401 SE 12 Ave #148 · Norman, OK 73071

$68,888

1 bd · 1.0 ba · 756 sqft · Condo public records · 51 Days on market

Built 1976 $171/mo HOA · 18% of rent

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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 +25.3/30.0
• 1% rule +8.9/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2nd-floor condo just blocks from the University of Oklahoma! This home features a large living room with a cozy fireplace, a well-equipped kitchen with oven/range, refrigerator, and dishwasher, plus a generously sized walk-in closet. Enjoy the convenience of a stackable washer and dryer and central heat and air for year-round comfort. The community offers fantastic amenities, including swimming pools, basketball and tennis courts, and the exterior has been recently updated. Ideally located close to shopping, restaurants, and public transportation, this condo combines comfort, convenience, and lifestyle in one perfect package. Unit is leased until July 31, 2026. Water, trash, sewer,

Key facts

• Central heat and air
• Large living room
• Cozy fireplace

Tags

• LARGE LIVING ROOM
• COZY FIREPLACE
• WELL-EQUIPPED KITCHEN
• STACKABLE WASHER AND DRYER
• CENTRAL HEAT AND AIR
• RECENTLY UPDATED EXTERIOR

Property features AI

Finance

• Other: Occupied (rented); Existing property
• HOA & community: Mandatory association dues; Association covers garbage, common area maintenance, and pool

Exterior

• Home design: Condominium (residential); Upper-level unit; Faces west
• Construction: Brick and frame construction; Composition roof
• Exterior features: Private outdoor pool; Interior lot

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 1 bedroom (upper level — condo)
• Bathrooms: 1 full bathroom
• Interior features: Ceiling fan(s); Gas log fireplace
• Laundry & utility: Washer and dryer included; Slab foundation

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $69k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.6% in Norman — 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 85/100 on livability (#1 in OK, #557 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Norman (suburban): math 27% / reading 32% proficiency, ranked #61 of 270 in OK (top 23%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kennedy Es (math 8% / reading 8%, grade F, #741 of 845 statewide, top 89%, 487 students, 0% FRL); Norman Hs (math 27% / reading 44%, grade F, #46 of 447 statewide, top 10%, 2,137 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.8%/yr); 355 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).
• This rent is only 18% of the median local income ($64k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $476 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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 $31k; list at $69k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $66,821 (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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.39% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,284
• Equity at exit: $10,271

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $11,315
• Equity at exit: $5,956

Cash invested: $19,289 (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 73071

• Rents YoY: 2.8%
• Active inventory: 355
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $958 high
• Mortgage (P&I): −$361
• Tax from tax record: −$39 /mo · $473/yr
• Insurance: −$29
• HOA: −$171
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $157

Break-even live

Break-even rent $760

Max offer price $68,888

Occupancy floor 79%

Sensitivity live

Price	-10% $196	-5% $176	+0% $157	+5% $137	+10% $118
Rent	-10% $81	-5% $119	+0% $157	+5% $195	+10% $232
Rate	-1.0pp $191	-0.5pp $174	base $157	+0.5pp $139	+1.0pp $121

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: $17,222
• Closing costs: $2,067
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 12th Ave SE Norman, OK	1.0–2.0	1.0–2.0	842	$835	$0.99	4d	2	0.07mi
717 Biloxi Dr Norman, OK	2.0	2.0	1000	$975	$0.97	25d	1	0.34mi
1149 W Brooks St Norman, OK	1.0–4.0	1.0–2.0	1025	$879	$0.86	3d	7	0.40mi
1616 Alameda St Norman, OK	1.0–2.0	1.0–1.5	975	$785	$0.81	25d	8	0.40mi
1616 Alameda St Norman, OK	2.0	1.0–1.5	925	$938	$1.01	11d	1	0.40mi
300 Chalmette Dr Unit A Norman, OK	2.0	1.0	975	$875	$0.90	4d	1	0.44mi
1120 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	15d	1	0.45mi
1106 Arkansas St Norman, OK	1.0	1.0	568	$725	$1.28	25d	1	0.47mi
1008 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	15d	1	0.52mi
1812 E Alameda St Norman, OK	1.0	1.0	906	$925	$1.02	15d	1	0.53mi
1900 Dover St Norman, OK	2.0	1.0	975	$1,200	$1.23	22d	1	0.54mi
1900 Dover St Unit A Norman, OK	2.0	1.0	948	$1,095	$1.16	4d	1	0.54mi
1812 Alameda St #221 Norman, OK	1.0	1.0	906	$925	$1.02	21d	1	0.56mi
1115 Biloxi Dr Norman, OK	1.0–2.0	1.0	818	$825	$1.01	12d	3	0.59mi
829 Russell Cir Norman, OK	2.0	1.0	825	$1,000	$1.21	25d	1	0.59mi
828 Russell Cir Norman, OK	2.0	1.0	768	$1,050	$1.37	4d	1	0.62mi
826 Russell Cir Unit 826 Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
824 Russell Cir Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
833 Owl St Norman, OK	2.0	1.0	810	$1,000	$1.23	25d	1	0.64mi
1400 E Lindsey St Norman, OK	2.0	2.5	896	$889	$0.99	25d	1	0.66mi
2023 Delaware Ln Norman, OK	2.0	1.0	720	$1,000	$1.39	25d	1	0.68mi
101 Crestland Dr Norman, OK	2.0	1.5	1100	$1,249	$1.14	3d	2	0.69mi
1703 E Lindsey St Norman, OK	2.0	2.0	1101	$1,100	$1.00	25d	1	0.69mi
2035 Delaware Ln Norman, OK	2.0	1.0	783	$1,000	$1.28	25d	1	0.71mi
819 E Lindsey St Norman, OK	2.0	1.0	700	$850	$1.21	3d	1	0.74mi
1300 12th Ave NE Norman, OK	2.0–3.0	1.0–2.0	925	$959	$1.04	3d	4	0.77mi
2021 Alameda St Norman, OK	2.0	1.0–2.0	875	$1,074	$1.23	3d	10	0.77mi
1502 E Lindsey St Norman, OK	1.0–2.0	1.0–2.0	755	$799	$1.06	3d	1	0.78mi
414 Ferrill St #416 Norman, OK	2.0	1.0	800	$875	$1.09	4d	1	0.78mi
1744 Classen Blvd Unit 2 Norman, OK	1.0	1.0	550	$750	$1.36	4d	1	0.83mi
1301 Eastgate Dr Norman, OK	2.0	2.5	950	$935	$0.98	4d	1	0.83mi
1417 Concord Dr #1419 Norman, OK	2.0	2.0	1056	$1,150	$1.09	25d	1	0.84mi
930 Miller Ave Norman, OK	2.0	2.0	1050	$1,545	$1.47	4d	1	0.85mi
2258 Donna Dr Norman, OK	2.0	1.0	930	$900	$0.97	4d	1	0.89mi
2227 Donna Dr Norman, OK	2.0	1.0	841	$1,000	$1.19	25d	1	0.89mi
2227 Donna Dr Norman, OK	2.0	1.0	841	$1,000	$1.19	22d	1	0.89mi
900 23rd St SE Unit 08-2318 Norman, OK	2.0	2.0	875	$945	$1.08	25d	1	0.93mi
900 23rd St SE Unit 18-928 Norman, OK	2.0	2.0	875	$995	$1.14	25d	1	0.93mi
203 E Brooks St Norman, OK	1.0	1.0	605	$1,000	$1.65	25d	1	1.07mi
1322 Glen Oaks Ct Norman, OK	2.0	1.5	844	$1,000	$1.18	4d	1	1.13mi

