1805 N Kelham Ave · Oklahoma City, OK 73111

$69,000

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 16 Days on market

Built 1915 5,279 sqft lot Est $93k · 26% under

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Come and re-imagine this 1915 home! Home is needing a full rehab and is located next door to a newly constructed home. Located on interior lot and currently backs up to a vacant lot. Frame built house with large front porch and established trees. The 784 square feet is the original square footage and at some point was added onto at back of house which is 144 square feet and is entered through the kitchen area and would make a great dining area or 2nd living. .Possiblities are endless. Buyer to verify school district. Home is located within 5 miles of museums, zoo, horse racing track, casino, Oklahoma State Capitol, Brick Town in downtown OKC, Thunder Basketball arena and much more.

Key facts

• Large front porch
• 2nd living
• Great dining area

Tags

• INTERIOR LOT
• LARGE FRONT PORCH
• ESTABLISHED TREES
• ADDED ONTO
• GREAT DINING AREA
• 2ND LIVING

Property features AI

Finance

• Other: REO / Bank owned; Vacant; Homestead not claimed
• Financial info: Sold as-is; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Home design: Single family residence; One story; Property faces east; Existing property
• Construction: Frame construction; Composition roof; Conventional foundation; Built previously (existing)
• Exterior features: Interior lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: One living area; One dining area; No fireplace; No in-law plan

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% 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: 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: Thelma R. Parks Es (math 2% / reading 2%, grade F, #802 of 845 statewide, top 100%, 472 students, 0% FRL); Douglass Hs (math 2% / reading 2%, grade F, #445 of 447 statewide, top 100%, 556 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 (+2.1%/yr); 81 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• This rent runs 31% of the median local income ($40k/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 $477 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $19k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,965 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.52% ✓
• Cap rate: 12.37%
• Cash-on-cash: 21.72%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $93,296
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1713 N Jordan Ave	0.07mi	2/1.0	800 (+2%)	23mo	$95,000	$119	74
2145 N Bath Ave	0.33mi	2/1.0	720 (-8%)	3mo	$114,250	$159	69
2041 NE 18th St	0.43mi	2/1.0	848 (+8%)	1mo	$109,000	$129	66
1449 NE 14th St	0.28mi	2/1.0	884 (+13%)	2mo	$100,000	$113	64
1717 NE 20th St	0.19mi	2/1.0	864 (+10%)	12mo	$145,000	$168	64
2228 NE 23rd St	0.72mi	2/1.0	756 (-4%)	5mo	$47,000	$62	57
2216 NE 23rd St	0.70mi	2/1.0	837 (+7%)	2mo	$72,000	$86	54
1223 NE 19th St	0.48mi	2/1.0	724 (-8%)	13mo	$134,000	$185	54
1740 NE 14th St	0.24mi	2/1.0	900 (+15%)	17mo	$74,000	$82	50
1417 NE 10th St	0.65mi	2/1.0	840 (+7%)	10mo	$132,500	$158	50
2140 N Lottie Ave	0.49mi	3/1.0 (+1)	864 (+10%)	13mo	$80,000	$93	44
1414 NE 26th St	0.73mi	2/1.0	683 (-13%)	17mo	$27,500	$40	30

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 · 2.13% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.53×
• Total profit: $10,198
• Equity at exit: $10,288

10-year hold

• IRR: 21.5%
• Equity multiple: 2.76×
• Total profit: $33,961
• Equity at exit: $5,966

Cash invested: $19,320 (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 73111

• Home prices YoY: -13.6%
• Rents YoY: 2.1%
• Active inventory: 81
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,046 high
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $350

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 62%

Sensitivity live

Price	-10% $397	-5% $374	+0% $350	+5% $326	+10% $302
Rent	-10% $267	-5% $308	+0% $350	+5% $391	+10% $432
Rate	-1.0pp $384	-0.5pp $367	base $350	+0.5pp $332	+1.0pp $314

