1620 NW 21st St · Oklahoma City, OK 73106

$250,000

2 bd · 2.0 ba · 2,718 sqft · MultiFamily public records · 133 Days on market

Built 1928 7,000 sqft lot $92/sqft · 41% below area Est $424k · 41% under ↓ 29% since listing

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Why this score? — see what drove the C+ 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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• 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

Rare opportunity to restore a beautiful historic two-story brick duplex in Oklahoma City. Property has sustained significant fire damage and will require extensive renovation. Once fully restored, the property offers strong investment potential. Sold strictly as-is with no repairs or warranties. Ideal for investors or builders seeking a high-upside historic project. Property also features a 2 car detached garage. Buyer to verify ARV, square footage, condition, and all information independently.

Key facts

• 7,000 sq ft lot
• Built 1928
• Listed 132 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive. Per door: $210/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: Rents rising (+2.9%/yr); 167 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $2,518/mo this rent would consume 50% of the median local household income ($60k/yr) (locally 892% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 133 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

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 $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.01% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• GRM: 8.3

CMA / ARV

• ARV (median comp): $423,784
• List price: $250,000
• Delta: -41.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 NW 22nd St	0.12mi	3/3.0 (+1)	2,344 (-14%)	6mo	$220,000	$94	58

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 · 2.93% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-14,006
• Equity at exit: $37,276

10-year hold

• IRR: 4.2%
• Equity multiple: 1.30×
• Total profit: $21,271
• Equity at exit: $21,615

Cash invested: $70,000 (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 73106

• Home prices YoY: -34.8%
• Rents YoY: 2.9%
• Active inventory: 167
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $2,518 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $420

Break-even live

Break-even rent $1,987

Max offer price $250,000

Occupancy floor 78%

Sensitivity live

Price	-10% $561	-5% $491	+0% $420	+5% $349	+10% $278
Rent	-10% $221	-5% $320	+0% $420	+5% $519	+10% $619
Rate	-1.0pp $546	-0.5pp $483	base $420	+0.5pp $355	+1.0pp $289

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,518
Total (2 units)			$2,518

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1721 NW 18th St Oklahoma City, OK	3.0	2.0	1900	$1,300	$0.68	44d	1	0.20mi
1928 NW 18th St Oklahoma City, OK	3.0	2.5	1914	$2,200	$1.15	44d	1	0.43mi
1305 Classen Dr Oklahoma City, OK	1.0–3.0	1.0–3.5	1677	$3,548	$2.11	4d	7	1.02mi
1325 N Dewey Ave Unit 1325 Oklahoma City, OK	2.0	4.0	2442	$5,750	$2.35	16d	1	1.08mi
1303 N Dewey Ave Oklahoma City, OK	3.0	3.5	2438	$5,750	$2.36	44d	1	1.09mi
1303 N Dewey Ave Oklahoma City, OK	3.0	3.5	2438	$5,750	$2.36	24d	1	1.09mi
925 NW 8th St Oklahoma City, OK	3.0	3.0	2156	$2,950	$1.37	44d	1	1.12mi
819 NW 6th St Oklahoma City, OK	3.0	3.5	2100	$6,995	$3.33	44d	1	1.30mi
1600 NW 38th St Oklahoma City, OK	3.0	2.0	1850	$2,400	$1.30	3d	1	1.30mi
817 NW 6th St Oklahoma City, OK	3.0	3.5	2100	$6,500	$3.10	44d	1	1.31mi
2519 W Park Pl Oklahoma City, OK	3.0	2.0	2000	$1,900	$0.95	44d	1	1.34mi
1517 N Miller Blvd Oklahoma City, OK	3.0	2.0	1968	$1,650	$0.84	4d	1	1.41mi

Listing history 16 events

1. 2026-06-18
   days on market $250,000 Active 133 DOM
2. 2026-06-17
   days on market $250,000 Active 132 DOM
3. 2026-06-16
   days on market $250,000 Active 131 DOM
4. 2026-06-15
   days on market $250,000 Active 130 DOM
5. 2026-06-13
   days on market $250,000 Active 128 DOM
6. 2026-06-09
   days on market $250,000 Active 124 DOM
7. 2026-06-08
   days on market $250,000 Active 123 DOM
8. 2026-06-07
   days on market $250,000 Active 122 DOM
9. 2026-06-05
   days on market $250,000 Active 119 DOM
10. 2026-06-03
    days on market $250,000 Active 118 DOM
11. 2026-06-02
    days on market $250,000 Active 117 DOM
12. 2026-06-01
    days on market $250,000 Active 116 DOM
13. 2026-05-31
    days on market $250,000 Active 115 DOM
14. 2026-05-15
    price $250,000 499-char remark

    Show marketing remark (499 chars)

    Rare opportunity to restore a beautiful historic two-story brick duplex in Oklahoma City. Property has sustained significant fire damage and will require extensive renovation. Once fully restored, the property offers strong investment potential. Sold strictly as-is with no repairs or warranties. Ideal for investors or builders seeking a high-upside historic project. Property also features a 2 car detached garage. Buyer to verify ARV, square footage, condition, and all information independently.

15. 2026-03-24
    price $275,000 499-char remark

    Show marketing remark (499 chars)

    Rare opportunity to restore a beautiful historic two-story brick duplex in Oklahoma City. Property has sustained significant fire damage and will require extensive renovation. Once fully restored, the property offers strong investment potential. Sold strictly as-is with no repairs or warranties. Ideal for investors or builders seeking a high-upside historic project. Property also features a 2 car detached garage. Buyer to verify ARV, square footage, condition, and all information independently.

16. 2026-02-05
    listed $350,000 Active 499-char remark

    Show marketing remark (499 chars)

    Rare opportunity to restore a beautiful historic two-story brick duplex in Oklahoma City. Property has sustained significant fire damage and will require extensive renovation. Once fully restored, the property offers strong investment potential. Sold strictly as-is with no repairs or warranties. Ideal for investors or builders seeking a high-upside historic project. Property also features a 2 car detached garage. Buyer to verify ARV, square footage, condition, and all information independently.

ⓘ 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: $1,850 · $154/mo
• Projected year-2 tax: $2,250 · $188/mo
• Expected delta: +$400/yr (+$33/mo · 21.6%)

ⓘ 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 4% 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: $30,216
• − Mortgage interest: −$14,004
• − Property taxes: −$1,850
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,417
• − Management: −$2,417
• − Depreciation: −$7,273
• Taxable income: $1,005
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $4,797/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): 12,140
• Household income: $60,205
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 892.0

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 0.67)
• Race & ethnicity: White 50% Hispanic / Latino 27% Two or more races 15% Black 7% Asian 6% Native American 3%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Scottish 3% Lithuanian 2% Slovak 2%
• Foreign-born: 17% · Canada, Vietnam, Jamaica
• Languages at home: 71% English-only · Spanish 21% German/W. Germanic 3% Vietnamese 2%

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: ▼ -237.74%
• Current HPI: 445.1464
• Rent YoY: ▲ 2.93%
• 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

-28.6% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $250,000 MLSOK
• 2026-03-24 Price Changed $275,000 MLSOK
• 2026-02-05 Listed $350,000 MLSOK

Property tax history

+5.7%/yr

Latest (2025): $1,850 · +4.2% YoY. Source: county tax records.