2404 SW 51st St · Oklahoma City, OK 73119

$69,900

2 bd · 1.0 ba · 638 sqft · SingleFamily public records · 51 Days on market

Built 1955 7,349 sqft lot $110/sqft · 32% below area ↓ 22% since listing

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in SW Oklahoma City! This 2 bed, 1 bath home offers 913 sq ft of opportunity on a spacious lot and is ready for your next project. Garage was converted into a secondary living area but could be made into a third bedroom. Property is in poor condition and is being sold strictly as-is. Ideal for investors, flippers, or buyers looking for a renovation project with potential upside. Bring your vision and turn this property into a great rental, flip, or investment opportunity. Cash or conventional only.

Key facts

• 7,349 sq ft lot
• Built 1955
• Listed 50 days

Property features AI

Finance

• Other: Vacant and available; Appraised living area: 913 (per appraisal)
• Financial info: Offered in as-is condition; Cash offers accepted; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Home design: Single family residence; One-story; North-facing; Residential property, existing
• Construction: Brick and frame construction with masonry veneer; Composition roof; Built prior to listing (existing structure)
• Exterior features: Covered porch; Below-ground storm shelter; Interior lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: Two living areas; One dining area; No fireplace; Conventional foundation

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($895 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: Coolidge Es (math 4% / reading 7%, grade F, #763 of 845 statewide, top 91%, 505 students, 0% FRL); U. S. Grant Hs (math 2% / reading 7%, grade F, #442 of 447 statewide, top 99%, 1,594 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 (+1.1%/yr); 95 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $483 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 + 1.1% rent growth), your $20k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.73%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (median comp): $147,615
• List price: $69,900
• Delta: -52.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2441 SW 51st St	0.09mi	2/1.0	638 (0%)	3mo	$64,500	$101	94
2556 Texoma Dr	0.37mi	2/1.0	668 (+5%)	13mo	$85,000	$127	64
2221 SW 54th St	0.26mi	2/1.0	725 (+14%)	1mo	$71,000	$98	64
2501 SW 45th St	0.45mi	2/1.0	638 (0%)	19mo	$95,000	$149	64
2609 SW 44th St	0.54mi	2/1.0	690 (+8%)	4mo	$90,000	$130	58
2657 SW 43rd St	0.65mi	2/1.0	690 (+8%)	10mo	$135,000	$196	48
2656 SW 45th St	0.53mi	2/1.0	716 (+12%)	18mo	$85,000	$119	40
1553 SW 45 St	0.67mi	2/1.0	720 (+13%)	15mo	$130,000	$181	35

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 · 1.13% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $3,357
• Equity at exit: $10,422

10-year hold

• IRR: 12.3%
• Equity multiple: 1.89×
• Total profit: $17,409
• Equity at exit: $6,044

Cash invested: $19,572 (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 73119

• Home prices YoY: -14.4%
• Rents YoY: 1.1%
• Active inventory: 95
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $895 high
• Mortgage (P&I): −$367
• Tax from tax record: −$55 /mo · $654/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $257

Break-even live

Break-even rent $570

Max offer price $69,900

Occupancy floor 66%

Sensitivity live

Price	-10% $296	-5% $276	+0% $257	+5% $237	+10% $217
Rent	-10% $186	-5% $221	+0% $257	+5% $292	+10% $327
Rate	-1.0pp $292	-0.5pp $274	base $257	+0.5pp $238	+1.0pp $220

