1420 SE 38th St · Oklahoma City, OK 73129

$132,499

2 bd · 1.0 ba · 580 sqft · SingleFamily public records · 29 Days on market

Built 1954 7,000 sqft lot

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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 +12.4/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Livability +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks MLS

BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

Key facts

• Remodeled
• Recent updates
• Garage conversion

Tags

• REMODELED
• HUGE BACKYARD
• RECENT UPDATES
• GARAGE CONVERSION
• QUICK ACCESS

Property features AI

Finance

• Other: Property listed as residential; Living area reported as 820 (assessor)
• Financial info: Loan qualification possible; Assumable loan: No
• HOA & community: No mandatory association dues

Exterior

• Parking: Gravel parking
• Home design: Single-family residence; One level; Existing property
• Construction: Frame construction; Composition roof; Conventional foundation; Built as existing (homestead eligible)
• Exterior features: Covered porch; Interior lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heat
• Interior features: One living area; One dining area; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $-21 ($-251/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (23.9% below list).
• Recommended offer: $101k (23.9% 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: Cesar Chavez Es (math 4% / reading 3%, grade F, #797 of 845 statewide, top 95%, 630 students, 0% FRL); Capitol Hill Hs (math 2% / reading 4%, grade F, #444 of 447 statewide, top 99%, 1,455 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: 83 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).

Forward outlook

• In year one you build about $3k of equity ($916 loan paydown + $2k appreciation (1.8% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $55k; list at $132k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $100,820 (23.9% 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. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $86,420
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
800 SE 38th St	0.55mi	2/1.0	571 (-2%)	23mo	$85,000	$149	52

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

Projected returns pro-forma

1.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.16×
• Total profit: $6,010
• Equity at exit: $50,457

10-year hold

• IRR: 7.0%
• Equity multiple: 1.93×
• Total profit: $34,455
• Equity at exit: $71,297

Cash invested: $37,100 (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 73129

• Home prices YoY: 0.7%
• Active inventory: 83
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,008 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$67 /mo · $808/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-21

Break-even live

Break-even rent $1,035

Max offer price $128,803

Occupancy floor 97%

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4908 S Stiles Ave Oklahoma City, OK	2.0	1.0	600	$1,000	$1.67	44d	1	1.24mi
101 SE 42nd St Unit B Oklahoma City, OK	2.0	1.0	740	$645	$0.87	44d	1	1.32mi
726 SE 20th St Oklahoma City, OK	2.0	1.0	672	$1,095	$1.63	44d	1	1.45mi

Listing history 31 events

1. 2026-06-18
   days on market $132,499 Active 29 DOM
2. 2026-06-18
   price $132,499 Active 28 DOM
3. 2026-06-17
   days on market $134,999 Active 28 DOM
4. 2026-06-16
   days on market $134,999 Active 27 DOM
5. 2026-06-15
   days on market $134,999 Active 26 DOM
6. 2026-06-13
   days on market $134,999 Active 24 DOM
7. 2026-06-09
   days on market $134,999 Active 20 DOM
8. 2026-06-08
   days on market $134,999 Active 19 DOM
9. 2026-06-07
   days on market $134,999 Active 18 DOM
10. 2026-06-05
    days on market $134,999 Active 15 DOM
11. 2026-06-03
    days on market $134,999 Active 14 DOM
12. 2026-06-02
    days on market $134,999 Active 13 DOM
13. 2026-06-01
    days on market $134,999 Active 12 DOM
14. 2026-05-31
    days on market $134,999 Active 11 DOM
15. 2026-05-20
    listed $134,999 Active
16. 2025-01-03
    historical
17. 2024-10-05
    price $130,000
18. 2024-09-15
    price $135,000
19. 2024-09-04
    price $145,000
20. 2024-08-03
    listed $150,000 Active
21. 2021-07-27
    soldstatus $55,000
22. 2021-07-26
    soldstatus $55,000 Sold 638-char remark

    Show marketing remark (638 chars)

    BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

23. 2021-07-08
    status Pending 638-char remark

    Show marketing remark (638 chars)

    BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

24. 2021-07-05
    status Active 638-char remark

    Show marketing remark (638 chars)

    BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

25. 2021-06-30
    status Pending 638-char remark

    Show marketing remark (638 chars)

    BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

26. 2021-06-24
    listed $55,000 Active 638-char remark

    Show marketing remark (638 chars)

    BACK ON THE MARKET!! Come see this super cute updated home that would be great for a starter home or investment property. This home has two nice-sized bedrooms with newer carpet and paint, one remodeled bathroom, remodeled kitchen, dining area, 1 car garage and a large backyard. The roof was installed in 2019, Hvac is 5 years old, newer windows, fully fenced backyard and sellers also installed laundry inside. Hurry and see it today!! Mirror in bathroom will be installed. Car in front will be removed soon. Middle school is Wheeler Middle School but there was no option for it. Buyer and buyers agent to verify all information.

27. 2015-11-30
    soldstatus $25,000 Sold
28. 2015-11-13
    status Pending
29. 2015-11-06
    listed $26,000 Active
30. 2003-01-07
    soldstatus $12,900
31. 2002-10-18
    listed $20,900

ⓘ 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: $808 · $67/mo
• Projected year-2 tax: $1,192 · $99/mo
• Expected delta: +$384/yr (+$32/mo · 47.5%)

ⓘ 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,098
• − Mortgage interest: −$7,422
• − Property taxes: −$808
• − Insurance: −$662
• − Repairs & maintenance: −$968
• − Management: −$968
• − Depreciation: −$3,855
• Taxable loss: −$2,585
• Est. tax savings @ 24.0%: +$620
• After-tax cash flow: $369/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): 20,014
• Household income: $46,670
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 611.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 57% Two or more races 26% White 26% Black 9% Native American 7% Asian 1%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 24% · Canada, Dominican Republic
• Languages at home: 54% English-only · Spanish 44% Other Asian/Pacific 1% 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: ▲ 1.75%
• Current HPI: 250.8581
• Rent YoY: —
• 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

+545.9% since first listed

17 events — show timeline

• 2026-05-20 Listed $134,999 MLSOK
• 2025-01-03 Listing Removed — MLSOK
• 2024-10-05 Price Changed $130,000 MLSOK
• 2024-09-15 Price Changed $135,000 MLSOK
• 2024-09-04 Price Changed $145,000 MLSOK
• 2024-08-03 Listed $150,000 MLSOK
• 2021-07-27 Sold (Public Records) $55,000 Public Records
• 2021-07-26 Sold (MLS) $55,000 MLSOK
• 2021-07-08 Pending — MLSOK
• 2021-07-05 Relisted — MLSOK
• 2021-06-30 Pending — MLSOK
• 2021-06-24 Listed $55,000 MLSOK
• 2015-11-30 Sold (MLS) $25,000 MLSOK
• 2015-11-13 Pending — MLSOK
• 2015-11-06 Listed $26,000 MLSOK
• 2003-01-07 Sold (MLS) $12,900 MLSOK
• 2002-10-18 Listed $20,900 MLSOK

Property tax history

+6.4%/yr

Latest (2025): $808 · +4.4% YoY. Source: county tax records.