315,000
• Delta: -13.85%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2809 NW 22nd St	0.70mi	2/2.0 (+1)	1,492 (+4%)	0mo	$295,000	$198	56
2825 NW 20th St	0.58mi	2/2.0 (+1)	1,420 (-1%)	20mo	$182,000	$128	49
2721 NW 19th St	0.72mi	2/2.0 (+1)	1,574 (+9%)	4mo	$379,000	$241	42

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 · 7.29% rent growth · sell at horizon

5-year hold

• IRR: -24.6%
• Equity multiple: 0.14×
• Total profit: $-76,093
• Equity at exit: $46,968

10-year hold

• IRR: -12.4%
• Equity multiple: 0.16×
• Total profit: $-74,069
• Equity at exit: $27,235

Cash invested: $88,200 (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 73107

• Rents YoY: 7.3%
• Active inventory: 221
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $1,729 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-513

Break-even live

Break-even rent $2,378

Max offer price $224,363

Occupancy floor —

Sensitivity live

Price	-10% $-335	-5% $-424	+0% $-513	+5% $-602	+10% $-691
Rent	-10% $-650	-5% $-581	+0% $-513	+5% $-445	+10% $-376
Rate	-1.0pp $-354	-0.5pp $-433	base $-513	+0.5pp $-595	+1.0pp $-678

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	—	$1,730
Total (2 units)			$1,729

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1414 N Drexel Blvd Oklahoma City, OK	2.0	1.0	1604	$1,100	$0.69	3d	1	0.24mi
3024 NW 14th St Oklahoma City, OK	2.0	1.0	924	$895	$0.97	17d	1	0.27mi
3003 NW 20th St Oklahoma City, OK	2.0	1.0	909	$999	$1.10	45d	1	0.39mi
1233 1/2 N Grand Blvd Oklahoma City, OK	2.0	1.0	950	$925	$0.97	25d	1	0.45mi
3609 NW 13th St Oklahoma City, OK	2.0	1.5	1042	$1,250	$1.20	4d	1	0.52mi
3109 NW 23rd St Oklahoma City, OK	2.0	1.0	1006	$925	$0.92	45d	1	0.53mi
2801 NW 11th St Oklahoma City, OK	2.0	1.0	1100	$1,150	$1.05	16d	1	0.64mi
1403 N Miller Blvd Oklahoma City, OK	2.0	1.0	1200	$1,100	$0.92	5d	1	0.66mi
3228 NW 27th St Oklahoma City, OK	2.0	1.0	1088	$1,195	$1.10	13d	1	0.73mi
2748 NW 22nd St Oklahoma City, OK	2.0	1.0	1066	$1,500	$1.41	4d	1	0.76mi
3000 NW 27th St Oklahoma City, OK	2.0	1.0	967	$1,095	$1.13	13d	1	0.78mi
3000 NW 27th St Oklahoma City, OK	2.0	1.0	967	$1,095	$1.13	5d	1	0.78mi
2612 NW 12th St Oklahoma City, OK	1.0	1.0	925	$750	$0.81	25d	1	0.82mi
2605 NW 24th St Oklahoma City, OK	2.0	1.0	1300	$1,525	$1.17	4d	1	0.97mi
2820 General Pershing Blvd Oklahoma City, OK	1.0–3.0	1.0–2.0	951	$1,013	$1.07	3d	39	0.97mi
2515 W Park Pl Oklahoma City, OK	1.0	1.0	950	$950	$1.00	45d	1	0.97mi
3905 NW 23rd St Oklahoma City, OK	2.0	1.5	1044	$1,100	$1.05	18d	1	1.00mi
3829 NW 26th St Oklahoma City, OK	2.0	1.0	895	$1,125	$1.26	4d	1	1.06mi
2504 NW 27th St Oklahoma City, OK	2.0	1.0	1303	$1,450	$1.11	45d	1	1.16mi
3141 NW 32nd St Oklahoma City, OK	2.0	1.0	1010	$1,025	$1.01	23d	1	1.17mi
2932 NW 32nd St Oklahoma City, OK	1.0	1.0	1000	$695	$0.69	45d	1	1.22mi
3175 N Portland Ave Oklahoma City, OK	2.0	2.0	918	$960	$1.05	25d	1	1.22mi
3175 N Portland Ave Oklahoma City, OK	1.0–2.0	1.0–2.0	809	$834	$1.03	17d	3	1.22mi
2231 NW 12th St Unit 22315 Oklahoma City, OK	1.0	1.0	983	$795	$0.81	16d	1	1.25mi
2300 N Youngs Blvd Oklahoma City, OK	1.0	1.0	1176	$865	$0.74	45d	1	1.25mi
2229 NW 12th St Unit 22295 Oklahoma City, OK	1.0	1.0	983	$895	$0.91	16d	1	1.25mi
2236 NW 22nd St Oklahoma City, OK	2.0	1.0	1200	$950	$0.79	23d	1	1.28mi
2209 NW 19th St Oklahoma City, OK	1.0	1.0	950	$1,000	$1.05	5d	1	1.32mi
2209 NW 19th St Oklahoma City, OK	1.0	1.0	950	$1,000	$1.05	3d	1	1.32mi
2207 NW 19th St Oklahoma City, OK	1.0	1.5	1208	$1,050	$0.87	5d	1	1.32mi
2400 NW 30th St Oklahoma City, OK	1.0–2.0	1.0–2.0	801	$799	$1.00	3d	11	1.36mi
3609 N Drexel Blvd Unit 3611 Oklahoma City, OK	2.0	2.0	1375	$1,200	$0.87	25d	1	1.39mi
3611 N Drexel Blvd Oklahoma City, OK	2.0	2.0	1375	$1,200	$0.87	25d	1	1.39mi
2400 NW 30th St Oklahoma City, OK	2.0	2.0	1078	$1,289	$1.20	45d	1	1.40mi
3617 1/2 N Drexel Blvd Oklahoma City, OK	2.0	1.5	1343	$1,150	$0.86	3d	1	1.41mi