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 N Jordan Ave Oklahoma City, OK	2.0	1.0	1080	$1,000	$0.93	15d	1	0.06mi
1609 NE 18th St Oklahoma City, OK	2.0	1.0	899	$900	$1.00	4d	1	0.08mi
1727 NE 19th St Oklahoma City, OK	3.0	1.0	892	$995	$1.12	44d	1	0.14mi
1722 NE 20th St Oklahoma City, OK	2.0	1.0	800	$1,070	$1.34	44d	1	0.17mi
1450 NE 16th Ter Oklahoma City, OK	3.0	1.0	1096	$1,295	$1.18	44d	1	0.25mi
1220 NE 17th St Oklahoma City, OK	2.0	1.0	1100	$1,195	$1.09	44d	1	0.47mi
1401 NE 22nd St Oklahoma City, OK	2.0	1.0	728	$1,100	$1.51	24d	1	0.47mi
2132 NE 19th St Oklahoma City, OK	2.0	1.0	850	$950	$1.12	44d	1	0.48mi
2107 Hardin Dr Oklahoma City, OK	3.0	1.0	999	$875	$0.88	44d	1	0.50mi
1200 NE 17th St Unit B Oklahoma City, OK	2.0	1.0	1002	$2,100	$2.10	44d	1	0.52mi
1801 E Park Pl Oklahoma City, OK	2.0	1.0	734	$695	$0.95	44d	1	0.52mi
1439 NE 24th St Oklahoma City, OK	3.0	1.0	874	$1,025	$1.17	16d	1	0.53mi
1812 NE 24th St Oklahoma City, OK	3.0	1.0	1071	$1,175	$1.10	3d	1	0.54mi
2200 Hardin Dr Oklahoma City, OK	3.0	1.0	1091	$1,025	$0.94	44d	1	0.57mi
2300 Granada Blvd Oklahoma City, OK	3.0	1.0	999	$1,000	$1.00	12d	1	0.58mi
2312 N Everest Ave Oklahoma City, OK	3.0	1.0	1100	$1,299	$1.18	44d	1	0.61mi
2112 NE 23rd St Oklahoma City, OK	3.0	1.0	1117	$1,070	$0.96	17d	1	0.62mi
1904 NE 25th St Oklahoma City, OK	2.0	1.0	939	$950	$1.01	4d	1	0.63mi
1148 N Lottie Ave Oklahoma City, OK	2.0	1.0	1040	$1,150	$1.11	3d	1	0.64mi
1445 NE 10th St Oklahoma City, OK	2.0	1.0	1011	$1,195	$1.18	17d	1	0.64mi
2128 N Stonewall Ave Unit 1 Oklahoma City, OK	2.0	1.0	960	$800	$0.83	3d	1	0.64mi
1921 NE 25th St Unit 3 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	20d	1	0.67mi
2148 N Stonewall Ave Oklahoma City, OK	2.0	1.0	1055	$875	$0.83	4d	1	0.67mi
2225 Glen Ellyn St Oklahoma City, OK	2.0	1.0	1095	$925	$0.84	44d	1	0.67mi
1931 NE 25th St Unit 10 Oklahoma City, OK	2.0	1.0	900	$875	$0.97	24d	1	0.67mi
943 East Dr Oklahoma City, OK	1.0	1.0	900	$995	$1.11	4d	1	0.73mi
939 East Dr Oklahoma City, OK	2.0	1.0	1039	$1,100	$1.06	24d	1	0.74mi
935 NE 16th St Oklahoma City, OK	1.0	1.0	727	$795	$1.09	44d	1	0.74mi
1438 NE 27th St Oklahoma City, OK	3.0	1.0	736	$1,000	$1.36	44d	1	0.76mi
1321 Bellevidere Dr Oklahoma City, OK	3.0	2.0	1000	$1,200	$1.20	24d	1	0.76mi
2709 N Fonshill Ave Oklahoma City, OK	2.0	1.0	949	$1,100	$1.16	24d	1	0.78mi
2132 Miramar Blvd Oklahoma City, OK	2.0	1.0	768	$800	$1.04	3d	1	0.78mi
1436 NE 8th St Oklahoma City, OK	2.0	1.0	1048	$1,095	$1.04	44d	1	0.81mi
1709 N Page Ave Oklahoma City, OK	2.0	1.0	967	$895	$0.93	24d	1	0.81mi
2501 NE 16th St Oklahoma City, OK	2.0	1.0	941	$1,100	$1.17	44d	1	0.84mi
1427 NE 28th St Oklahoma City, OK	1.0	1.0	876	$695	$0.79	44d	1	0.85mi
2520 NE 14th St Oklahoma City, OK	3.0	1.0	1070	$1,099	$1.03	44d	1	0.91mi
1330 NE 7th St Unit A Oklahoma City, OK	1.0	1.0	534	$900	$1.69	44d	1	0.92mi
800 East Dr Unit 1 Oklahoma City, OK	1.0	1.0	752	$900	$1.20	3d	1	0.94mi
2020 NE 30th St Oklahoma City, OK	3.0	1.0	1056	$1,150	$1.09	44d	1	0.98mi

Listing history 11 events

1. 2026-06-18
   days on market $69,000 Active 16 DOM
2. 2026-06-17
   days on market $69,000 Active 15 DOM
3. 2026-06-16
   days on market $69,000 Active 14 DOM
4. 2026-06-15
   days on market $69,000 Active 13 DOM
5. 2026-06-13
   days on market $69,000 Active 11 DOM
6. 2026-06-09
   days on market $69,000 Active 7 DOM
7. 2026-06-08
   days on market $69,000 Active 6 DOM
8. 2026-06-07
   days on market $69,000 Active 5 DOM
9. 2026-06-05
   days on market $69,000 Active 2 DOM
10. 2026-06-02
    remarks 691-char remark
11. 2026-06-02
    listed $69,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 6 d/yr ≥107°F today · 17 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: $12,555
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,004
• − Management: −$1,004
• − Depreciation: −$2,007
• Taxable income: $3,294
• Est. tax owed @ 24.0%: −$790
• After-tax cash flow: $3,406/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): 10,727
• Household income: $40,340
• Rent vs Own: 45.8% rent · 54.2% own
• Severe rent burden: 804.0

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: Predominantly Black (76%)
• Race & ethnicity: Black 76% White 13% Two or more races 7% Hispanic / Latino 6% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 6%

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: ▼ -34.64%
• Current HPI: 220.6395
• Rent YoY: ▲ 2.13%
• 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

1 event — show timeline

• 2026-06-02 Listed $69,000 MLSOK