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2412 SW 47th St Oklahoma City, OK	3.0	1.0	638	$1,150	$1.80	25d	1	0.24mi
2116 SW 51st St Oklahoma City, OK	1.0	1.0	558	$675	$1.21	45d	1	0.34mi
2108 SW 51st St Unit 5 Oklahoma City, OK	1.0	1.0	500	$750	$1.50	45d	1	0.37mi
2108 SW 51st St Unit 3 Oklahoma City, OK	1.0	1.0	500	$800	$1.60	45d	1	0.37mi
2108 SW 51st St Unit 10 Oklahoma City, OK	1.0	1.0	400	$600	$1.50	45d	1	0.37mi
4330 S Barnes Ave Oklahoma City, OK	1.0–3.0	1.0–2.0	860	$937	$1.09	5d	9	0.64mi
1338 South Dr Oklahoma City, OK	2.0	1.0	720	$1,150	$1.60	17d	1	0.82mi
5901 S May Ave Oklahoma City, OK	1.0	1.0	607	$855	$1.41	45d	1	0.85mi
5901 S May Ave Unit 276 VLI Up Oklahoma City, OK	1.0	1.0	527	$875	$1.66	25d	1	0.87mi
5901 S May Ave Apt 264 Oklahoma City, OK	1.0	1.0	527	$795	$1.51	3d	1	0.87mi
5901 S May Ave Apt 164 Oklahoma City, OK	1.0	1.0	607	$825	$1.36	25d	1	0.87mi
5901 S May Ave Apt 113 Oklahoma City, OK	1.0	1.0	607	$855	$1.41	3d	1	0.87mi
5901 S May Ave Apt 179 Oklahoma City, OK	1.0	1.0	527	$779	$1.48	3d	1	0.87mi
5901 S May Ave Unit 279 VLI Oklahoma City, OK	1.0	1.0	527	$875	$1.66	45d	1	0.87mi
5901 S May Ave Apt 129 Oklahoma City, OK	1.0	1.0	527	$825	$1.57	3d	1	0.87mi
5901 S May Ave Apt 120 Oklahoma City, OK	1.0	1.0	607	$825	$1.36	45d	1	0.87mi
2119 SW 39th St Oklahoma City, OK	1.0–2.0	1.0	675	$909	$1.35	45d	1	0.90mi
1116 SW 59th St Oklahoma City, OK	1.0	1.0	750	$850	$1.13	45d	1	1.22mi
2813 SW 33rd St Oklahoma City, OK	1.0	1.0	600	$725	$1.21	45d	1	1.30mi
2759 W I 240 Service Rd Oklahoma City, OK	1.0–2.0	1.0–1.5	725	$924	$1.27	5d	4	1.35mi
6210 S Douglas Ave Oklahoma City, OK	1.0	1.0	650	$660	$1.02	4d	1	1.36mi
6111 S Klein Ave Unit 6 Oklahoma City, OK	2.0	1.0	480	$850	$1.77	25d	1	1.41mi
6111 S Klein Ave Unit 11 Oklahoma City, OK	1.0	1.0	480	$645	$1.34	25d	1	1.41mi
6111 S Klein Ave Unit 8 Oklahoma City, OK	1.0	1.0	480	$695	$1.45	25d	1	1.41mi
6111 S Klein Ave Oklahoma City, OK	2.0–3.0	1.0	617	$850	$1.38	4d	3	1.41mi
3708 S Douglas Ave Oklahoma City, OK	1.0	1.0	478	$722	$1.51	4d	1	1.48mi

Listing history 15 events

1. 2026-06-21
   days on market $69,900 Active 51 DOM
2. 2026-06-18
   days on market $69,900 Active 48 DOM
3. 2026-06-17
   days on market $69,900 Active 47 DOM
4. 2026-06-16
   days on market $69,900 Active 46 DOM
5. 2026-06-15
   days on market $69,900 Active 45 DOM
6. 2026-06-13
   days on market $69,900 Active 43 DOM
7. 2026-06-09
   days on market $69,900 Active 39 DOM
8. 2026-06-08
   days on market $69,900 Active 38 DOM
9. 2026-06-07
   pricedays on market $69,900 Active 37 DOM
10. 2026-06-05
    days on market $79,900 Active 34 DOM
11. 2026-06-03
    days on market $79,900 Active 33 DOM
12. 2026-06-02
    days on market $79,900 Active 32 DOM
13. 2026-06-01
    days on market $79,900 Active 31 DOM
14. 2026-05-31
    days on market $79,900 Active 30 DOM
15. 2026-05-01
    listed $89,900 Active 520-char remark

ⓘ 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: $654 · $55/mo
• Projected year-2 tax: $654 · $55/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 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: $10,736
• − Mortgage interest: −$3,915
• − Property taxes: −$654
• − Insurance: −$350
• − Repairs & maintenance: −$859
• − Management: −$859
• − Depreciation: −$2,033
• Taxable income: $2,066
• Est. tax owed @ 24.0%: −$496
• After-tax cash flow: $2,583/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): 30,398
• Household income: $45,421
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1221.0

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 24% White 24% Native American 7% Black 6%
• Hispanic origin (detail): Mexican 58%
• Common ancestry: Slovak 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 45% English-only · Spanish 54%

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: ▼ -50.15%
• Current HPI: 297.1117
• Rent YoY: ▲ 1.13%
• 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

-22.2% since first listed

3 events — show timeline

• 2026-06-06 Price Changed $69,900 MLSOK
• 2026-05-29 Price Changed $79,900 MLSOK
• 2026-05-01 Listed $89,900 MLSOK

Property tax history

+8.1%/yr

Latest (2025): $654 · +4.4% YoY. Source: county tax records.