HOA detail condo

• Monthly dues: $171 · $2,052/yr
• Likely covers: watersewertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-05-22
   status Active
2. 2026-04-20
   status Pending
3. 2026-04-14
   price $68,888
4. 2026-03-06
   listed $70,000 Active
5. 2025-07-13
   historical $725
6. 2025-07-09
   listed $725
7. 2024-02-08
   historical $695
8. 2024-01-10
   price $695
9. 2024-01-05
   listed $795
10. 2023-12-25
    historical
11. 2023-12-22
    listed
12. 2018-02-27
    soldstatus $31,000
13. 2015-01-13
    soldstatus $30,000
14. 2010-09-20
    soldstatus $25,500
15. 1992-02-01
    soldstatus $7,500

ⓘ 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: $473 · $39/mo
• Projected year-2 tax: $620 · $52/mo
• Expected delta: +$147/yr (+$12/mo · 31.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,500
• − Mortgage interest: −$3,859
• − Property taxes: −$473
• − Insurance: −$344
• − Repairs & maintenance: −$920
• − Management: −$920
• − HOA: −$2,052
• − Depreciation: −$2,004
• Taxable income: $928
• Est. tax owed @ 24.0%: −$223
• After-tax cash flow: $1,658/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: Norman
• NCES district ID: 4021720
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $48,940
• Composite: 25.67/100
• National rank: #7395
• State rank: #61 of 270 in OK

Livability — Norman

• Score: 85/100
• State rank: #1
• US rank: #557

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C Employment C Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norman, OK
• County: Cleveland County · 239,547 people
• City population: 123,141
• Metro: Oklahoma City, OK
• Population (ZIP): 43,798
• Household income: $64,007
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1903.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 323,621 people
• By 2030: 349,070 · +7.9%
• By 2040: 400,168 · +23.7%
• By 2050: 454,101 · +40.3%
• By 2075: 602,926 · +86.3%
• By 2100: 734,485 · +127.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 8% Hispanic / Latino 8% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Serbian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Cleveland

• 2024 margin: R (+14.9) · D 41.4% · R 56.4% · Other 2.2%
• 2008→2024 swing: +9.1pp toward D · 2008: -24.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+14.1 2016: R+21.7 2012: R+25.9 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.04%
• Current HPI: 249.3797
• Rent YoY: ▲ 2.80%
• 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

+818.5% since first listed

15 events — show timeline

• 2026-05-22 Relisted — MLSOK
• 2026-04-20 Pending — MLSOK
• 2026-04-14 Price Changed $68,888 MLSOK
• 2026-03-06 Listed $70,000 MLSOK
• 2025-07-13 Rental Removed $725 RENTLY
• 2025-07-09 Listed for Rent $725 RENTLY
• 2024-02-08 Rental Removed $695 RENTLY
• 2024-01-10 Price Changed $695 RENTLY
• 2024-01-05 Listed for Rent $795 RENTLY
• 2023-12-25 Rental Removed — RENTLY
• 2023-12-22 Listed for Rent — RENTLY
• 2018-02-27 Sold (Public Records) $31,000 Public Records
• 2015-01-13 Sold (Public Records) $30,000 Public Records
• 2010-09-20 Sold (Public Records) $25,500 Public Records
• 1992-02-01 Sold (Public Records) $7,500 Public Records

Property tax history

+3.6%/yr

Latest (2024): $473 · +4.9% YoY. Source: county tax records.