1500 NE 24th St · Oklahoma City, OK 73111

$40,000

1 bd · 1.0 ba · 663 sqft · Other public records · 155 Days on market

Built 1928 6,499 sqft lot $60/sqft · 52% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

Key facts

• 6,499 sq ft lot
• Built 1928
• Listed 155 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $40k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.3% 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 (+2.1%/yr); 81 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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 $3k; list at $40k implies a 1233% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — 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 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?
6. 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?
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: 2.23% ✓
• Cap rate: 20.25%
• Cash-on-cash: 49.85%
• DSCR: 3.22
• GRM: 3.7

CMA / ARV

• ARV (median comp): $83,440
• List price: $40,000
• Delta: -52.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: 46.6%
• Equity multiple: 3.00×
• Total profit: $22,371
• Equity at exit: $5,964

10-year hold

• IRR: 52.0%
• Equity multiple: 5.86×
• Total profit: $54,483
• Equity at exit: $3,458

Cash invested: $11,200 (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 73111

• Home prices YoY: -13.6%
• Rents YoY: 2.1%
• Active inventory: 81
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $891 high
• Mortgage (P&I): −$210
• Tax from tax record: −$12 /mo · $145/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $465

Break-even live

Break-even rent $302

Max offer price $40,000

Occupancy floor 43%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 NE 22nd St Oklahoma City, OK	2.0	1.0	728	$1,100	$1.51	23d	1	0.22mi
1509 N Everest Ave Unit 1 Oklahoma City, OK	1.0	1.0	375	$795	$2.12	21d	1	0.84mi
935 NE 16th St Oklahoma City, OK	1.0	1.0	727	$795	$1.09	44d	1	0.86mi
2700 N Lindsay Ave Unit 708-3 Oklahoma City, OK	1.0	1.0	672	$745	$1.11	23d	1	0.89mi
2700 N Lindsay Ave Oklahoma City, OK	1.0	1.0	650	$745	$1.15	14d	1	0.89mi
708 NE 27th St Unit 3 Oklahoma City, OK	1.0	1.0	672	$745	$1.11	23d	1	0.89mi
708 NE 27th St Apt 1 Oklahoma City, OK	1.0	1.0	650	$745	$1.15	12d	1	0.89mi
703 NE 26th St Unit 4 Oklahoma City, OK	1.0	1.0	650	$745	$1.15	23d	1	0.90mi
701 Culbertson Dr Oklahoma City, OK	1.0	1.0	700	$825	$1.18	2d	1	1.04mi
1801 E Park Pl Oklahoma City, OK	2.0	1.0	734	$695	$0.95	44d	1	1.10mi
215 NE 28th St Oklahoma City, OK	2.0	1.0–2.0	694	$1,069	$1.54	2d	10	1.28mi
1330 NE 7th St Unit A Oklahoma City, OK	1.0	1.0	534	$900	$1.69	44d	1	1.41mi

Listing history 11 events

1. 2026-05-14
   status Pending 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

2. 2026-01-22
   status Active 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

3. 2026-01-06
   status Pending 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

4. 2025-12-11
   status Active 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

5. 2025-11-17
   status Pending 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

6. 2025-10-30
   listed $40,000 Active 585-char remark

   Show marketing remark (585 chars)

   Investor Special! This 1-bedroom, 1-bath home offers a great opportunity for renovation or new development. The property needs updates including flooring, cabinets, tile work, insulation, and windows—perfect for an investor or handy buyer looking to add value. Sitting on a deep lot, there’s ample space to build an additional home or income-producing unit in the backyard. Conveniently located near local amenities, this property has strong potential as a rental, flip, or redevelopment project. Don’t miss this affordable investment opportunity with tons of upside!

7. 2007-12-19
   historical
8. 2005-08-11
   listed $45,500
9. 2003-06-20
   soldstatus $3,000
10. 2003-01-11
    listed $3,000
11. 1974-09-01
    soldstatus $16,133

ⓘ 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: $145 · $12/mo
• Projected year-2 tax: $360 · $30/mo
• Expected delta: +$215/yr (+$18/mo · 148.2%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 18 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: $10,691
• − Mortgage interest: −$2,241
• − Property taxes: −$145
• − Insurance: −$200
• − Repairs & maintenance: −$855
• − Management: −$855
• − Depreciation: −$1,164
• Taxable income: $5,231
• Est. tax owed @ 24.0%: −$1,255
• After-tax cash flow: $4,328/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

+147.9% since first listed

11 events — show timeline

• 2026-05-14 Pending — MLSOK
• 2026-01-22 Relisted — MLSOK
• 2026-01-06 Pending — MLSOK
• 2025-12-11 Relisted — MLSOK
• 2025-11-17 Pending — MLSOK
• 2025-10-30 Listed $40,000 MLSOK
• 2007-12-19 Listing Removed — MLSOK
• 2005-08-11 Listed $45,500 MLSOK
• 2003-06-20 Sold (MLS) $3,000 MLSOK
• 2003-01-11 Listed $3,000 MLSOK
• 1974-09-01 Sold (Public Records) $16,133 Public Records

Property tax history

-2.2%/yr

Latest (2025): $145 · -0.8% YoY. Source: county tax records.