Listing history 21 events

1. 2026-06-21
   days on market $315,000 Active 67 DOM
2. 2026-06-18
   days on market $315,000 Active 64 DOM
3. 2026-06-17
   days on market $315,000 Active 63 DOM
4. 2026-06-16
   days on market $315,000 Active 62 DOM
5. 2026-06-15
   days on market $315,000 Active 61 DOM
6. 2026-06-13
   days on market $315,000 Active 59 DOM
7. 2026-06-09
   days on market $315,000 Active 55 DOM
8. 2026-06-08
   days on market $315,000 Active 54 DOM
9. 2026-06-07
   days on market $315,000 Active 53 DOM
10. 2026-06-05
    days on market $315,000 Active 50 DOM
11. 2026-06-03
    days on market $315,000 Active 49 DOM
12. 2026-06-02
    days on market $315,000 Active 48 DOM
13. 2026-06-01
    days on market $315,000 Active 47 DOM
14. 2026-05-31
    days on market $315,000 Active 46 DOM
15. 2026-05-01
    status Active 915-char remark

    Show marketing remark (915 chars)

    Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

16. 2026-03-16
    status Pending 915-char remark

    Show marketing remark (915 chars)

    Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

17. 2026-03-05
    status Active 915-char remark

    Show marketing remark (915 chars)

    Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

18. 2026-01-29
    status Pending 915-char remark

    Show marketing remark (915 chars)

    Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

19. 2026-01-25
    listed $315,000 Active 915-char remark

    Show marketing remark (915 chars)

    Former contract fell through at no fault of seller. Well-maintained 4-unit multifamily property consisting of two duplexes, plus a rare 4-car garage (all structures on a single lot). Major capital improvements were completed in 2018 and 2019, including a new roof, foundation work, and new siding, followed by new exterior paint, vinyl windows, gutters, and rebuilt exterior stairs. Interior paint and minor cosmetic improvements were also completed in 2019. The yards were fenced in 2020. The property is priced to reflect room for value-add through future rent growth and continued improvements. All units are separately metered for gas and electric, with two water meters (one per duplex). A solid asset with major systems already addressed, and opportunity to increase returns over time. The property is occupied, please do not disturb the residents. Available for showings Tuesdays, Wednesdays, and Saturdays.

20. 2002-05-14
    soldstatus $83,000
21. 1989-09-06
    soldstatus $16,000

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $2,835 · $236/mo
• Expected delta: +$1,685/yr (+$140/mo · 146.5%)

ⓘ 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: $20,748
• − Mortgage interest: −$17,645
• − Property taxes: −$1,150
• − Insurance: −$1,575
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − Depreciation: −$9,164
• Taxable loss: −$12,105
• Est. tax savings @ 24.0%: +$2,905
• After-tax cash flow: $-3,252/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): 25,791
• Household income: $56,873
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 1210.0

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 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 37% Two or more races 13% Native American 6% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 19% · Canada, Vietnam
• Languages at home: 67% English-only · Spanish 30% 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: ▼ -245.03%
• Current HPI: 274.7844
• Rent YoY: ▲ 7.29%
• 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

+1868.8% since first listed

7 events — show timeline

• 2026-05-01 Relisted — MLSOK
• 2026-03-16 Pending — MLSOK
• 2026-03-05 Relisted — MLSOK
• 2026-01-29 Pending — MLSOK
• 2026-01-25 Listed $315,000 MLSOK
• 2002-05-14 Sold (Public Records) $83,000 Public Records
• 1989-09-06 Sold (Public Records) $16,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,150 · +4.2% YoY. Source: county tax records.